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In today’s crypto news, GMX has suspended trading following a liquidity pool breach that drained over $40 million. Bybit has confirmed specifics of the forthcoming Pump.fun token sale, and the United States has imposed sanctions on a North Korean IT worker group accused of targeting American firms.
GMX suspends trading, token minting after $40M breach
The GMX protocol suspended trading on GMX V1 after a liquidity pool was compromised on Wednesday, resulting in $40 million in assets being stolen and transferred to an unidentified wallet.
GMX V1 is the initial iteration of the GMX perpetual exchange launched on the Arbitrum network. The targeted pool serves as a liquidity provider for the GMX protocol, featuring a mix of underlying digital assets such as Bitcoin (BTC), Ether (ETH), and stablecoins, as stated by the GMX team.
The protocol has also declared a temporary halt in the minting and redemption of GLP tokens on both Arbitrum and the layer-1 Avalanche network to safeguard against further repercussions from the cybersecurity breach.
Platform users were advised to disable leverage and adjust their settings to prevent GLP minting.
Blockchain security firm SlowMist attributed the breach to a design deficiency that enabled hackers to manipulate the GLP token price through the computation of total assets under management.
Pump.fun token sale verified, Europe-based users excluded: Bybit
Bybit has verified information about the highly anticipated Pump.fun token sale, indicating that users registered on its European Union-regulated platform, Bybit.eu, will be unable to take part, citing adherence to the European Union’s Markets in Crypto-Assets Regulation (MiCA).
The public sale of PUMP, the native token of the no-code memecoin launchpad Pump.fun, will commence on Saturday at 14:00 UTC and continue until Tuesday, according to a Wednesday press release distributed to Cointelegraph.
A total of 150 billion PUMP tokens, which is 15% of the 1 trillion total supply, will be available at a fixed price of $0.004 USDT per token.
Bybit, currently the second-largest crypto exchange globally by trading volume, is the sole major platform involved in the sale, as per the announcement. Several other exchanges will also facilitate the token sale.
Bybit will accommodate subscriptions in USDt (USDT), USDC (USDC), Solana (SOL) and bbSOL, offering access to both stablecoins and Solana-native assets.
Bybit has emerged as the second leading crypto exchange to disclose details about the upcoming PUMP token sale, following a slip-up by Gate.io. On Tuesday, Gate.io momentarily published a page detailing a $600 million PUMP token sale, which was quickly removed.
In a Wednesday post on X shortly after the sale was unveiled by Bybit, Pump.fun officially announced the token sale. “Our objective is to take down Facebook, TikTok, and Twitch. On Solana,” the platform declared.
Pump.fun, initiated in January 2024, swiftly gained traction for enabling users to create and exchange memecoins without any coding knowledge. The platform’s gamified interface and viral features have initiated extensive on-chain experimentation on Solana, transforming casual users into active token creators and traders.
US imposes sanctions on North Korean IT worker group due to crypto thefts
The US Treasury on Tuesday imposed sanctions on two individuals, a North Korean and a Russian man, alongside four entities linked to what it describes as a North Korea-operated IT worker ring that infiltrates US crypto firms with the intent to exploit them.
The Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on North Korea-based Song Kum Hyok for supposedly stealing information from US citizens to use as false identities and providing that information to hired foreign IT workers seeking to employ with US companies.
OFAC also sanctioned Russian national Gayk Asatryan for allegedly utilizing his four Russia-based enterprises to employ numerous North Korean IT workers. OFAC stated that North Korea seeks to finance its missile programs by employing a workforce of highly skilled IT professionals globally.
“The Treasury remains dedicated to utilizing all available resources to thwart the Kim regime’s attempts to bypass sanctions through its digital asset theft, impersonation of Americans, and malicious cyber activities,” stated Treasury Deputy Secretary Michael Faulkender.
North Korea is infamous for its high-profile hacks, including the $1.5 billion breach of crypto exchange Bybit in February, but TRM Labs noted that the nation is beginning to pivot toward “deception-based revenue generation, including IT worker infiltration.”
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