Transcript:
Conway Gittens: Crypto users are rushing to secure their digital wallets after what is being described as the biggest crypto heist – ever.
Some $1.5 billion in crypto was stolen from the Bybit exchange – sparking fear across the crypto-verse. This was the biggest crypto theft since $611 million vanished from Poly Network in 2021. Smaller alt coins such as XRP, Solana, and Dogecoin were hit the hardest. Bigger coins such as Bitcoin and Ether suffered less as they have more liquidity and are seen as comparatively less risky than the others.
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According to Bloomberg, Ben Zhou, CEO of Bybit, tried to assure customers in a livestream, telling them,“Your money is safe and our withdrawals are still open.” He said the company had taken out a bridge loan to cover any losses and it was seeking the help of law enforcement to recover stolen funds.
Mark Cuban of Shark Tank fame told TheStreet Crypto exclusively that as far as the broader crypto market goes, the Bybit hack has “no implications.” Others, however, disagree. Some industry experts worry the size and scope of this latest hack might “trigger a crisis.“ They also fear it could “damage trust” in the security of digital assets and the blockchain in general.
Turning to the stock market now, the Dow finished higher on Monday in a volatile session. Conflicting narratives about Microsoft’s AI infrastructure spending plans weighed on the tech heavy Nasdaq. There’s also caution ahead of quarterly results from Nvidia. Investors, as a whole, seemed a bit jittery ahead of the latest inflation reading. The PCE Index, which is the Federal Reserve’s preferred inflation measure, is also due later in the week.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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