Tag: web3

CBI Cracks Down on GainBitcoin Scam, Raids 60+ Locations Across India

Summary: India’s Central Bureau of Investigation (CBI) is conducting massive raids in various cities to unmask the whole magnitude of GainBitcoin scam. The raid is for tracking robbed money and putting the culprits in the dock.

The CBI is raiding more than 60 locations in India as part of its probe into the GainBitcoin scam, a Ponzi scam that defrauded thousands of investors. Raids are being carried out in major cities like Delhi NCR, Pune, Chandigarh, and Bengaluru against those who have indulged in financial fraud and money laundering.

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GainBitcoin was founded 10 years ago by Amit Bhardwaj, who has since passed away, and his brother Ajay Bhardwaj. It lured investors with promises of 10% monthly Bitcoin returns through so-called cloud mining contracts. The scheme followed a multi-level marketing (MLM) model, where payouts relied on recruiting new investors. Initially, participants received Bitcoin, but as the operation began to collapse 8 years ago, payouts were switched to an in-house cryptocurrency called MCAP, which had little to no value, leaving investors with heavy losses.

As multiple fraud cases piled up across different states, the Supreme Court of India directed the CBI to investigate. The agency is now working to trace the stolen funds, including those transferred overseas, and identify everyone involved.

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During the searches, investigators seized cryptocurrency wallets, critical digital evidence, and email records stored on cloud platforms. The CBI has stated that the investigation will continue until all those responsible are brought to justice.

Nexo Partners with Acapulco Tennis Open, Strengthening its Presence in Latin America

Summary: Nexo has teamed up with the Abierto Mexicano Telcel presented by HSBC, commonly known as the Acapulco Tennis Open, the biggest ATP 500 tournament, to increase its international presence and push digital asset adoption.

Nexo has debuted its collaboration with the Abierto Mexicano Telcel presented by HSBC, also known as the Acapulco Tennis Open, a top ATP 500 event. The event will take place from February 24 to March 1, 2025, at Arena GNP Seguros in Aguilar, Mexico.

This collaboration highlights Nexo’s commitment to integrating digital assets into global sports events. The company sees parallels between the discipline required for success in tennis and the long-term strategies needed for wealth creation.

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Summary: Nexo has teamed up with the Abierto Mexicano Telcel presented by HSBC, commonly known as the Acapulco Tennis Open, the biggest ATP 500 tournament, to increase its international presence and push digital asset adoption.

Nexo has debuted its collaboration with the Abierto Mexicano Telcel presented by HSBC, also known as the Acapulco Tennis Open, a top ATP 500 event.

WazirX Moves ₹606 Crore Out of Bybit After Hack—Without Telling Anyone

Summary: After the massive Bybit hack that wiped out $1.5 billion, most exchanges reassured users their funds were safe. But WazirX? They stayed completely silent. Even worse, they secretly withdrew ₹606 crore from Bybit just a day after the attack, offering zero explanation.

The Bybit hack on February 21, 2025, was one of the biggest exchange breaches ever, draining over 400,000 ETH. While most exchanges addressed user concerns, WazirX chose a different path—silence. Then, just 24 hours after the hack, they quietly moved ₹606 crore out of Bybit, without a single update to their users.

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A year ago, WazirX users lost ₹2,000 crore in another major hack. To make matters worse, the exchange had transferred ₹606 crore of remaining user funds to Bybit—an unregistered exchange in India at the time. Now, after the Bybit hack, they’ve withdrawn their funds without saying a word, leaving users in the dark yet again.

Crypto analyst Aditya Singh exposed the transaction, sharing proof on X. He questioned why WazirX had funds in Bybit in the first place and why there’s still no proof of reserves. “Imagine if Bybit didn’t cover losses. What would’ve happened?” he wrote.

Meanwhile, CoinDCX and CoinSwitch quickly reassured users they weren’t affected. Bybit itself restored withdrawals within two days. WazirX? No fixes, no statements, no transparency.

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Nischal Shetty, once a vocal advocate for decentralization, has gone silent. He’s focused on his Web3 projects while WazirX users are left stranded. Ask questions, and you might just get blocked.

This isn’t just bad management—it’s pure negligence. If WazirX truly cared, they would have addressed this long ago. Instead, they’re waiting for the noise to fade, hoping users stop asking questions. But the real question is: How much longer will WazirX ignore its users while pretending nothing happened?

Bybit Hacker Tried to Launder Stolen Crypto Through Memecoins – Got Shut Down

Summary: One of the exploiters behind the huge Bybit hack attempted to clean their gains on Pump.fun but was quickly closed. Before being caught, they had already recorded over $26 million in volume trades through a memecoin called “QinShihuang (500000).”

Pump.fun isn’t messing around when it comes to stopping bad actors. The platform just shut down a hacker connected to the Bybit exchange hack, cutting off their attempt to move stolen funds through memecoin trading.

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Blockchain records show the hacker, using wallet 5STkQy…95T7Cq, sent 60 SOL to another wallet, which then launched the QinShihuang token on Pump.fun. It seems the plan was to use the speedy, high-volume memecoins space to clean the stolen funds. But Pump.fun got there ahead of them and froze them from releasing more tokens.

The hack was huge—more than 400,000 ETH worth about $1.5 billion was stolen from a cold wallet, making it one of the biggest exchange hacks in history.Despite the uncertainty, Bybit had promised customers that their funds were secure through its 1:1 reserve system. Trading and withdrawals continued uninterrupted, which meant that they were not going to allow a hacker to interfere with business.

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As exchanges like Pump.fun upped their security, the bad guys are starting to lose places to hide.

Breaking: Bybit Hit by Massive Hack, $1.5 Billion in Crypto Stolen

One of the largest crypto exchanges, Bybit, has just experienced a massive security breach. Hackers were able to withdraw an estimated $1.5 billion from the platform’s Ethereum cold wallet, leaving the crypto community stunned.

The attackers deployed a sneaky tactic—forging the signing process of the wallet with an imposter yet realistic user interface. The signers of the wallet were viewing what appeared to be a routine transaction, yet embedded in code was a changed smart contract providing the hacker total control.

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Bybit CEO Ben Zhou confirmed the attack, stating that hackers tricked the exchange into approving a transaction that transferred all the ETH in the cold wallet to an unknown address. “Rest assured, all other cold wallets are secure,” Zhou added, trying to calm users.

Even as the stolen funds get swapped and moved around, Bybit insists withdrawals are still working and no other wallets have been affected. The exchange is working with security experts and authorities to track the stolen assets and recover what they can.

Interestingly, blockchain security firm Cyvers Alerts had flagged suspicious activity involving Bybit’s wallets just before the hack. Now, the exchange is asking the crypto community for help in tracing the stolen funds.

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With another massive hack hitting the crypto world, traders and investors are left wondering—how safe is their money?

Vitalik Buterin Frustrated with Ethereum’s Growing Casino Culture

Not happy with the direction of Ethereum, according to Vitalik Buterin. He was speaking during an AMA on Tako, where he admitted to be disappointed by the embrace blockchain casinos and memecoins have found in the Ethereum community.

When asked if he ever felt let down by the Ethereum Foundation or crypto in general, his answer was simple: “Of course.” No one was shocked when he spoke of issues ranging from people thinking Ethereum should fully embrace gambling and speculative assets to throwing shade at Solana, which has been flooded with memecoins over the past year.

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Some Ethereum supporters argue that ignoring trends like casinos and meme tokens could make Ethereum lose ground to faster-growing blockchains like Solana. But Buterin isn’t convinced. He believes chasing hype would be a “moral reversal” for Ethereum, and if things keep going this way, he might reconsider his role in the ecosystem.

Despite his frustration, he noticed something interesting. Online, people seem obsessed with casinos and quick-money trends, but when he talks to the community in person, their values haven’t changed. That’s what keeps him from walking away.

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As Ethereum competes with other blockchains, the debate continues—should it chase trends like gambling and memecoins, or stay focused on building meaningful applications?

Ethereum Gas Fees Hit Record Low, Dropping to $0.40

Ethereum gas fees have fallen to their lowest point since July 5 years ago, reaching as low as $0.40 in the last week. It takes about $0.70 for a straightforward swap on Uniswap, while USDT transfer is as cheap as $0.11, based on Etherscan data.

The drop coincides with Ethereum undergoing critical network upgrades like increased gas limits and the inclusion of blob transactions. Lower fees usually mean less congestion, making it cheaper to use the network.

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At the same time, Ethereum’s price has been struggling. ETH is currently trading at around $2,800, down 15% in the past month, according to CoinMarketCap. Some experts see this as a temporary slowdown before a bigger move.

“When Ethereum fees are this low, it usually means the network isn’t overcrowded,” says Santiment, a market analytics firm. “Reducing gas prices is a bearish indicator of waning activity for some, but it also creates a chance for new users to come into the market.”.

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With transaction costs hitting record lows, it’s becoming cheaper to employ Ethereum-based services and applications. While investors see this as a signal that something is off, others believe it could lead to a new wave of adoption and bring new traffic into the network.

Litecoin’s Pump: ETF Hype and Whales Are Sending It Soaring

Litecoin is making moves, and investors are paying attention. In just over two weeks (Feb 2–19), its market cap jumped 46%, fueled by excitement over a potential Litecoin ETF and heavy whale buying.

A Litecoin ETF would let people invest in LTC like they do stocks—no wallets, no private keys—just simple buying and selling. Recently, CoinShares applied to list a Litecoin ETF on Nasdaq, and now the SEC is reviewing it. Crypto analysts say there’s a 90% chance it gets approved by late of current year as U.S. regulators warm up to crypto.

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But it’s not just ETF speculation—Litecoin’s network is booming. Daily transaction volume has skyrocketed 243% since August, hitting $9.6 billion. More people are actually using Litecoin rather than just holding it.

And then there are the whales. In just two weeks, big investors scooped up $500 million worth of LTC, a clear sign they believe in its long-term value.

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Right now, LTC is holding around $138, with $120 as strong support. If momentum keeps up, we could see $225 soon. But if it dips under $80, the hype train might slow down.

Coinbase CEO Warns: “You Can End Up in Jail” Over Memecoins

Coinbase CEO Brian Armstrong is throwing up some major 🚨🚨 over memecoins, warning that shady moves like insider trading could land people behind bars. With memecoins pumping and dumping left and right—especially the ones hyped by Trump and Argentina’s President Javier Milei—Armstrong is telling the crypto community to chill and think twice before diving in.

In a tweet, Armstrong made it clear: memecoins might be fun, but they’re not a free pass for sketchy behavior. He called out insider trading in the space, saying that just because Dogecoin made it big doesn’t mean everyone can get away with rug pulls and backdoor deals.

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“Memecoins are just the beginning,” Armstrong tweeted. “Everything is going on-chain—posts, videos, art, stablecoins, contracts—you name it.” But he made it clear that Coinbase has no problem listing memecoins as long as they’re legal and people actually want to trade them. Still, the exchange won’t just list anything—if a token is a scam, it’s getting booted. If it’s just low-quality? That’s up to the community to decide.

But here’s where things get real serious—Armstrong straight-up warned that insider trading on memecoins can send people to prison. He said every bull run has people trying to get rich quick, and a lot of them end up learning the hard way.

His final advice? “Don’t break the law. And don’t chase quick money. The real bag comes from actually building something valuable.”

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Solana on the Edge: Can SOL Hold or Drop to $125?

Solana (SOL) is struggling, and investors are getting nervous. Having shot past way beyond $250 in the past, SOL is now fighting to stay above $170. If it fails to hold the crucial support levels, experts are warning it could fall down to as low as $125.

At the moment, SOL is hovering around $172 after briefly slipping to $169.19, down nearly 5% in the past 24 hours. The biggest concern? A flood of new tokens hitting the market. FTX’s bankruptcy proceedings will soon unlock 11.2 million SOL (worth $9.7 million), adding selling pressure at a time when demand is weak. On top of that, another $1.6 billion in SOL is set to unlock in March, making things even riskier.

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From a technical standpoint, SOL is still stuck in a downward trend. If the $160 support level holds, a bounce back to $180–$185 is possible.But if it does collapse, the subsequent lower point could be $150 or even lower, with the most bearish pushing it down to $125.

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Fueling the speculation, recent examples of scams such as $LIBRA and $TRUMP rug pulls have tested investor faith. For the moment, all are waiting to determine whether or not buyers will panic in and support SOL—or if a worse crash is in the cards.

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