CRYPTOCURRENCY

Breaking News: Hackers Steal $1.4 Billion from Bybit in the Largest Crypto Heist Ever

In a shocking development, cryptocurrency exchange Bybit has fallen victim to one of the largest crypto hacks ever recorded. Hackers stole over $1.4 billion worth of Ethereum (ETH) from the platform’s cold wallet. This incident marks a critical moment in the digital asset industry. It raises concerns over cybersecurity measures and market stability.

Breaking News Hackers Steal $1.4 Billion from Bybit in One of the Largest Crypto Heists Ever

How the Hack Happened: Exploiting Vulnerabilities

The attack targeted Bybit’s Ethereum cold wallet, which is typically considered secure due to its offline nature. According to Bybit’s co-founder and CEO, Ben Zhou, the hackers exploited a “masked” user interface (UI) and URL. This techniques deceived wallet signers into unknowingly approving a malicious transaction. This clever manipulation allowed the attackers to alter the smart contract logic. As a result, they gained full control of the cold wallet and drained its contents.

Blockchain analysis reveals that the stolen assets include:

401,347 ETH
90,376 stETH (staked ETH)
15,000 cmETH (cross-chain wrapped ETH)
8,000 mETH (multi-chain ETH)

In total, the theft amounts to over $1.4 billion based on current market prices, making it one of the most significant security breaches in cryptocurrency history.

The Lazarus Group are responsible for the Bybit hack

Immediate Response and Security Measures

Ben Zhou addressed the incident publicly, reassuring users that other cold wallets remain secure and that withdrawals are still operational. He emphasized that Bybit maintains a 1:1 asset reserve ratio, ensuring that user funds are protected. To cover the loss, Bybit secured a bridge loan that accounts for 80% of the stolen ETH. This move eliminates the need for an immediate large-scale purchase of ETH in the spot market.

Market Reaction: Volatility and Speculation

News of the hack sent shockwaves through the cryptocurrency market, causing heightened volatility, especially for Ethereum (ETH). According to data from CoinMarketCap (CMC), ETH initially dropped from $2,828 to $2,708. This marked a 4.2% decline. However, speculation that Bybit might need to repurchase ETH to cover losses led to a brief rebound of 3.36%. This pushed the price back up to $2,759 within just 10 minutes.

This surge was short-lived. During a livestream, Ben Zhou clarified that Bybit’s bridge loan would cover most of the loss. This reduced the need to buy large amounts of ETH on the open market. This announcement shifted market sentiment, triggering renewed selling pressure. Investors anticipated potential sell-offs by the hacker, and broader risk aversion.

North korea's Lazarus Group have become a known entity in the Hacker community — North korea’s Lazarus Group have become a known entity in the Hacker community

Will the Hacker Sell? Challenges of Liquidating Stolen ETH

The hacker now holds more than 500,000 ETH, surpassing the holdings of Ethereum co-founder Vitalik Buterin, who reportedly holds around 240,000 ETH. The stolen funds have been distributed across 53 wallets. These are being actively monitored by blockchain security firms and smart contract auditing teams.

Selling such a large volume of ETH poses significant challenges for the hacker:

Real-Time Tracking: Blockchain analytics firms like Chainalysis, Elliptic, and Nansen are monitoring the wallets in real time. This makes it difficult to move the stolen funds without detection.
Liquidity and Market Impact: Offloading this volume of ETH on the open market would likely cause a major price crash. This would be similar to what would happen if Vitalik Buterin were to sell his holdings all at once—only twice as impactful.
Alternative Liquidation Methods: The hacker may attempt to use crypto mixers like Tornado Cash to obfuscate the transaction trail. However, regulatory scrutiny and improved tracking technology have made this method less effective.

Over $927b was wiped from the Crypto & Stock market as a result of the hack

Timing and Broader Implications for ETH

The timing of the hack is particularly notable, as it coincides with ETHDenver, one of the largest annual conferences in the Ethereum ecosystem. Typically a catalyst for bullish sentiment, ETHDenver often features major project announcements and technological advancements. However, this year’s event is overshadowed by recent controversies within the Ethereum community. There is also criticism directed at Vitalik Buterin and the Ethereum Foundation.

Combined with the Bybit hack, these factors have dampened market enthusiasm. Thus, casting a bearish shadow over an event that usually drives positive momentum for ETH.

The Road Ahead: What Traders Should Expect

The cryptocurrency market is currently experiencing heightened volatility, with traders reacting sharply to both factual developments and speculative rumours. For example, the false assumption that Bybit would purchase large amounts of ETH temporarily drove prices up. However, Ben Zhou’s clarification reversed the trend.

Given the ongoing investigation and uncertainty surrounding the hacker’s next moves, significant price fluctuations are expected in the coming days. Traders, especially those using leverage, should exercise caution and closely monitor developments as the situation unfolds.

Bybit is one of the world's biggest trading platforms — Bybit is one of the world’s biggest trading platforms

Security Lessons and Industry Impact

The Bybit hack serves as a stark reminder of the vulnerabilities that persist in the cryptocurrency industry, even for platforms with advanced security measures. It underscores the need for continuous innovation in cybersecurity. Moreover, it calls for stricter protocols to prevent unauthorized access to cold wallets.

ByBit under hack attack over $1.4 billion in ETH stolen

Moving forward, industry stakeholders, including exchanges, regulators, and security firms, must collaborate to enhance protections against increasingly sophisticated cyber threats. Meanwhile, users should remain vigilant. They should ensure they store their assets securely and stay informed about the latest developments in digital asset security.

CRYPTOCURRENCY

KASPA is the New Bitcoin

In a transformative move set to ripple through the mining and decentralised finance landscape, the BLOCKS team has shattered a major benchmark — officially exceeding one petahash (1 PH/s) of unchained mining power. The catalyst? The recent acquisition of 48 Bitmain KS5 Pro miners, marking a defining leap forward in BLOCKS’ mission to become a dominant global force within both the KASPA mining scene and the broader blockchain infrastructure layer. Many are now suggesting that KASPA is the new Bitcoin in this evolving landscape.

While much of the crypto space fixates on short-term speculation, BLOCKS is laying the groundwork for longevity. This achievement isn’t just technical — it’s strategic. Coupled with a highly anticipated token launch, an aggressive mining strategy, and a clear, transparent roadmap, BLOCKS is positioning itself not merely to participate in the future of decentralised technology, but to lead it.

Kaspa's Price is Boaring after a long lull — Kaspa’s Price is soaring after a long lull

💡 Breaking the One Petahash Barrier: Why It Matters

The 1 PH/s milestone places BLOCKS in an elite category of mining collectives, particularly within the KASPA ecosystem. For context, one petahash equates to 1,000,000 gigahashes per second, or a trillion hashes being processed every second in the effort to validate and secure the blockchain.

The newly deployed Bitmain KS5 Pro units — currently among the most powerful KASPA-specific ASIC miners available — offer a hashrate of 21 TH/s per unit, with power efficiency optimised for sustained scalability. By onboarding 48 of these machines, BLOCKS has added a substantial chunk of processing muscle to the KASPA network — reinforcing its credibility not just as a passive participant, but as an infrastructure heavyweight.

The rise to one petahash represents more than raw computational power — it’s a visible show of intent.

🚀 Token Airdrop Scheduled: May 24, 2025

Further fuelling the excitement is the scheduled launch of the BLOCKS token. Set to commence on 24 May 2025, the launch will begin with a 25% airdrop to initial holders — a bold strategy designed to jumpstart decentralised adoption and reward early supporters.

The drop is backed by more than just ambition — it follows a highly successful origin token sale which raised over 2 million KASPA, demonstrating strong community belief in the project’s vision. This capital, paired with the expanding in-house mining fleet, gives BLOCKS one of the most tangible token infrastructures among upstart protocols today.

What distinguishes the BLOCKS token rollout is its organic architecture — rather than a conventional VC-backed pre-sale or aggressive yield farming campaign, BLOCKS has chosen a slow-burn entry with performance-based growth, designed to align community value with network contribution.

Many People are saying that Kaspa is the new Bitcoin

🔐 A Transparent, Doxxed Team with Real Vision

Trust remains a cornerstone of decentralisation. Unlike anonymous developers or faceless syndicates, the BLOCKS team has taken a refreshingly public and transparent approach, with fully doxxed profiles and open channels of communication. This level of accountability is still rare in the mining sector and provides a notable contrast to the secretive operations that plague many mid-tier crypto ventures.

Their ethos is simple: decentralised finance should be earned, not gamed. By choosing transparency, BLOCKS attracts long-term believers — not just token flippers.

🔄 Why KASPA Is The New Bitcoin

While mining is central to the BLOCKS operation, their ambitions go far beyond hashrate and power efficiency. The team is actively building a modular ecosystem around the BLOCKS token, positioning it as an essential asset within KASPA-aligned DeFi.

Long-term roadmap features teased in early communications include:

Staking pools
Validator infrastructure
Decentralised data storage
Mining-as-a-Service (MaaS) options for retail users
On-chain governance integration

The success of these verticals depends not on hype but on continued trust, computational capacity, and verifiable economic distribution — all of which the team is delivering in measurable strides.

⚡ KASPA Upgrades to 10 BPS: A New Speed Benchmark

While BLOCKS makes its moves, the broader KASPA ecosystem is also reaching critical mass.

On 5 May 2025, KASPA officially rolled out its highly anticipated upgrade to 10 Blocks Per Second (BPS) — a massive leap from its already efficient throughput. This upgrade cements KASPA’s position as the fastest Layer-1 cryptocurrency ever built, surpassing both Solana and Avalanche in native transaction finality.

For miners and network builders like BLOCKS, this increased speed means greater volume, tighter validation cycles, and more efficient block rewards — all within a decentralised, proof-of-work framework.

This upgrade isn’t merely cosmetic; it redefines what performance can look like in a blockchain context without compromising on decentralisation or energy efficiency.

🐳 Whale Wallets: Binance or OKX?

In parallel with technical upgrades and new players entering the space, analysts have observed massive accumulation in key wallets. One in particular — referred to as Wallet Two by the KASPA community — is closing in on 700 million KASPA.

Speculation has been mounting: is this Binance preparing for an eventual listing? Could it be OKX, whose recent DePIN pushes have aligned closely with proof-of-work chains? Or is this a new sovereign accumulation play from Asia or the Gulf?

While there’s no official confirmation yet, one thing is certain: this wallet is strategically active, disciplined in accumulation, and is not showing signs of distributing. That’s a clear vote of confidence in the future value of KASPA.

📉 Why BLOCKS Stays Away From VC-Backed Projects

As the crypto market continues to clean up its act, stories of massive token dumps by venture capital funds are still too common.

Take Mantra — a project that recently saw its value collapse by over 90%, after early investors offloaded vast quantities of tokens, draining retail confidence and destroying months of community growth.

This is exactly what the BLOCKS team is trying to avoid.

Their project deliberately avoids the conventional VC path — choosing instead to bootstrap from the inside out with:

Public mining
Community-first token allocations
No hidden vesting cliffs
No unfair early access schemes

By avoiding VC involvement, BLOCKS ensures that no single party holds disproportionate influence — a core tenet of true decentralisation.

🔎 KASPA: Why It’s Needed Now More Than Ever

Beyond technology, beyond economics — KASPA represents an ideological stand.

In a world increasingly dominated by surveillance finance, CBDCs, and privately held “crypto” chains disguised as decentralised solutions, KASPA reaffirms the values that made cryptocurrency revolutionary in the first place:

Decentralisation
No pre-mines
No VCs
Fair distribution

BLOCKS, by choosing to build exclusively within the KASPA ecosystem, is aligning itself with a growing rebellion against the corruption of fiat money, gatekeeping of capital, and centralisation in disguise.

📊 By The Numbers: BLOCKS in May 2025

Metric	Value
Mining Power	1.008 Petahash
Bitmain KS5 Pro Units	48 Machines
Token Launch Date	24 May 2025
Airdrop Allocation	25% to holders
KASPA Raised (Origin Sale)	2 Million KASPA
Network Speed (Post-Upgrade)	10 Blocks Per Second (BPS)
Whale Wallet (Accumulation)	~700M KASPA

Kaspa Price Prediction 2025 — KASPA Is The New Bitcoin

📣 Final Thoughts: This Is Just the Beginning

The story of BLOCKS and its strategic stake in the future of KASPA is just unfolding.

While other projects chase influencers and clickbait headlines, BLOCKS is building real value, brick by brick, block by block. Backed by a doxxed team, real mining capacity, and a launch strategy rooted in community, their trajectory is clear.

This isn’t just another token launch. It’s a declaration: that fair systems, built transparently, with decentralisation as the bedrock — still have a place in this space.

KASPA’s upgrade to 10 BPS and BLOCKS’ leap to 1 PH/s aren’t just numbers — they’re signals. Signals that a new standard is being set.

The question isn’t whether this movement will succeed. It’s whether you’ll be part of it before everyone else catches on.

CRYPTOCURRENCY

BEAM – Crypto’s Favourite Gaming Blockchain (2025 Deep Dive)

In a digital age where cryptocurrency projects come and go with alarming speed, a few firmly cement themselves in the future narrative. BEAM is quickly becoming one of those names, particularly known as BEAM Crypto’s favourite in the rapidly expanding world of gaming blockchain.

The title “Crypto’s Favourite Gaming Blockchain” isn’t just hype.
It results from a consistent build-up of technological credibility, a vibrant gaming ecosystem, and a community that’s growing stronger by the day.

This article explores why BEAM is gathering so much momentum in 2025, how it carved out a niche in the hyper-competitive gaming sector, and what it means for players, developers, and investors alike.

BEAM Crypto’s Favourite Gaming Blockchain

What is BEAM?

Launched originally in 2023, BEAM isn’t just another gaming coin.
It’s a Layer-1 blockchain purpose-built for gaming ecosystems.

Unlike many crypto projects that bolt gaming functionality onto an existing framework, BEAM was engineered from the ground up with gaming as its primary use case.
It powers decentralised games, NFTS, token economies, and metaverse environments — all while maintaining lightning-fast transaction speeds and almost negligible fees.

BEAM was developed under the Merit Circle DAO umbrella, a major player in the blockchain gaming and decentralised finance (DeFi) sectors.
This origin story already gave BEAM serious credibility before it even went live.

Why Beam? BEAM Crypto’s Favourite Gaming Blockchain — Why Beam?

Why is BEAM Gaining So Much Popularity?

Several clear reasons explain BEAM’s rapid rise:

1. Focused Use-Case

Instead of trying to be everything to everyone, BEAM zeroes in on the gaming industry.
This precision focus means their blockchain is tailored perfectly to gaming needs: low latency, scalability, and flexible token economics.

2. Scalability and Speed

BEAM can handle thousands of transactions per second (TPS) with very low fees.
For gaming ecosystems that require instant in-game transactions, such as weapon upgrades or NFT trading, this speed is essential.

3. Low Barrier to Entry

Traditional blockchain games often scare away players with complicated setups: external wallets, complex onboarding, and gas fees.
BEAM, however, removes these frictions, making it accessible for non-crypto-native gamers too.

4. Partnerships and Game Development

BEAM is already backing a wave of blockchain games through grants, partnerships, and in-house development.
Their portfolio includes RPGs, strategy games, PvP battle arenas, and even metaverse worlds.

Some notable upcoming titles on BEAM include:

Edenhorde: A visually stunning RPG universe.
Walker World: A fully immersive metaverse experience.
Hash Rush 2.0: A reimagined strategy battle game.

Key Features That Set BEAM Apart

Feature	Details
Native Asset Creation	Developers can create in-game assets or currencies easily without needing complex smart contract setups.
Built-In Marketplace	Players can trade NFTs, skins, and items in a decentralised marketplace directly on BEAM.
Cross-Chain Compatibility	Supports bridges to Ethereum, Polygon, and other chains.
Governance	BEAM token holders participate in governance decisions shaping the ecosystem.
Gasless Transactions	In many cases, developers can pay transaction fees for players, making gameplay seamless.

BEAM Token ($BEAM): Utility and Value

The $BEAM token is the lifeblood of the ecosystem.
Its primary uses include:

Transaction fees (minimal, but essential to avoid network spam)
Governance voting
Access to exclusive in-game content
Marketplace trading
Incentives for players and developers

As more games launch on BEAM, the demand for $BEAM naturally increases, giving it a unique dual role:
An infrastructure token and a gaming economy currency.

At the time of writing, $BEAM holds a market cap of approximately $450 million and is listed on major exchanges such as Binance, Bybit, and Gate.io — showing that major players are paying close attention.

BEAM’s Competitive Edge in 2025

Compared to other gaming blockchains like Immutable X, Ronin, or Mythos Chain, BEAM has a few powerful competitive advantages:

Truly Decentralised: No single game publisher owns BEAM. It’s DAO-governed.
Ecosystem Grants: BEAM is funding indie developers, fuelling grassroots growth.
Player-Owned Economies: Games on BEAM allow true asset ownership via NFTS.
Optimised SDKS: Developer toolkits are simple and intuitive, cutting development time.

The Future of Gaming on BEAM

The blockchain gaming market is predicted to surpass $100 billion globally by 2030.
BEAM’s early mover advantage, dedicated developer support, and low-friction ecosystem position it beautifully to ride this trend.

Already, Web2 gaming companies are eyeing BEAM to migrate or launch hybrid models — bridging traditional gaming audiences with blockchain-powered economies.

As games such as Hash Rush 2.0 and Edenhorde gain traction, BEAM is expected to become synonymous with blockchain gaming, much like what Epic Games became for mainstream gaming.

In the words of Merit Circle DAO’s co-founder:

“We built BEAM because Web3 games deserved a real home — not just an afterthought tacked onto old networks.“

Next gen gaming is available now on beam. BEAM is Crypto’s Favourite Gaming Blockchain — BEAM Crypto’s Favourite Gaming Blockchain

Should You Pay Attention to BEAM?

If you’re a:

Gamer looking for true asset ownership
A developer wants easy access to blockchain technology
Investor eyeing the next big move in Web3
Crypto enthusiast wanting exposure to gaming

BEAM should absolutely be on your radar.

It’s a rare project where technology, community, and opportunity align so cleanly.

Final Thoughts

As we move deeper into 2025, it’s clear that BEAM is more than just a trend — it’s building a sustainable blockchain gaming economy.

Whether you’re ready to battle, build, or simply invest,
BEAM is fast becoming the platform where the next generation of gaming legends will be made.

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https://whatshotinuae.com

CRYPTOCURRENCY

Dubai is the world capital of crypto

In recent years, Dubai has established itself as a pivotal player in the world of cryptocurrencies and blockchain technology. As financial technology evolves, the emirate has emerged as a vibrant hub, attracting entrepreneurs, investors, and enthusiasts from around the globe. In this article, we will explore what makes Dubai the world capital of crypto. We will examine its regulatory landscape, technological advancements, and cultural ecosystem that fosters innovation.

The Crypto Network in Dubai makes it the world capital — Crypto Network in Dubai

A Historical Context: From Oil to Digital Currency

Dubai’s transformation from a small fishing village to a global financial powerhouse is nothing short of remarkable. The discovery of oil in the 20th century catalysed rapid economic growth. However, as oil reserves began to dwindle, Dubai turned its sights towards diversification. The city embarked on a strategic initiative to position itself as a leading global technology and finance hub. This paved the way for the world capital of crypto.

Dubai has moved from the old to the new in a short amount of time

Regulatory Framework: The Legal Landscape for Cryptocurrencies

The UAE has implemented a forward-thinking regulatory framework that encourages the adoption of cryptocurrencies. The Dubai Financial Services Authority (DFSA) has established clear guidelines for crypto businesses, enhancing investor confidence. Additionally, the establishment of the Dubai Multi Commodities Centre (DMCC) Crypto Centre has further reinforced Dubai’s position. This has created an environment conducive to innovation and growth in the crypto sector, solidifying its claim as the world capital of crypto.

Bitcoin in Dubai is common, making it a world capital city — Bitcoin Dubai

Technological Innovations: Blockchain and Beyond

Dubai is not merely a passive participant in the crypto space; it actively champions technological innovation. The emirate has invested heavily in blockchain technology. The government aims to become the world’s first city fully powered by blockchain by 2025. Initiatives like the Dubai Blockchain Strategy and the Emirates Blockchain Strategy outline ambitious plans. These include integrating blockchain across various sectors, such as healthcare, finance, and logistics, showcasing why Dubai is seen as the world capital of crypto.

Cultural Ecosystem: The Emergence of a Crypto Community

An equally significant aspect of Dubai’s rise as a crypto capital lies in its dynamic cultural ecosystem. The city has become a melting pot of talent, hosting numerous conferences, expos, and events that foster networking and collaboration. Events like the Global Blockchain Forum and GITEX Technology Week attract hordes of industry leaders, developers, and investors. This creates an environment ripe for growth and innovation. It further cements Dubai’s status as the world capital of crypto.

bitcoin chap in Dubai — A Bitcoin chap in Dubai, the world capital of Crypto

Investment and Startups: A Thriving Ecosystem

Dubai’s favourable regulatory environment and its status as a global business hub make it an attractive destination for crypto startups and investors. According to recent reports, venture capital investment in blockchain technology in the UAE has surged. This reflects a keen interest in nurturing promising projects. Companies like BitOasis and the UAE-based cryptocurrency exchange, Rain, highlight the entrepreneurial spirit that permeates Dubai’s crypto landscape, making it the world capital of crypto.

Dubai World Capital of Crypto is a hub for those who have the will — Dubai is a hub for those who have the will

Educational Initiatives: Building Knowledge and Expertise

Education plays a fundamental role in the growth of the cryptocurrency sector. Institutions like the Dubai Blockchain Centre offer training programmes and workshops tailored to various skill levels. This ensures that everyone, from enthusiasts to industry professionals, has access to vital knowledge and resources. These educational initiatives are crucial in maintaining Dubai’s position as the world capital of crypto.

Challenges Ahead: Navigating the Crypto Landscape

Despite Dubai’s significant strides in establishing itself as a crypto capital, challenges remain. Regulatory uncertainties, security concerns, and market volatility pose risks to both investors and businesses. The Dubai government continues to adapt its regulatory framework to address these challenges. This ensures that it remains a safe and attractive environment for crypto ventures, solidifying its role as the world capital of crypto.

The highlife is a way of life in the UAE thanks to crypto — The highlife is a way of life in the UAE

Future Prospects: What Lies Ahead for Dubai’s Crypto Scene

The future looks promising for Dubai as it seeks to propel itself further into the forefront of the global cryptocurrency arena. Predictions indicate that adoption rates will continue to rise. A greater influx of international crypto firms is eyeing Dubai as their operational base. This ongoing evolution will undoubtedly enhance the emirate’s economy, offering new opportunities for job creation and innovation in the financial technology sector. It will confirm Dubai’s place as the world capital of crypto.

Dubai is a city that embraces wealth generated through crypto — Dubai is a city that embraces wealth

As Dubai continues to emphasise technological innovation, reinforced by a supportive regulatory framework and a flourishing entrepreneurial spirit, it is poised to solidify its status as the world capital of crypto. The emirate’s commitment to diversification and adaptation stands as a testament to its forward-thinking ethos. It inspires other cities worldwide to follow suit.

Read more in our online magazine: https://whatshotinuae.com