Last week’s biggest crypto news with a special bonus deal inside.
Crypto Espresso: Get the Latest Crypto News Today
May 29, 2023
Crypto Espresso: Get the Latest Crypto News Today
May 29, 2023
Top Crypto News Last Week
Last week in the crypto world we learned that regulations are having a positive effect on crypto hacks, Ledger has delayed the launch of its Ledger Recover service following massive backlash, and a reboot of FTX could arrive sooner than anticipated.
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Crypto Hacks Drop Massively
Crypto hacks dropped 70% in the first quarter of 2023 compared to the same time last year, with hackers frequently opting to collect post-hack bounties due to the increased difficulty in cashing out stolen funds.
The level of blockchain surveillance and the rules imposed on exchanges by regulators have ensured that criminals are finding it harder than ever to swap stolen crypto for cash, leading to hackers accepting lesser rewards from victims rather than trying to run off with more.
News of this change in trend was unearthed by blockchain intel firm TRM Labs, who published a report which found that hackers stole around $400 million from crypto projects in 40 attacks in the first three months of 2023, a 70% decline from the same period last year.
TRM also found that the average hack size in the first quarter of this year dropped to $10.5 million from $30 million during Q1 of 2022, of which half was returned by the perpetrators. Such examples include:
- TenderFi hacker, returned $850,000 of $1.6 million stolen
- Euler hacker, returned entire $200 million stolen
- Safemoon hacker, returned $7.1 million of $9 million stolen
The group also cited the experience of Mango Markets manipulator Avraham Eisenberg who carried out a staggering $116 million price manipulation attack against the DeFi platform last year. Many don’t consider what Eisenberg did a crime, and yet he was still identified and charged, and faces decades in prison as a result.
TRM Labs says that incidents such as this, plus the difficulty in converting huge amounts of crypto into cash without giving up their identity, is putting hackers off attacking crypto platforms in the first place, but those that do will happily settle for a smaller payday.
FTX Reboot Underway
A reboot of bankrupt exchange FTX is well underway just six months after it caused catastrophe in the crypto world when it collapsed. Notes from CEO John Ray III show that the subject of a relaunch of FTX is much further along than many had suspected, with Ray referring to an “FTX restart” and the publication of material relating to an “FTX reboot” as far back as April.
In the notes, Ray also refers to the “2.0 bidder list”, a list that may include a $250 million investment from American venture capital firm Tribe Capital, whose interest was revealed by Bloomberg around the time when Ray would have been having discussions over financing FTX 2.0.
Ray has been positive about the future of FTX ever since the “pure hell” of the collapse and its aftermath were behind him, noting that the technical infrastructure behind the exchange was worth salvaging or selling to a third party. Indeed, whatever was going on behind the scenes at the time, FTX almost always operated flawlessly, even in times of stress on the market, something that other exchanges still struggle to cope with.
Ledger Pushes Back Ledger Recover Launch Date
Ledger last week pushed back the launch of its controversial Ledger Recover service following backlash from the crypto community, with even its founder noting how much of a disaster the launch had been. Ledger said the delay will allow it to push ahead with its existing plans to open-source all its code, a move that it says will increase trust through transparency following years of simply asking users to have faith in the company’s methods.
The rollout of Ledger’s Recover service was a PR disaster class, with the company alienating both existing and new customers by not properly explaining the method by which users’ seed phrases would be used. The launch was criticized by Ledger co-founder and former CEO Éric Larchevêque who labeled the launch a “horrible mess” and said that he was brought “to the verge of tears” by seeing the company be built being verbally abused in such a way.
When questioned about one specific aspect of Ledger Recover, Larchevêque said that it was his understanding that governments would be able to subpoena the companies storing the encrypted slices of a user’s wallet seed in order to seize their funds, something that tipped many over the edge and causing further outrage in the community.
The following day, Ledger announced that it was delaying the launch of Ledger Recover until its code was publicly audible so that users could see exactly what was involved. Current CEO Pascal Gauthier acknowledged that the company had made a “communication mistake” over Ledger Recover, and promised that the company had learned from its mistakes, something that was also promised in the wake of the 2020 data breach scandals.
Gauthier said that Ledger’s missteps “took everyone by surprise and affected our customer’s ability to accurately understand Ledger Recover”, although he insisted that the product would launch and that it was needed in the crypto sector.
Trending stories:
- Hong Kong will allow retail users to start trading cryptocurrencies on regulated platforms in a major step forward for the crypto sector in Asia.
- Crypto exchange Hotbit abruptly closed its doors last week, citing a police investigation dating back to 2022 and regulatory uncertainty for the move.
- Digital Currency Group missed an agreed $630 million payment to its child company Genesis, leading to potential action from Genesis and crypto exchange Gemini.
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