ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 88

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 Analyst Reports $112 Million Ripple Hack, XRP Stolen from CEO's Wallets

Blockchain analyst and X user ZachXBT reported a significant hack involving Ripple, with around 213 million XRP tokens worth $112.5 million stolen from CEO Chris Larsen's personal crypto wallets. The stolen funds have since been tracked across exchanges like MEXC, Gate, Binance, and Kraken as the culprits launder the assets.

While Ripple's systems were untouched, Larsen confirmed a breach of his individual XRP holdings. The incident deals a blow to the crypto industry's security efforts in 2024, with over $77 million already lost to hacks and scams this year alone prior to this incident.

XRP prices dipped around 3.5% following the reports. Law enforcement is now involved as further details emerge. The hack underscores an ongoing need for improved protections against such thefts, especially as individual holders and crypto adoption continue growing.

 Celsius Emerges from Bankruptcy, Set to Return Over $3B to Creditors

Crypto lending platform Celsius has exited Chapter 11 bankruptcy in the US, culminating an 18-month restructuring process commenced in July 2022 following its shutdown. Celsius is now prepared to distribute over $3 billion worth of crypto and fiat to creditors according to its repayment plan.

As part of the bankruptcy resolution, a new mining firm called Ionic Digital will be established in partnership with Hut 8 to continue recovering funds. Celsius was also able to locate an additional $250 million in assets for creditor repayments through conversions and prior settlements.

Payments will be facilitated through services like PayPal and Coinbase according to court documents. The bankruptcy exit concludes a saga that saw the company pause withdrawals amid price volatility and regulatory pressures. Its former CEO Alex Mashinsky also currently faces fraud charges related to his tenure.

 AR Game Overwhelms as Thousands Flock to 'Solana Hunger Games'

A new augmented reality gaming studio called caused a stir on social media this week with the early access release of its highly anticipated mobile game "Solana Hunger Games". Drawing inspiration from the popular book and film series, the title incorporates geocaching and cryptocurrency elements in a scavenger hunt-style combat experience. saw unprecedented demand, crashing its website under more than 2 million hits and gaining over 100,000 followers in only 24 hours. Players can now begin acquiring in-game tokens through invitations and racking up crypto-tracked leaderboard points.

When the game fully launches this Spring, it intends to let users play as both Hunters gathering treasure or Sponsors betting on contenders. Backed by major blockchain investors like Delphi Digital, the game has ambitious plans to popularize crypto gaming through “ARC” — Augmented Reality Crypto. Its explosive reveal indicates the significant interest in blending innovation at the intersection of these technologies.

 Jupiter's $700M JUP Airdrop Floods Solana With New Tokens

Jupiter distributed approximately $700 million worth of its JUP token to nearly 1 million Solana wallets on Wednesday in one of the largest token airdrops ever. The JUP token immediately gained in value, reaching over $0.70 as of press time.

While some users experienced issues with RPC nodes in the first 30 minutes, validators reported the Solana network processed the flood of activity without significant problems. The airdrop process saw over 20% of allocated tokens claimed within an hour.

Controversy emerged around the "few hundred" validators running Jito software, who allegedly received $50,000 tips from MEV bots for including their arbitrage trades. Meanwhile, the token's fully diluted market cap surpassed $6 billion following its debut.

If token prices hold, Jupiter will have distributed well over the value of its funding rounds to users for trading on its DEX. The airdrop highlighted debates around MEV distribution and the massive impact announcements can have on-chain.

 FTX Continues Liquidating Crypto Assets to Fund Creditors

In an update on the FTX bankruptcy proceedings, lawyers representing the collapsed exchange told a court they intend to fully repay customers and unsecured creditors. While noting it's not guaranteed, they expressed confidence eligible claimants can ultimately recover all losses proven through a verification process.

However, plans to reboot FTX's offshore exchange operations have been abandoned as no investors or acquirers materialized. Over 75 potential bidders previously examined a restart.

The FTX estate also ruled out expectations from a trading resumption, instead focusing on monetizing valuable user data. Billions in crypto sales, like nearly $1 billion of Grayscale's BTC ETF, aim to fund repayments as advisers assess feasibility.

The judge maintained bankruptcy code exceptions do not apply in dictating reimbursement values be based on filing dates despite former customer objections. Work continues toward whole compensation.

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