This Week in Crypto: BTC Dips, FTX Fallout & Tether Buys Big
The Paybis Weekly Digest is back and we’re here to report on another eventful week in the crypto world. Tether’s printing press is rolling again, Ethereum’s next big upgrade is just around the corner, and hackers continue to wreak havoc across DeFi platforms. Let’s get into the latest updates.
Table of contents
- Tether Prints Another Billion USDT
- zkLend Hacker Gets Hacked Right Back
- Tether Buys 8,888 BTC in Q1
- UPCX Loses $70M in Devastating Hack
- Teacher Accidentally Throws Away $3.8M in BTC
- Ethereum’s Pectra Upgrade Set for May 7
- USDC Becomes Default for Binance Pay Users
- FTX Cancels 392,000 Claims Due to Failed KYC
- Bitcoin Slips Below $80K
- About Paybis
- Summing Up
Tether Prints Another Billion USDT
Tether, the issuer of the world’s largest stablecoin, has printed an additional 1 billion USDT. The company claims the new tokens are part of its inventory replenishment for upcoming issuance requests. Historically, large USDT minting events tend to precede increased market activity and can be seen as bullish indicators. However, critics continue to raise concerns over transparency and the potential market impact.
zkLend Hacker Gets Hacked Right Back
In one of the most ironic twists of the year, a hacker who drained 2,930 ETH (around $5.4M) from zkLend ended up losing it all within hours. The attacker attempted to launder the stolen funds via TornadoCash but accidentally used a phishing site impersonating the real one. As a result, a second hacker hijacked the wallet and made off with the entire stash.
Tether Buys 8,888 BTC in Q1
Tether has also been making big moves on the investment front, purchasing 8,888 BTC in Q1 2025. This brings the company’s total Bitcoin holdings to 92,467 BTC, worth several billion dollars at current prices. Tether says this is part of a broader strategy to back its reserves with hard assets and reduce reliance on traditional cash equivalents.
UPCX Loses $70M in Devastating Hack
Decentralized crypto platform UPCX was breached this week, resulting in a loss of approximately $70 million in digital assets. Hackers exploited a vulnerability in the platform’s smart contracts, draining liquidity pools across several tokens. The team has since paused operations and launched an investigation, but recovery prospects remain uncertain.
Teacher Accidentally Throws Away $3.8M in BTC
A British teacher accidentally threw away a flash drive that held Bitcoin now worth $3.8 million. She reportedly wanted to surprise her husband by clearing out old junk from their home, not realizing the USB contained a digital fortune. The couple discovered the loss too late, and the flash drive is now believed to be in a landfill.
Ethereum’s Pectra Upgrade Set for May 7
Ethereum’s next major network upgrade Pectra is officially scheduled to go live on May 7, 2025. The update is expected to enhance transaction efficiency and lay groundwork for future scaling improvements. Developers say it also includes changes to validator incentives and minor protocol tweaks. While not as groundbreaking as past upgrades like Merge or Dencun, Pectra is a key step in Ethereum’s long-term roadmap.
USDC Becomes Default for Binance Pay Users
In a move that could boost stablecoin adoption, USDC has been set as the default currency for all new Binance Pay users. The integration aims to provide a more stable and familiar experience for crypto payments, especially for users in regions affected by fiat volatility. USDC is issued by Circle and is known for its regulatory transparency and full dollar backing. This shift could position USDC as a top choice for on-chain payments and everyday transactions.
FTX Cancels 392,000 Claims Due to Failed KYC
FTX has invalidated around 392,000 customer claims totaling more than $2.5 billion, citing incomplete or failed KYC (Know Your Customer) verification. The move has sparked understandable outrage among former users hoping to recover funds lost during the exchange’s collapse. FTX stated that only verified claimants are eligible for compensation, aligning with court-mandated restructuring procedures.
Bitcoin Slips Below $80K
After a record-setting Q1, Bitcoin has pulled back and is now trading below the $80,000 mark. Analysts attribute the dip to profit-taking and cautious sentiment ahead of macroeconomic data releases. Some traders also point to regulatory uncertainty and recent hacking incidents as contributing factors. Still, long-term bullish sentiment remains intact, with many calling the current phase a healthy consolidation.
About Paybis
Paybis is a global cryptocurrency exchange platform that provides fast, secure, and user-friendly digital asset transactions. Founded in 2014, the company specializes in fiat-to-crypto and crypto-to-fiat conversions, enabling users to buy, sell, and swap Bitcoin, Ethereum, and other cryptocurrencies using various payment methods, including credit/debit cards, bank transfers, and e-wallets.
Try out Paybis now to buy, sell, swap, and manage your favorite cryptos.
With a strong focus on security and compliance, Paybis is registered with regulatory authorities and implements industry-leading AML/KYC procedures. The platform is known for its intuitive interface, 24/7 customer support, and competitive exchange rates, making it a preferred choice for both beginners and experienced traders.
Summing Up
While the updates we mentioned in our latest weekly digest are certainly highlights, the crypto world doesn’t sleep. From regulatory changes, to market dynamic shifts, new tech developments, and security risks, there’s not a single calm day. Check back in next week for more weekly highlights!
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