Investors just sued Circle over the $280 million Drift Protocol hack, claiming they could have frozen the stolen USDC. Tether now holds over 97,000 Bitcoin after buying another 951 BTC worth $70 million. A fake Ledger app in the App Store stole $9.5 million from users. Meanwhile, Kraken is acquiring derivatives exchange Bitnomial for $550 million, the SEC exempted DeFi services from broker registration, and Bitcoin developers proposed freezing early wallets vulnerable to quantum attacks. Here’s a clear look at the most important crypto and tech stories making headlines.<\/p>\n\n\n
If you want to buy, sell, or swap crypto instantly, try Paybis<\/a> now.<\/strong><\/p>\n <\/div>\r<\/div>\n\n\n Investors filed a class action lawsuit<\/a> against Circle after the $280 million hack of Drift Protocol, alleging they could have frozen the stolen USDC. The suit claims Circle has the technical ability to freeze stablecoins but chose not to act.<\/p>\n\n\n\n Circle getting sued for $280 million because they didn’t freeze stolen USDC raises a fundamental question. Can stablecoin issuers freeze funds? Yes. Should they freeze stolen funds? The lawsuit says they had a duty to act. Circle’s response will define whether stablecoin issuers are responsible for recovering hacked funds.<\/p>\n\n\n\n Tether purchased 951 BTC<\/a> worth $70 million, bringing total holdings to over 97,000 BTC. The largest stablecoin issuer continues accumulating Bitcoin as a treasury reserve asset.<\/p>\n\n\n\n Tether holding 97,000 Bitcoin worth over $8 billion means the company backing USDT owns massive amounts of the hardest money in crypto. They collect fees on billions in stablecoin circulation and convert profits into Bitcoin. This is how a stablecoin company becomes one of the largest Bitcoin whales.<\/p>\n\n\n\n Kraken is acquiring<\/a> derivatives exchange Bitnomial for $550 million in cash and stock. The acquisition expands Kraken’s regulated derivatives offerings in the United States.<\/p>\n\n\n\n Kraken paying $550 million for a derivatives exchange shows where they see growth. Spot trading is competitive and low-margin. Derivatives trading with leverage generates serious fees. Buying a regulated derivatives platform means Kraken can offer futures and options to US customers legally.<\/p>\n\n\n\n Drift Protocol will receive $127.5 million from Tether to recover user funds after the North Korean hack. The payment represents partial reimbursement for the $280 million stolen in the attack.<\/p>\n\n\n\n Tether giving Drift Protocol $127.5 million to cover losses shows how interconnected the ecosystem has become. When a major protocol gets hacked, stablecoin issuers help bail them out. This sets a precedent. If you get hacked, will Tether help? Or is Drift special?<\/p>\n\n\n\n The SEC partially exempted<\/a> DeFi services from broker registration requirements. Services like Uniswap UI and MetaMask Swap can operate without securities dealer licenses under the new guidance.<\/p>\n\n\n\n SEC saying DeFi interfaces don’t need broker licenses removes massive regulatory uncertainty. Uniswap and MetaMask were facing potential enforcement actions for offering trading without registration. This exemption means DeFi front-ends can keep operating without becoming securities dealers.<\/p>\n\n\n\nInvestors Sue Circle Over $280 Million Drift Protocol Hack<\/h2>\n\n\n\n
Tether Now Holds Over 97,000 Bitcoin After $70 Million Purchase<\/h2>\n\n\n\n
Kraken Acquires Bitnomial for $550 Million<\/h2>\n\n\n\n
Drift Protocol Receives $127.5 Million from Tether<\/h2>\n\n\n\n
SEC Exempts DeFi Services from Broker Registration<\/h2>\n\n\n\n
Bitcoin Developers Propose Freezing Quantum-Vulnerable Wallets<\/h2>\n\n\n\n