$103 million was lost due to April’s cryptocurrency scams, vulnerabilities, and hacks

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Bybit joins exchanges that provide services for cryptocurrency loans

Bybit, a Dubai-based cryptocurrency exchange, has launched an in-house cryptocurrency lending service that allows users to earn interest on their deposits.

The platform will offer its users hourly interest payouts from lending pools without any lock-up periods. In addition, borrowers can take out loans to access funds for various trading options, provided they post an equal or more significant amount of collateral assets concerning the loan amount. 

Bybit’s CEO and co-founder, Ben Zhou, stated that the exchange aims to provide users with a way to generate returns. At the same time, advanced traders can access capital from lenders for more sophisticated trading options. Binance already offers similar services to its users.

Officers and board members of Coinbase are being sued for allegedly engaging in insider trading during the listing process

A shareholder of Coinbase has filed a complaint against the company’s executives and board members, accusing them of profiting from inside information during the company’s public listing. The suit was filed in the Delaware Court of Chancery by Coinbase shareholder Adam Grabski on May 1.

The complaint alleges that the defendants were able to sell $2.9 billion worth of Coinbase shares made available to the public through a direct listing of the company’s stock on the Nasdaq exchange on April 14, 2021, and in the week that followed. The suit charges breach of fiduciary duty and unjust enrichment. It demands payment of damages to the company with interest, return of ill-gotten gains to the company, and reimbursement of the plaintiff for expenses.

The suit names nine individuals, including CEO Brian Armstrong and board members Marc Andreessen and Kathryn Haun. A Coinbase spokesperson commented on the case, calling it “an example of one of those meritless claims.

$103 million was lost due to April’s cryptocurrency scams, vulnerabilities, and hacks

In April, crypto projects and investors were victims of crypto exploits, exit scams, and flash loan attacks that resulted in a loss of more than $103 million.

CertiK, a crypto security and auditing firm, reported that the total loss in April was $103.7 million, bringing the year-to-date loss to $429.7 million. In addition, the month saw major crypto exploits, including the loss of $25.4 million due to the exploit of several MEV trading bots, $22 million stolen in a hot wallet exploit at the Bitrue exchange, and the South Korean GDAC exchange hack that resulted in a loss of $13 million.

Flash loan attacks caused approximately $20 million in losses, with Yearn Finance being the primary target. In addition, exit scams led to a loss of $9.4 million, with Merlin DEX being the top exit scam for the month, losing $2.7 million.

Over 50 crypto exploits, scams, hacks, and rug pulls were reported in April, a large portion of them being meme coin rug pulls. The most recent was the Polygon-based Ovix protocol, which lost $2 million in a flash loan attack on April 28.

The “Godfather of AI” leaves Google and issues a dire warning about the risks of AI

The “Godfather of AI,” Geoffrey Hinton, has resigned from Google to express his concerns over AI’s potential dangers more freely.

He left his position so that he could discuss his fears about the artificial intelligence industry, including the mass creation of deepfake videos and other material, which he believes could lead to people being unable to discern reality.

Hinton also warned of AI’s impact on employment and expressed concerns about creating autonomous weapons systems. But, he said, “I console myself with the normal excuse: If I hadn’t done it, somebody else would have.”

The open letter signed by 2,600 tech executives and researchers in March also warned of the “profound risks to society and humanity” posed by AI.

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Top Crypto Meme of the Week


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May 4, 2023

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