According to CoinDesk, the US Securities and Exchange Commission (SEC), Tron Foundation, and Justin Sun have filed a joint motion in federal court to suspend the SEC's fraud lawsuit against Sun and Tron to consider "potential solutions". This motion is similar to the SEC's application in the Coinbase and Binance cases, indicating that the two parties may reach a settlement. The SEC previously sued Tron, Sun, and BitTorrent in 2023, accusing them of market manipulation, fraud, and issuing unregistered securities, alleging that Tron employees conducted over 600000 "clean trades" to boost TRX trading volume. The case is being heard by Judge Edgardo Ramos. Tron had previously applied to dismiss the lawsuit, and the SEC's request for additional litigation has been dismissed. Sun currently serves as an advisor to World Liberty Financial, which is affiliated with former US President Trump and has purchased Tron's TRX as its token reserve.

Bitcoin mining company MARA Holdings announced its Q4 2024 financial report, with revenue reaching $214.4 million for the quarter, a year-on-year increase of 37%, and full year revenue reaching $656.4 million, a year-on-year increase of 69%. Net profit increased by 248% year-on-year to 528.3 million US dollars, and the annual net profit increased by 107% to 541 million US dollars. The direct energy cost is $28801 per Bitcoin and $0.039 per kilowatt hour. The total hash rate increased by 115% year-on-year to 53.2 EH/s. Bitcoin holdings increased by 197% to 44893 BTC (approximately $4.6 billion), of which 10374 BTC was lent out or used as collateral for loans. In Q4, a total of 2492 BTC was mined and 15574 BTC was purchased through zero interest convertible senior notes. The company did not sell any Bitcoin in Q4.

The exchange’s volume metrics will likely continue to serve as a barometer for institutional crypto adoption going forward.The following is an excerpt from The Block’s Data and Insights newsletter.

1. Bank of America CEO claims to launch stablecoin 2. The Federal Reserve may keep interest rates unchanged until 2026 3. US senators push for stablecoin regulation bill 4. Bybit and Safe Custody dispute over responsibility for hacker attacks 5. CFTC Commissioner Goldsmith Romero announces resignation 6. Bank of America considers issuing 'BofA coins' token 7. Circle CEO calls for stablecoin registration in the United States 8. Former Chairman of the House Financial Services Committee joins a16z The above is a selection of hot topics from the past 24 hours. Click to see the full article: https://www.aicoin.com/article/444748

Cryptocurrency exchange Bybit has published a forensic review on last week's $1.5 billion hack, revealing that its systems had not been infiltrated and that the issue seemed to have stemmed from compromised Safe wallet infrastructure. Bybit concluded from the review that "the credentials of a Safe developer were compromised," which allowed the Lazarus hacking group to gain unauthorized access to the Safe wallet and subsequently deceive Bybit staff into signing the malicious transaction.See all newslettersHowever, a person familiar with the matter told CoinDesk that despite the wallet's infrastructure being compromised by social engineering, the hack would not have been possible had Bybit not "blind signed" the transaction. The term refers to a mechanism where a smart contract transaction is approved without comprehensive knowledge of its contents.Safe also issued a statement saying that "Safe smart contracts [were] unaffected, an attack was conducted by compromising a Safe {Wallet} developer machine which affected an account operated by Bybit." It also pointed out that a "forensic review of external security researchers did NOT indicate any vulnerabilities in the Safe smart contracts or source code of the frontend and services."The apparent back and forth between both companies mirrors that of WazirX and Liminal Custody, which blamed each other following a $230 million exploit last July.On-chain data analyzed by ZachXBT shows that Lazarus is attempting to launder the stolen funds, with 920 wallets currently being tainted with the ill-gotten gains. The funds, perhaps inadvertently, have been commingled with stolen funds from hacks targeting Phemex and Poloniex, linking Lazarus Group to all three.Bybit Declares ‘War on Lazarus’ as It Crowdsources Effort to Freeze Stolen Funds