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**Bybit Proposes $140 Million Incentive in Quest for Pilfered Digital Currency**
* Bybit presents a substantial $140 million prize for cybersecurity specialists.
* Kaito AI distributes tokens to 85,000 digital wallets.
* Ethena obtains $100 million in financing.
Greetings, I’m Tim.
**Bybit’s Enormous Prize**
Digital currency exchange Bybit is issuing a challenge, providing as much as $140 million to any individual who can aid in locating the $1.4 billion in digital currency that disappeared from their platform on Friday. Consider it a digital currency treasure expedition with a significant payment!
Any individual who assumes a vital role in retrieving some of those pilfered finances back into Bybit’s possession could secure a worthwhile 10% compensation.
Bybit co-founder and CEO Ben Zhou expressed something along the lines of desiring to compensate those community participants who contribute their knowledge, experience, and assistance.
Toncoin (TON) Value Forecast for March 26th
On Friday, a cybercriminal (or cybercriminals) absconded with a staggering $1.4 billion in Ether and staked Ether tokens from a Bybit digital currency wallet. This constitutes one of the most substantial thefts in digital currency history.
Presenting an incentive following a cyberattack has evolved into relatively standard procedure.
Frequently, these incentives are directed at the cybercriminals themselves, with the anticipation of persuading them to return the pilfered finances in exchange for a reduced sum of “untainted” funds.
Nevertheless, given that North Korea is suspected of being responsible for the Bybit cyberattack, the likelihood of recovering the funds is minimal.
That being stated, digital currency cybersecurity specialists who can assist in monitoring, pinpointing, and immobilizing even a segment of that $1.4 billion could be anticipating a multi-million dollar windfall.
And there has already been some achievement.
Polygon’s Chief Security Officer, Mudit Gupta, indicated on Saturday that the Security Alliance, a consortium of digital currency cybersecurity specialists, had already assisted in recovering 15,000 cmETH (Mantle’s liquid staking token for Ether), valued at approximately $43 million.
On the same day, Tether CEO Paolo Ardoino revealed that his firm had immobilized $181,000 in USDT stablecoins that were associated with the Bybit cyberattack.
**Kaito AI Distribution**
Individuals on the X network are gaining from the recently introduced Kaito AI coin.
This crypto analytics system, which delivers understandings by observing social media conversations, distributed 10% of its Kaito governance coins on Thursday. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
As per CoinGecko, the Kaito coin has already risen by more than 28% compared to its starting sale price.
Before the airdrop, individuals who signed up on the system and took part in crypto talks on the X platform were qualified to obtain coins representing their contributions.
Based on Nansen data, over 85,000 wallets got the airdrop, with the biggest accounts getting coins valued at over $100,000.
Numerous newly launched crypto coins have had difficulty keeping their worth in recent times.
Berachain’s BERA coin saw its worth decline by 60% within days of its February 6th launch.
A September report by crypto market maker Keyrock pointed out that in 2024, 88% of coins released with airdrops experienced price drops, with most falling sharply within 15 days.
Whether Kaito can defy this pattern remains to be discovered – the coin has only been trading for five days.
## Ethena Gains $100 Million
Based on a Bloomberg report on Monday, Ethena, the DeFi application behind the USDe coin, which is tied to the US dollar, has gained $100 million through the sale of coins to venture capital firms.
At the time, ENA was trading between $0.90 and $1.10. Its worth has since decreased, and it is presently trading at roughly $0.40.
In December, the protocol made a deal to sell ENA coins at $0.40 each to Franklin Templeton, F-Prime Capital, Dragonfly Capital Partners, Polychain Capital, and Pantera Capital.
Ethena’s USDe is created by depositing Bitcoin, Ether, or Solana into the Ethena protocol, which then starts short or bearish wagers on futures exchanges like Bybit.
This creates a neutral position where the worth of the assets and the shorts balance each other to maintain overall price stability.
This is unlike stablecoins such as Circle and Tether, which are supported 1:1 by reserves of US currency or dollar-equivalent holdings such as US Treasury bonds.
Ethena’s dollar token, USDe, is well-known among DeFi users. There is currently almost $6 billion in USDe in use, making it the third-largest cryptocurrency connected to the dollar.
In January, Ethena creator Guy Young stated that the platform intends to introduce a new version of USDe designed for controlled financial organizations.
**DeFi Governance This Week**
* Vote: Compound DAO considers incentives for DAO involvement.
* Vote: Arbitrum DAO votes on a new program to assist applications in getting audited.
* Vote: Aave DAO votes to implement the protocol on the Soneium layer-2.
**Posts This Week**
* Nate Geraci, president of ETF Store, outlines the crypto environment in 2025.
