The second-largest cryptocurrency exchange by market share, Bybit, was on Friday hacked for $1.4 billion worth of ether (ETH) as hackers managed to exploit its multi-signature authentication process to drain one of their cold wallets.

Cryptocurrency data analytics firm and cryptocurrency exchange Arkham Intelligence is set to launch spot crypto trading for users in 17 U.S. states, commencing on Mar. 1

The U.S. Securities and Exchange Commission (SEC) is set to close its investigation into major non-fungible token marketplace OpenSea, according to the platform’s founder and chief executive officer.

Top stories in the Crypto Roundup today:

• Bybit Suffers $1.4 Billion Ether Heist
• Arkham Launching Spot Crypto Trading in 17 U.S. States
• SEC to Close Investigation into NFT Marketplace OpenSea

Bybit Suffers $1.4 Billion Ether Heist

The second-largest cryptocurrency exchange by market share, Bybit, was on Friday hacked for $1.4 billion worth of ether (ETH) as hackers managed to exploit its multi-signature authentication process to drain one of their cold wallets.

Bybit was hacked over a manipulated transaction interface, where the signers of the transaction were seeing a legitimate-looking transaction while, in reality, were conducting a different one.

The funds were then moved to various other wallets in a bid to start laundering the funds. Blockchain sleuth ZachXBT managed to link the attack to the North Korean-linked Lazarous Group, known for other major crypto hacks. 

Bybit has since returned to a 1:1 backing of client assets after receiving bridge loans from other industry players and has now closed the “ether gap” it faced after the security breach. The gap was closed through these loans, large deposits, and ether purchases.

Arkham Launching Spot Crypto Trading in 17 U.S. States

Cryptocurrency data analytics firm and cryptocurrency exchange Arkham Intelligence is set to launch spot crypto trading for users in 17 U.S. states, commencing on Mar. 1

The move follows Arkham’s announcement in November of last year that it was planning to enter the spot cryptocurrency trading sector after launching a USDT-based perpetual futures trading platform.

Arkham’s spot cryptocurrency exchange offering in the U.S. sees it compete with industry stalwarts including Coinbase and Crypto.com. Its services will be available for users in Colorado, Hawaii, Indiana, Iowa, Kansas, Michigan, New Hampshire, New Jersey, South Carolina, Tennessee, Utah, Virginia, Wyoming, Wisconsin, California, Massachusetts, and Montana.

SEC to Close Investigation into NFT Marketplace OpenSea

The U.S. Securities and Exchange Commission (SEC) is set to close its investigation into major non-fungible token marketplace OpenSea, according to the platform’s founder and chief executive officer.

The regulator previously issued a Wells notice against the marketplace, signaling intent to pursue enforcement action against it. The reversal comes amid broader shifts in its approach to cryptocurrency regulation, which include an impending vote on a negotiated settlement with Coinbase.

“This is a win for everyone who is creating and building in our space.” OpenSea CEO Devin Finzer post. “Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation.”

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