Web3🌕Daily: Raydium Dips, Bybit Recovers, Infini Bank Exploit, and Georgia’s Bitcoin Bill Update

The Web3 world is buzzing with big moves and major shake-ups! From Raydium’s sharp 22% drop amid swirling rumors to Bybit’s quick recovery of Ethereum reserves after a historic hack — there’s no shortage of action. Add to that Infini Bank’s massive $49.5M exploit and Georgia’s bold push for a Bitcoin reserve bill with no investment cap, and you’ve got a day full of headlines you can’t miss. Let’s dive into the latest developments shaping the future of decentralized finance!

1. Raydium Token drops 22% amid Pump.Fun rumors

Raydium's RAY token has plunged 22% as speculation grows that Pump.Fun is developing its own automated market maker (AMM), potentially challenging Raydium’s dominance in the Solana ecosystem. This shift could divert significant trading volumes away from Raydium, which has long benefited from Pump.Fun’s meme coin migrations. While both platforms remain silent on the matter, internal tests suggest Pump.Fun’s AMM is in development. If launched, it may introduce competitive fees, further impacting Raydium’s revenue. With Pump.Fun’s rapid growth and massive daily transaction volumes, the Solana DeFi landscape could be on the brink of a major shake-up.

Raydium Token Dips 22% as Rumors Swirl on Pump.Fun Changes - Decrypt

Pump.Fun developing its own automated market maker could threaten Raydium’s market dominance, Decrypt was told.

DecryptVince Dioquino

2. Bybit replenishes Ethereum reserves post-hack

Bybit has successfully restored its Ethereum (ETH) reserves following a massive $1.5 billion hack allegedly carried out by North Korea’s Lazarus Group. The attack targeted Bybit’s cold wallet system, draining over 401,000 ETH and causing a $5.2 billion drop in total reserves. Despite this setback, Bybit quickly secured emergency funding, receiving over 446,000 ETH through loans, whale deposits, and direct purchases. CEO Ben Zhou confirmed Bybit now maintains full 1:1 backing of client assets, with a Proof-of-Reserves report coming soon. This swift recovery showcases the platform’s resilience and strong industry support amid one of crypto’s biggest security breaches.

Bybit Restores Ethereum Reserves After Historic Hack

Bybit has fully restored its Ethereum reserves after a hack, securing emergency funding and ensuring a 1:1 asset backing for clients.

BeInCryptoKamina Bashir

3. Infini Bank hit by $49.5M exploit—founder vows repayment

Hong Kong-based digital stablecoin bank Infini suffered a $49.5 million hack after a former developer allegedly retained admin rights and exploited a private key to drain funds. The hacker swapped the stolen USDC for DAI, converted it to ETH through Tornado Cash, and moved it to a new address. Despite the breach, Infini’s founder Christian Li assured users that withdrawals remain unaffected and promised full compensation even in the worst-case scenario. Li admitted responsibility for the security lapse and confirmed the suspected hacker’s computer has been reported to the police as investigations continue into the incident.

Stablecoin Bank Infini Hit by $49.5M Exploit, Founder Vows Full Repayment

Hong Kong-based stablecoin digital bank Infini suffered a security breach draining nearly $50 million USDC.

CryptonewsJai Pratap

4. Georgia reintroduces Bitcoin reserve bill with no investment cap

Georgia has introduced a second Bitcoin reserve bill, aiming to allow the state treasury to invest in Bitcoin without any limits. Known as Senate Bill 228, it would also require the treasury to establish policies for accepting, storing, and transacting Bitcoin. Unlike the first bill, which caps Bitcoin investments at 5%, this new proposal has no investment restrictions, making it a bold move in U.S. crypto legislation. With 21 states considering strategic cryptocurrency reserves, the race to adopt Bitcoin-backed policies is heating up, and Georgia could be at the forefront of this financial evolution.

Second Bitcoin reserve bill introduced in Georgia, now without investment limit

Another Bitcoin reserve bill has been introduced in Georgia to allow the state treasurer to invest in Bitcoin without limits, only 10 days following the first bill’s submission

crypto.newsTrisha Husada

As Web3 continues to evolve at lightning speed, these stories remind us how dynamic and unpredictable the space can be. From market dips and security breaches to legislative moves and recovery efforts, every day brings new challenges and opportunities. Stay tuned, stay informed, and keep exploring the future of decentralized finance — because the next big breakthrough could be just around the corner!

WEB3 AI ML