PoS

Bybit proposes to request the ParaSwap DAO to return the fees obtained from the hacker exchange

ChainCatcher news, according to Cointelegraph, the cryptocurrency exchange Bybit has confirmed that it has initiated a proposal requesting the decentralized finance (DeFi) protocol ParaSwap to return the transaction fees generated from trading with digital assets stolen from the exchange by the Lazarus hacker group.On March 4, a proposal was published on the ParaSwap decentralized autonomous organization (DAO) forum, requesting the freezing and return of 44.67 wETH worth nearly $100,000. The proposal initially raised skepticism, with several DAO members demanding verification of its origin. Bybit posted a verification message on its official X account on March 5, confirming that the proposal was initiated by them.This proposal for fund return sparked intense discussions among DAO members. DeFi researcher and ParaSwap DAO representative Ignas pointed out that profiting from a hacker attack gives a "bad image" to the DAO, and returning the funds would demonstrate support for industry peers. He added that retaining these funds could attract regulatory scrutiny and legal troubles. However, he also warned that refunds would set a dangerous precedent for DeFi: "Code is law. The DAO legally earned the fees through smart contracts. If we return the funds now, what happens in similar situations in the future? This would set a dangerous precedent."Opinions among ParaSwap DAO members are divided, with some supporting conditional refunds of the fees, while others voted against the refund. DAO member SEED Gov proposed three possible courses of action: full refund, rejection of the request, or negotiating a structured refund that includes retaining 10% as a bounty, consistent with Bybit's existing bug bounty program.

Bitwise CIO: Despite the flaws in Trump's cryptocurrency reserve plan, it is still overall positive news

ChainCatcher news, according to The Block, Bitwise Chief Investment Officer Matt Hougan stated that the market's reaction to Trump's cryptocurrency reserve plan is "overinterpreted." Despite the flaws in the plan, it is still overall positive news. After Trump announced on Sunday the directive for a task force to advance the U.S. cryptocurrency strategic reserve plan, which includes BTC, ETH, XRP, SOL, and ADA, these assets rose by 10%, 15%, 25%, 30%, and 70% respectively from last week's lows, but subsequently, Bitcoin fell over 10%, and Ethereum plummeted over 15%.In a report sent to clients on Tuesday, Hougan pointed out that the market's cautious stance on the plan is mainly due to the inclusion of cryptocurrencies other than Bitcoin in the reserves, "especially the inclusion of speculative assets like Cardano, which feels more like a political consideration rather than a strategic choice." He emphasized that the market is overlooking three key factors: first, Trump's negotiation style means that the initial proposal will not be the final version; second, this move by the U.S. could trigger a global Bitcoin accumulation race; and finally, once acquired, these cryptocurrencies are likely to be held long-term without being sold.Bitwise CEO Hunter Horsley, Coinbase CEO Brian Armstrong, and Gemini founders the Winklevoss twins share the same view, believing that a pure Bitcoin reserve is the best option. Hougan expects that the Trump administration will ultimately push for some form of reserve plan, "The U.S. government's announcement that cryptocurrencies have 'strategic' significance is positive in itself, and I believe the market will eventually realize this."
ChainCatcher Building the Web3 world with innovators