- Bybit launches $250K “Crypto Surf” trading event with gamified rewards, running until May 19, 2025, featuring PnL, ROI, and trading volume categories.
- Eligibility requires $1,000 USDT and $10,000 squad trading volume, with prizes scaling up to $250K if total volume hits $2B.
- eXch crypto exchange to shut down by May 1, amid alleged involvement in laundering funds from the $1.4B Bybit hack linked to North Korea’s Lazarus Group.
The world’s second largest cryptocurrency exchange Bybit has officially launched a new trading event ‘Crypto Surf: Rise the Waves with Trailing Stops’. According to the press release, the event is going to run from today until the 19th of May, 2025 and it’ll give traders the opportunity to contest a share of a 250,000 USDt designated prize pool.
There are copy trading and the use of trading bots for participants to participate the competition. Profit and Loss (PnL), return on investment (ROI), and overall trading volume are the three performance categories used in structuring the contest. Besides that, the winning squad prediction can be used to double the potential of the traders by accurately predicting who will win.
Underlying each eligibility requirement is the entry fee for the event. Those who want to join shall have at least $1,000 USDT in their wallets, and at least $10,000 in squad trading volume. All entrants are also required to be brought through Level 1 Identity Verification.
50% of this prize pool will go to the performance performance squad, 33% to runner status rating squad, 17% to top 100 individual traders by trading volume. The prize pool will receive an additional 5% as the winners of the winning squad. Prize pool is incentivizing higher engagement and its scale is tied to the trading activity. If total trading volume during the event reaches $2 billion, then the whole $250,000 reward will be unlocked, meaning the most you can win as a participant.
eXch Crypto Exchange to Cease Operations Amid Allegations Tied to $1.4B Bybit Hack
As it begins to shut down on May 1, the exchange eXch claims links to the $1.4 billion Bybit hack and what it called a ‘active transatlantic operation.’
Traditionally, such platforms had known to evince against the traditional know-your-customer protocols, however, the reservations have been more pronounced as the platform has been alleged to be associated with the funds that were laundered during the Bybit hack of February this year. This is one of biggest crypto hacks this far.
eXch was made aware of an ongoing international operation which is taking down its infrastructure, and officers may be seeking to file charges relating to money laundering and terrorism against eXch’s team members, the company stated in an official statement on April 17. SIGINT, Signals Intelligence, operation reportedly includes this method commonly used for surveillance and intelligence collection.
The looming shutdown didn’t stop Binance from confirming that it will keep the API access open for its partners through May 1. After that date, a newly appointed management team has sole right to determine the future of that platform.
