Key takeaways
- Bybit suffered the biggest theft of all time in the crypto space after losing $1.5 billion to hackers on Friday.&
- The Bitcoin Pepe presale is now approaching $3 million as more investors pile in.
Bybit suffers the biggest theft of all time in the crypto space
Bybit, one of the leading cryptocurrency exchanges in the world, suffered the biggest theft of all time in the crypto space. The company lost $1.5 billion to hackers on Friday. According to ZackXBT, North Korea’s Lazarus Group was behind the hack, and they withdrew nearly $1.5 billion worth of funds from the exchange into a main wallet and then distributed the assets to several different wallets.
Blockchain data provider Nansen revealed that the attackers converted all stETH, cmETH, and mETH to ETH before systematically transferring ETH in $27 million increments to over 10 additional wallets.
The exploit was caused by something called “Blind Signing.” it is a situation where a smart contract transaction is approved without the comprehensive knowledge of its contents.
What is Bitcoin Pepe?
The broader crypto market is still in shock following the Bybit hack but that hasn’t halted funding into new and exciting projects. Bitcoin Pepe’s presale began roughly ten days ago, and the team has raised nearly $3 million so far.&
Bitcoin Pepe is a project seeking to leverage the liquidity and security of the Bitcoin blockchain. The project will use Bitcoin’s position in the market to introduce memecoins to its ecosystem.&
In their whitepaper, the team explained that Bitcoin Pepe is a layer-2 network building on the Bitcoin blockchain. This project is a meme-specialized layer-2 solution built on top of Bitcoin, bringing Solana-style scalability to the Bitcoin network.
Bitcoin Pepe seeks to become home to all memecoin trading and move all this economic activity to the BTC ecosystem. It will unlock decentralized finance (DeFi) and meme trading on top of BTC.
As the first-ever meme initial coin offering (ICO) on the Bitcoin blockchain, it will be the perfect fusion between BTC’s security and the unstoppable force of memecoins. With Bitcoin Pepe, BTC Maxis will be able to trade memes. Combining high levels of trust (BTC) with high levels of performance (SOL) will lead to high levels of retail mass adoption.
Bitcoin Pepe presale approaches $3m
Bitcoin Pepe’s presale began roughly ten days ago and is currently in its fifth stage. The official Bitcoin Pepe website shows the project has raised over $2.85 million.&
$BPEP, Bitcoin Pepe’s native token, can be purchased using various cryptocurrencies, including ETH, USDT, USDC, BNB, and SOL.&
In this fifth presale stage, $BPEP is going for $0.0255 and is set to increase to $0.0268 in the next stage. The Bitcoin Pepe presale could be an opportunity to purchase $BPEP at a discount.&
A classic example of how presale can favour investors is Solana. Solana’s SOL currently trades at $172 per coin. However, it was sold for $0.22 during its presale in 2020.&
How will Bitcoin Pepe introduce memecoins to the Bitcoin ecosystem?
Bitcoin Pepe is working to make the Bitcoin blockchain home to memecoins. Bitcoin is the leading cryptocurrency, with a market cap of nearly $2 trillion. While it has liquidity and security, the Bitcoin blockchain offers less utility than smart contract blockchains like Ethereum and Solana.&
Bitcoin Pepe wants to change this narrative by opening up the blockchain and allowing the launch of memecoins and other narratives on the network. Introducing memecoins on the Bitcoin blockchain will enable it to become home to a crazy high-octane meme experience.&
According to the team, the BTC bridge will unlock $2 trillion in dormant BTC capital and make it available for memecoin trading.
As an L2 network, Bitcoin Pepe will provide the necessary infrastructure for all memes to migrate to BTC, ensuring security and liquidity for investors and users. Its native $BPEP token will power several activities within the Bitcoin Pepe L2 network.&
Why buy the $BPEP token now?
The Bitcoin Pepe presale could be the perfect opportunity for investors to get in early on the project. Presales allow investors to gain early exposure to projects.&
Bitcoin Pepe is working hard to become the leading L2 network on the Bitcoin blockchain, offering users security and liquidity. The introduction of memecoins on Bitcoin could make Bitcoin Pepe one of the most important projects in the ecosystem. The presale allows investors to purchase its native token at a discount before it is listed on crypto exchanges.
The post North Korea’s Lazarus Group behind hack as Bybit loses $1.5B appeared first on CoinJournal.
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