Bitrue Sparks Controversy: XRP-SWIFT Rumors & Hacking Woes Hit XRP 2%

Hacked? XRP-Friendly Crypto Exchange Posts Fake News About SWIFT

According to U.Today, the official X account of the cryptocurrency exchange Bitrue recently shared false information claiming that SWIFT, the global financial messaging network, had adopted XRP for cross-border payments. The post also alleged that Bitrue had secured billions of XRP tokens as liquidity reserves. This misleading post was later deleted, and it remains unclear whether the account was hacked or if the post was shared without proper verification.

The incident caused a stir in the cryptocurrency community, especially after Watcher.Guru, another X account, shared the same message earlier in the day. It was later confirmed that Watcher.Guru's account had been hacked. Bitrue has not issued any official statement regarding the matter. Meanwhile, the price of XRP has dropped by nearly 2% in the past 24 hours.

"The cryptocurrency community must remain vigilant against misinformation, especially when it comes to major platforms like SWIFT and XRP," U.Today reported.

Key Takeaways:

Bitrue's X account shared false claims about SWIFT adopting XRP.
The post was deleted, and the account's security may have been compromised.
XRP's price fell by approximately 2% following the incident.

Crypto Exchanges Focus on New Ways to Bring Users Onchain

TradingView reports that cryptocurrency exchanges are increasingly focusing on bringing users onchain by integrating blockchain technology with lifestyle elements. For instance, Gemini has hired a "head of onchain" to enhance user engagement through decentralized finance (DeFi) and cross-border payment solutions. Similarly, Coinbase has partnered with sports teams like the Golden State Warriors to introduce fans to blockchain-powered experiences, such as digital collectibles and exclusive content.

These efforts aim to simplify blockchain interactions and attract a broader audience. Coinbase's recent "Warriors Night" event brought over 1,600 sports fans onchain, showcasing the potential of blockchain in creating new engagement opportunities. However, challenges like liquidity fragmentation and user onboarding remain significant hurdles for the industry.

Key Takeaways:

Gemini and Coinbase are leading efforts to integrate blockchain with everyday activities.
Sports partnerships are being used to introduce blockchain to non-crypto-native audiences.
Challenges include liquidity fragmentation and improving user onboarding experiences.

Lazarus’ Crypto Heist: Bybit CEO Says 89% Can Still Be Tracked

Bitcoinist highlights the aftermath of the Bybit hack, which resulted in the loss of over $1.4 billion in digital assets, primarily Ether. The North Korean Lazarus Group has been identified as the perpetrator. Bybit CEO Ben Zhou revealed that 88.87% of the stolen funds remain traceable, while 7.59% have been lost to the dark web, and 3.54% are frozen. The hackers used mixers like Wasabi and TornadoCash to obscure the trail of the stolen funds.

Zhou has called for public assistance in tracing the missing assets, offering bounties for valid leads. Despite warnings about security flaws months before the breach, Bybit failed to address these vulnerabilities, which contributed to the incident. The exchange is now working to enhance its security measures to prevent future breaches.

Key Takeaways:

Bybit lost $1.4 billion in a hack attributed to the Lazarus Group.
Nearly 89% of the stolen funds are still traceable, while 7.59% are lost.
Bybit is seeking public help and offering bounties for information.

Ethereum Supply on Exchanges Hits 10-Year Lows Despite Price Struggles

The Crypto Basic reports that Ethereum's supply on centralized exchanges has dropped to a 10-year low, with only 8.97 million ETH available for sale. This represents just 7.4% of the total Ethereum supply of nearly 121 million. The decline is attributed to increased DeFi and staking activities, as holders seek yield-generating opportunities amid market downturns.

Despite this bullish indicator, Ethereum's price remains under pressure, trading at $1,971.66, down 2% on the day. Analysts suggest that macroeconomic concerns and subdued demand for risk assets are limiting the impact of the reduced exchange supply on Ethereum's price.

Key Takeaways: