A Hyperbridge exploit let an attacker mint 1 billion bridged Polkadot tokens on Ethereum and cash out about $237,000, reviving debate over bridge security. A hacker exploited the Polkadot-based cross-chain interoperability protocol Hyperbridge, netting about $237,000 and raising renewed security concerns about blockchain bridge infrastructure. An attacker minted 1 billion bridged Polkadot (DOT) tokens in a single transaction on Hyperbridge, according to blockchain data shared by cybersecurity platform CertiK. The exploit only affected DOT on Ethereum that was bridged through Hyperbridge, while native DOT tokens and the wider Polkadot ecosystem remain unaffected, Polkadot noted in a Monday X post. CertiK said the attacker managed to mint the tokens after “slipping through a forged message to change the admin of the Polkadot token contract on Ethereum.” Limited liquidity in the bridged DOT pool capped the proceeds at 108.2 Ether (ETH), worth around $237,000. Read more
Bitcoin preserved $70,000 at the weekly close as markets began reacting to a breakdown in US-Iran negotiations and blockade of the Strait of Hormuz. Bitcoin (BTC) held $70,000 at the weekly close as markets reacted to a breakdown in US-Iran negotiations and escalating tensions around the Strait of Hormuz. A breakdown in US-Iran negotiations sends oil surging above $100 per barrel, with the Strait of Hormuz now blockaded. US PPI inflation data is due amid signs that the oil crisis is far from the only driver of price increases. Read more
Large holders are accumulating TRUMP ahead of a Mar-a-Lago event for top token holders, even as the memecoin trades down over 30% since March. Crypto whales loaded up more of the TRUMP memecoin ahead of the luncheon at US President Donald Trump’s Mar-a-Lago residence in Florida this month, which offers entry to the largest holders. One whale withdrew about 105,754 OFFICIAL TRUMP (TRUMP) from Binance on Saturday to add to its stash of 1.13 million TRUMP, worth about $3.2 million, according to an X post from blockchain analytics firm Lookonchain on Sunday. Two days earlier, another whale withdrew 850,488 TRUMP from the crypto exchange Bybit. Read more
Bithumb accidentally sent customers 620,000 Bitcoin instead of 620,000 Korean won in February. The Bank of Korea wants lawmakers to make it so it doesn't happen again. South Korea’s central bank says crypto exchanges should have their own “circuit breakers” that halt trading to prevent a repeat of the market fallout after Bithumb mistakenly sent more than $40 billion in Bitcoin to its customers in February. The Bank of Korea said in a payments report on Monday that lawmakers should consider introducing mechanisms similar to the Korea Exchange’s trading curbs to suspend trading if crypto prices suddenly fluctuate. “Currently, the virtual asset industry lacks internal control mechanisms and faces lower regulatory intensity compared to established financial institutions,” the bank said. Read more
Almost everyone has a hard time paying their bills every month, said crypto YouTuber Michaël van de Poppe, on why retail may be absent this cycle. Financial institutions have “accelerated” their participation in crypto markets this year, while retail investors have pulled out, said Exodus CEO JP Richardson on Sunday. “This might be the first cycle in crypto history where institutions are in a bull market, and retail doesn’t even know it,” the crypto executive said. Richardson cited a few examples, such as the stablecoin market capitalization all-time high this year, Morgan Stanley’s Bitcoin (BTC) ETF launch, Schwab starting a waitlist for spot Bitcoin trading, Franklin Templeton announcing a crypto division and Fannie Mae accepting Bitcoin-backed mortgages. Read more
Blockchain sleuth ZachXBT said Garrett Dutton’s 5.9 Bitcoin has already been sent to deposit addresses associated with KuCoin. Garrett Dutton, an American musician better known as “G. Love,” said he lost $420,000 worth of Bitcoin after installing a malicious app impersonating the self-custody crypto app Ledger Live from Apple’s App Store and entering his seed phrase. “I had a really tough day,” Dutton told his 67,500 followers in a post on X on Saturday, adding that he lost his 5.9 Bitcoin (BTC) stash “in an instant” after spending about 10 years accumulating the coins to secure his retirement. In a follow-up post, crypto sleuth ZachXBT said that Dutton’s Bitcoin has been sent to deposit addresses linked to the crypto exchange KuCoin across nine transactions. KuCoin replied to the post with a statement typically addressed to customers. Read more
Bitcoin mining is becoming more centralized while AI may move the opposite way, driven by edge computing and open-source models. Bitcoin mining runs the risk of becoming more centralized as time goes on, while artificial intelligence may be moving in the opposite direction, according to Galaxy Research head Alex Thorn. Thorn said that while Bitcoin mining began decentralized, with users mining Bitcoin on their personal computers, it has since become far more centralized, requiring ASIC miners or industrial-scale farms. “AI may follow the opposite path,” Thorn said, explaining that AI began in centralized clusters but could decentralize as open-source models close the gap. Read more