With $44 million stolen, the crypto world is once again reminded of its vulnerabilities.

Attack Originated from Internal Liquidity Account

According to CoinDCX CEO Sumit Gupta, the breach stemmed from an internal account used for liquidity provision with another exchange. Hackers drained $44 million through what Gupta described as a “sophisticated server breach.”

“No user funds were affected,” Gupta assured. “The compromised account was isolated swiftly, and the loss will be covered entirely by our treasury reserves.”

Funds Traced Across Chains

On-chain analyst ZachXBT traced the attacker’s wallet back to Tornado Cash, where it was funded with 1 Ethereum. The stolen funds were then partially bridged from Solana to Ethereum, making tracking difficult.

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The incident echoes a similar hack on WazirX—another Indian exchange—exactly one year ago to the day, which resulted in a $235 million loss. Analysts see the timing as a grim reminder of persistent cybersecurity gaps in the crypto sector.

Wave of Recent Crypto Exploits

• Nobitex (Iran): $100 million stolen on June 18; source code leaked.
• GMX V1: $40 million drained on July 9, later returned for a $5M bounty.
• Arcadia Finance: $3.5 million lost due to smart contract exploit.

These repeated breaches stress the urgent need for better risk management in both centralized and decentralized ecosystems.

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GENIUS Act Passes in Senate  

The GENIUS Act passed the Senate with 68 votes in favor and 30 against. This brings the GENIUS Act one step closer to defining the legal framework for stablecoins. This strong support means the bill could pass the U.S. Senate as early as next week. If leaders speed up the process, an even earlier vote is possible. State-level regulations aimed at increasing transparency, especially for smaller stablecoin issuers, are also on the way.  

What Does the GENIUS Act Aim For?  

The GENIUS Act primarily aims to integrate stablecoins into the U.S. financial system. It expects a significant capital inflow into the crypto market. The bill creates the first federal framework for stablecoins, currently an unregulated payment product. This framework seeks to protect consumers and ensure the stability of the financial system. Additionally, the bill allows banks and non-bank entities to issue stablecoins. This could encourage large companies like Meta or Google to enter the market, potentially increasing liquidity.  

Strict Rules for Stablecoins Are Coming: Banks Are Involved Too!  

The GENIUS Act also considers the concerns of the banking sector. To prevent banks from competing with deposits, they might prohibit interest-bearing stablecoins. In fact, major banks like Bank of America are planning to launch their own stablecoins. This shows how intense the competition is.  

The new bill mandates that stablecoin issuers always maintain a 1:1 dollar reserve. They will typically hold these reserves in secure assets like U.S. Treasury securities. Also, mandatory audits are on the way for issuers with a market capitalization over $50 billion.  

After passing the Senate, the bill will go to the U.S. House of Representatives. Ultimately, U.S. President Donald Trump will sign the bill. President Trump and Treasury Secretary Scott Bessent support the bill. This strengthens the possibility of the bill soon becoming law.  

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In the world of cryptocurrency, the security concerns of millionaires are rapidly increasing. The data breach at Coinbase, in particular, has created a new sense of danger in the industry. Hackers obtained users’ names, addresses, ID photos, and account balances. Such information is sufficient for malicious actors to select targets. Those with significant crypto assets are now prioritizing not only their digital security but also their physical safety. 

As a result, crypto investors are hiring professional security teams to protect themselves and their families, just as they secure their cold wallets. Experts emphasize, “You must protect not only your portfolio but also your personal safety.” Indeed, owning millions of dollars’ worth of cryptocurrency comes with significant risks. 

Physical Attacks and Kidnapping Threats Become Reality 

The security issues in the crypto world are no longer confined to the online realm; they have now spilled into the physical world. The Coinbase data breach provided attackers with personal information, enabling them to target investors who could be attacked on the street or in front of their homes. 

For example, Ledger SAS founder David Balland was kidnapped along with his partner last January. Balland was seriously injured during the attack, and the incident caused significant ripples in the industry. Following this, the daughter and granddaughter of Paymium’s CEO were targeted for kidnapping in Paris. Although the plan failed, it heightened the industry’s security concerns. 

France’s Interior Minister intervened, announcing the establishment of a dedicated emergency police hotline for the crypto industry. Additionally, elite units were formed to provide security briefings and home protection assessments for industry executives, enabling faster and more effective responses to physical attacks. 

Crypto Companies and Investors Make Significant Security Investments 

Crypto firms are taking security risks very seriously. Coinbase spent $6.2 million on the security of its CEO, Brian Armstrong—an amount surpassing expenditures by JPMorgan, Goldman Sachs, and Nvidia during the same period. Other companies, such as Robinhood and Circle, have also allocated substantial budgets for their executives’ safety. 

Security measures are not limited to physical protection. Companies conduct real-time monitoring on social media and other digital platforms to prevent location leaks, making it harder for potential attackers to reach their targets. Additionally, comprehensive solutions such as armored vehicles, 24/7 protection, and threat assessments are offered to clients. Security firms like Infinite Risks International clean up the digital footprints of crypto investors and provide early warnings against potential threats. 

According to data recorded by prominent Bitcoin security advocate Jameson Lopp, more than 20 physical attacks have occurred worldwide this year. These incidents are not limited to Europe but are also happening in regions like the Americas and Asia. Kidnappings, extortions, and fraud cases are on the rise, forcing everyone in the industry to enhance both online and offline security measures. 

The crypto community is also reflecting security concerns in its events. For instance, the annual EthCC conference in Cannes implemented significantly stricter security measures this year compared to last year. French police, special forces, and private security firms collaborated to provide comprehensive protection at the event. 

However, despite these measures, some investors are avoiding travel to countries like France due to security risks. This situation underscores the magnitude of the global security challenges facing the industry. 

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In several now-deleted posts, hackers falsely claimed that Kaito wallets had been compromised and warned users that their funds were no longer safe. However, the Kaito AI team quickly regained control of the accounts and reassured users that Kaito token wallets were unaffected by the breach.

KAITO Token Price Drops!

According to DeFi Warhol, the attackers opened short positions on KAITO tokens before spreading the false information. The goal was to trigger panic selling and cause a price crash, allowing the hackers to profit from their short positions.

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The Kaito AI team addressed the incident with the following statement:

“Despite having high-standard security measures in place, we were still compromised. It seems to be similar to other recent X account hacks.”

Rising Cyber Threats in the Crypto Industry!

This incident adds to a growing list of social media hacks, social engineering scams, and cybersecurity concerns within the crypto space. In recent weeks, the Pump.fun and Jupiter DAO accounts were also compromised using similar tactics.

Additionally, Canada’s Alberta Securities Commission issued a warning about the CanCap scam, where malicious actors used fake news and fabricated endorsements from Canadian politicians to promote fraudulent crypto investments. The scammers exploited concerns over a potential trade war between Canada and the United States to lure investors.

Lazarus Group Strikes Again!

State-sponsored hacker group Lazarus has also launched a new scam. They pose as venture capitalists in Zoom meetings and claim to experience audio-visual issues. Victims are then redirected to malicious chatrooms where they are instructed to download a “patch.” This software is designed to steal private crypto keys and other sensitive data from the victim’s device.

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The post Kaito AI and Founder Yu Hu’s X Accounts Hacked! appeared first on Coin Engineer.

$95 Million Raised From 1,200 Investors

According to the SEC’s statement on Nov. 29, Touzi Capital raised approximately $95 million from over 1,200 U.S. investors, claiming the funds would be used to finance crypto mining operations. However, the SEC alleges that these claims were false.

Touzi Capital is accused of transferring investor funds across its subsidiaries and directing the money into ventures unrelated to crypto mining. The SEC claims the firm misled investors about the risks and profitability of the fund, portraying it as similar to “high-yield money market accounts.”

According to the SEC, the fund was risky and illiquid, and the company continued to accept new investors even after its investments began failing.

Legal battles between the crypto industry and the SEC may significantly diminish in the future, according to speculation. Consensys CEO Joe Lubin suggested that if Donald Trump is re-elected as president, many ongoing SEC cases might be dropped. Lubin stated, “Maybe not all the cases, but I believe our industry will save hundreds of millions of dollars moving forward.”

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