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Bybit hack raises fear of criminal prosecution for negligent crypto leaders

Fearing criminal repercussions for failing to prevent money laundering, ostensibly decentralized services are intervening in the Bybit hack.

Live reporting •

Crypto exchange Bybit hacked for over $1.4 billion

Bybit was hacked today for over $1.4 billion in ether and staked ether, according to blockchain analysts and the firm’s CEO.

Bybit’s CEO noted that Chinese users can use a VPN to access the exchange and noted the company hopes to reapply for a Hong Kong license.

Ethena, the brainchild of Arthur Hayes, claims to pass along Ethereum’s staking yield on steroids as a 37% USD APY.

In a statement, Hong Kong regulators said, “no entity in the Bybit group is registered to conduct any ‘regulated activity’ in Hong Kong.”