DAI

Dai

BitcoinWorld Transit Finance Commits to Full User Compensation Following $1.88 Million Exploit Transit Finance, the company behind the decentralized exchange aggregator Transit Swap, has confirmed it will fully compensate all users impacted by a recent security breach. The incident, which involved the theft of approximately $1.88 million, was linked to a vulnerability in an older version of the protocol’s smart contract on the TRON blockchain. Details of the Exploit and Response Blockchain security firm PeckShield first flagged the exploit on May 11, reporting that the stolen funds—held as DAI in a wallet address starting with 0x8a6—were linked to Transit Finance. The company clarified that the vulnerability existed in an early iteration of its smart contract, which had been deprecated after 2022 and was no longer in active use. Only a subset of users who had interacted with that outdated version were affected. Upon discovering the breach, Transit Finance stated it initiated an immediate response, completing additional security reviews and recovery measures by May 12. The company emphasized that no action is required from affected users and that the current version of its smart contract remains secure and unaffected. Broader Implications for DeFi Security This incident underscores a persistent challenge in decentralized finance: the risk posed by legacy smart contracts that remain accessible even after being deprecated. While Transit Finance acted swiftly to contain the damage and commit to full restitution, the event highlights the importance of regular security audits and the proactive decommissioning of outdated code. What This Means for Users For Transit Swap users, the announcement brings clarity and assurance that losses will be covered. However, the broader DeFi community is reminded to exercise caution when interacting with older protocols or contract versions. Security experts recommend that users verify they are using the most up-to-date smart contract addresses and avoid transactions with deprecated code. Conclusion Transit Finance’s decision to fully compensate victims of the $1.88 million exploit is a significant step in maintaining user trust. As the investigation continues, the company has not disclosed a specific timeline for compensation distribution but reiterated its commitment to making all affected users whole. This case serves as a cautionary tale for the industry, reinforcing the need for continuous vigilance in smart contract security. FAQs Q1: Do I need to take any action to receive compensation? No. Transit Finance has stated that no action is required from affected users. The compensation process will be handled automatically by the company. Q2: Is the current Transit Swap smart contract safe to use? Yes. The company confirmed that the vulnerability was isolated to an old, deprecated version of the contract on TRON. The current version remains unaffected and secure. Q3: How much was stolen in the hack? Blockchain security firm PeckShield reported that approximately $1.88 million in DAI was stolen from the protocol. The funds are being held in a wallet address starting with 0x8a6. This post Transit Finance Commits to Full User Compensation Following $1.88 Million Exploit first appeared on BitcoinWorld .

Crypto.com has announced the launch of Crypto.com Travel, a new in-app booking platform powered by Bookit, marking another major step toward integrating cryptocurrency rewards into everyday consumer experiences. The announcement was revealed during Consensus 2026 and introduces a...

The plaintiff says Coinbase froze traceable assets from a 2024 DAI phishing theft but refused to return them without a court order.

BitcoinWorld Coinbase Sued Over $55M in Frozen DAI Tied to Hack and Tornado Cash Laundering A new lawsuit filed in a San Francisco federal court accuses Coinbase of holding $55 million in DAI stablecoins that were allegedly stolen in a hack and laundered through the privacy protocol Tornado Cash. The plaintiff, who claims rightful ownership of the frozen assets, is demanding their immediate return. The case highlights the growing legal tension between cryptocurrency exchanges, victims of theft, and the regulatory framework surrounding frozen digital assets. The Allegations and Frozen Funds According to the complaint, an unidentified hacker stole approximately $55 million in DAI and then used Tornado Cash to obfuscate the transaction trail before depositing a portion of the funds into a Coinbase account. Coinbase subsequently froze the assets, citing security concerns. The plaintiff, who has not been named publicly, asserts that the funds belong to them and that Coinbase is unlawfully withholding the money. The lawsuit also names the presumed hacker as a defendant, though their identity remains unknown. Coinbase has publicly acknowledged that it holds the funds in question. In a statement, the exchange indicated that it requires a court order to release the frozen assets, a standard procedure in cases involving potentially stolen or illicit funds. This position places the exchange in the middle of a complex legal dispute between the alleged victim and the unknown perpetrator. Broader Implications for Crypto Exchanges This lawsuit underscores a recurring challenge for centralized exchanges: balancing the duty to protect customer assets with the legal obligation to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. When funds are flagged as potentially stolen, exchanges often freeze them pending investigation. However, determining the rightful owner can be legally fraught, especially when the funds have passed through privacy tools like Tornado Cash. Tornado Cash itself has been a flashpoint in crypto regulation. The U.S. Treasury Department sanctioned the protocol in 2022, alleging it facilitated money laundering by North Korean hackers and other illicit actors. While those sanctions have faced legal challenges, the tool remains a focal point for regulators. The involvement of Tornado Cash in this case adds a layer of regulatory complexity, as exchanges must decide whether to honor the sanctions or risk facilitating illegal transactions. What This Means for DAI Holders and Investors For everyday crypto users, the case serves as a reminder that stablecoins like DAI, while designed to maintain a 1:1 peg to the U.S. dollar, are not immune to theft or legal disputes. When assets are frozen by an exchange, recovery can require costly and time-consuming litigation. The outcome of this lawsuit could set a precedent for how exchanges handle frozen assets linked to hacks, particularly when privacy tools are involved. Legal experts note that the case may also test the limits of Coinbase’s liability. If the court rules that the exchange must return the funds to the plaintiff without a clear identification of the hacker, it could open the door to similar claims from other alleged victims. Conversely, if Coinbase is required to hold the funds until the hacker is identified, it may create a backlog of frozen assets and legal battles. Conclusion The lawsuit against Coinbase over $55 million in frozen DAI is a significant development in the ongoing intersection of cryptocurrency, privacy, and law enforcement. As the case progresses through the federal court system, it will likely influence how exchanges manage frozen assets and respond to claims of theft. For now, the frozen DAI remains in limbo, awaiting a judicial decision that could have lasting implications for the broader crypto ecosystem. FAQs Q1: Why did Coinbase freeze the DAI funds? Coinbase froze the funds after they were flagged as potentially stolen, following a hack and laundering through Tornado Cash. The exchange requires a court order to release them, as standard procedure in such cases. Q2: What is Tornado Cash and why is it relevant? Tornado Cash is a privacy protocol that obscures transaction trails on the Ethereum blockchain. It has been sanctioned by the U.S. Treasury for alleged use in money laundering, making its involvement in this case a key legal and regulatory issue. Q3: Could this lawsuit affect how other exchanges handle frozen assets? Yes. The court’s decision may set a precedent for how exchanges determine the rightful owner of frozen funds, especially when the funds have passed through privacy tools. It could also influence future regulatory guidance on asset freezes and recovery. This post Coinbase Sued Over $55M in Frozen DAI Tied to Hack and Tornado Cash Laundering first appeared on BitcoinWorld .

Bybit has led an $8 million Series A for Hata, a dual-licensed digital asset exchange operating in Malaysia, marking a notable push into Southeast Asia’s evolving crypto regulatory landscape. The round, which followed Bybit’s earlier $4.2 million seed investment, is aimed at boos...

Bybit led an $8 million Series A round in Malaysia-based crypto exchange Hata, a dual-licensed platform, as the country expands its digital asset regulatory framework.

SK Hynix stock jumped 3.4% after launching mass production of 192GB SOCAMM2 memory modules for Nvidia's Vera Rubin AI platform set to ship in 2026. The post SK Hynix (HXSCL) Stock Climbs on Launch of Advanced AI Memory for Nvidia Vera Rubin appeared first on Blockonomi.

The non-profit organization dedicated to supporting and developing the Ethereum ecosystem has disposed of all 5,000 ETH it had planned to sell. Meanwhile, some whales and institutions have started to accumulate, while the spot ETH ETFs ended the week in the green for the first time in almost a month. EF Sells, Whales Buy After reaching its goal of 70,000 staked ETH, the Ethereum Foundation outlined plans to dispose of 5,000 ETH to fund its operations. The sell-offs were completed in a couple of batches, with the first finishing on April 9 and the second on April 11. The average price at which the organization disposed of its tokens was $2,221, according to data from Lookonchain. They converted the funds into 11.11 million DAI. The #EthereumFoundation has sold the remaining 1,250 $ETH ($2.8M). So far, all 5,000 $ETH planned for sale have been fully converted into 11.11M $DAI , at an average price of $2,221. https://t.co/nwflbWOvSl pic.twitter.com/wAb4FA5V5N — Lookonchain (@lookonchain) April 11, 2026 In contrast, additional data from Lookonchain shows that a wallet linked to Cumberland withdrew roughly $60 million in ETH from several exchanges, including OKX and Binance. The spot Ethereum ETFs also finished the week strong, with $85.19 million in net inflows on Thursday and another $65 million on Friday. Given Monday’s $120.24 million, which offset the losses on Tuesday and Wednesday, the week ended with net inflows of $187.07 million, making it the first green week since the one that ended on March 13. One Last Pump? ETH was among the biggest beneficiaries of the two-week truce between Iran and the US, as it surged from $2,050 to over $2,250 as of press time. Well-known crypto analyst Ted Pillows believes the asset could target $2,350-$2,400 after rebounding above $2,200, which would “likely be the last pump” before another correction, as shown in his chart below. $ETH is back above the $2,200 level. If this zone holds, Ethereum could move towards the $2,350-$2,400 level, which would likely be the last pump. pic.twitter.com/3UQCv5nzKH — Ted (@TedPillows) April 11, 2026 Meanwhile, another analyst, CW, indicated that there’s a notable uptick in ETH futures whales “ending their rest and moving again” as evident by the increasing number of long positions, which “had been quiet since the 8th.” The post Ethereum Foundation Sells $11M Worth of ETH as Price Prepares for ‘Last Pump’ appeared first on CryptoPotato .

Ethereum Foundation swaps 1,250 ETH for $2.8M DAI and halts staking activity. 🟣 Major staking stopped weeks after a record $46M single-day deposit. Critical data: Foundation using stablecoins instead of staking, raising liquidity questions. 💡 Watch out: More shifts in treasury strategy could impact market sentiment. Continue Reading: Ethereum Foundation offloads 1,250 ETH for $2.8M DAI and halts staking after record $46M deposit The post Ethereum Foundation offloads 1,250 ETH for $2.8M DAI and halts staking after record $46M deposit appeared first on COINTURK NEWS .