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Ripple CEO Reacts to SEC’s Surprising Decision; 13,046,414 SHIB Burned in Minutes; Bybit’s Ethereum Reserves Recovering: Crypto News Digest by U TODAY
In a shocking turn of events, Brad Garlinghouse, the CEO of Ripple, has spoken out about the recent surprise decision from the US Securities and Exchange Commission (SEC). The news sent shockwaves throughout the crypto community as it was revealed that the agency had been secretly working on developing an Ethereum-based platform. This development comes at a time when many are still reeling from the recent hacks affecting Bybit, which has reportedly lost 70% of its ETH holdings due to the incident.
Speaking out about the situation, Garlinghouse emphasized the importance of regulatory clarity in the crypto space, stating that “the lack of clear guidelines is putting undue stress on both investors and businesses alike.” He also expressed his support for Ripple’s long-standing stance against being labeled as a security by the SEC, saying that “we are confident in our position and will continue to work closely with regulators to ensure a harmonious coexistence between traditional finance and blockchain technology.”
Meanwhile, Bybit has reported that its Ethereum reserves have recovered to nearly 160,000 ETH. CEO Ben Zhou confirmed this development, stating that as a result of the incident, “we lost about 70% of our holdings,” but are now working diligently to restore faith in our platform.
In related news, a staggering 13,046,414 Shiba Inu tokens were burned within minutes, reportedly by the same hackers responsible for the Bybit hack. It is unclear at this time whether these hackers will continue to target major exchanges or other entities in the space.
The price of ETH has not recovered as much as expected, currently trading at $2,650 and down 4.95% over the past 24 hours according to CoinMarketCap. In response, Bybit has reportedly purchased 71,755 ETH tokens for around $197 million in an effort to stabilize the asset.
As the dust settles on these recent events, it is clear that the crypto space is still reeling from the effects of this hack and the subsequent loss of funds.
