OpenSea Cleared, Bybit Hacked, Kanye’s Token Sparks Outrage




This week in crypto, regulatory battles, security breaches, and high-profile controversies dominated headlines.

OpenSea Investigation Closed

The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into OpenSea, with CEO Devin Finzer calling it a victory for the NFT space. The case had raised concerns that NFTs could be classified as securities, which could have stifled the market.

Coinbase Reaches Settlement

Coinbase announced an agreement in principle to settle its legal dispute with the SEC, preventing further litigation. The settlement still requires final approval from SEC commissioners.

Bybit Suffers Record-Breaking Hack

Crypto exchange Bybit experienced what may be the largest crypto hack in history, losing $1.4 billion in Ethereum and stETH. North Korea’s Lazarus Group is suspected to be behind the attack. Bybit has offered a 10% bounty of recovered funds to those aiding in asset recovery.

Kanye West’s Controversial Token Launch

Ye, formerly known as Kanye West, announced plans to launch “Swasticoin,” drawing widespread backlash for antisemitic rhetoric. This marks a stark reversal from his past criticism of celebrity-backed crypto projects.

Pi Network Token Faces Volatility

The launch of Pi Network’s PI token saw extreme price swings, rising to nearly $2.00 before crashing to $0.97. Bybit CEO Ben Zhou refused to list the token, citing regulatory warnings from Chinese authorities.

Other Key Developments

  • Hong Kong is considering allowing staking services for crypto ETFs and derivatives.
  • Ross Ulbricht is advocating for Roger Ver’s release, citing past support.
  • MicroStrategy (now Strategy) announced a $2 billion bond sale to buy more Bitcoin.
  • Metaplanet expanded its Bitcoin holdings to 2,100 BTC, valued at $203 million.
  • Brazil moves forward with an XRP ETF, with the SEC acknowledging a similar U.S. filing.
  • Nigeria is suing Binance for $81.5 billion, blaming it for economic instability.
  • Argentina is investigating President Javier Milei over the collapse of the Libra token.

Stay tuned for next week’s updates as the crypto landscape continues to evolve.