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Author: Wei Xiang

  • [The Big Whale] How payment systems are integrating digital assets

    [The Big Whale] How payment systems are integrating digital assets

    Wei Xiang

    This report explores the integration of stablecoins into global payment systems, analyzing how digital assets are reshaping financial transactions. 1. The Role of Blockchain in Payments 2. The Stablecoin Ecosystem in 2024 3. Stablecoins vs. CBDCs: Coexistence or Competition? Stablecoins are disrupting traditional finance, enabling faster, cheaper, and more transparent transactions. With increasing regulatory clarity… Read more

  • [Chainalysis] Leveraging Transparency for Collaboration in the Wake of Record-Breaking Bybit Theft

    [Chainalysis] Leveraging Transparency for Collaboration in the Wake of Record-Breaking Bybit Theft

    Wei Xiang

    On February 21, 2025, Bybit, a prominent cryptocurrency exchange, experienced a significant security breach resulting in the loss of nearly $1.5 billion worth of ether (ETH). This incident stands as the largest digital heist in the history of cryptocurrency. Fortunately, Bybit is actively collaborating with industry experts, including Chainalysis, to trace the stolen assets. They… Read more

  • [ELLIPTIC] The Largest Theft in History – Following the Money Trail from the Bybit Hack

    [ELLIPTIC] The Largest Theft in History – Following the Money Trail from the Bybit Hack

    Wei Xiang

    On February 21st 2025, approximately $1.46 billion in cryptoassets were stolen from Bybit, a Dubai-based exchange. Initial reports suggest that malware was used to trick the exchange into approving transactions that sent the funds to the thief. This is by the far the largest crypto heist of all time, dwarfing the $611 million stolen from Poly Network in 2021 (and the… Read more

  • [Ben Davis] The $1.5B ByBit Hack: Would Insurance Have Helped?

    [Ben Davis] The $1.5B ByBit Hack: Would Insurance Have Helped?

    Wei Xiang

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    The cryptocurrency industry was recently shaken by a sophisticated attack on ByBit, resulting in a $1.5 billion loss in ETH. The attack, attributed to North Korea’s sanctioned Lazarus Group, has sparked extensive discussion within the security community. Rather than providing another technical analysis, this article examines the incident through an insurance lens, using Harry Donnelly’s comprehensive technical write-up… Read more

  • [FAILSAFE] Bybit Attack Update: $1.4B Stolen, $42.89M Frozen – What’s Next?

    [FAILSAFE] Bybit Attack Update: $1.4B Stolen, $42.89M Frozen – What’s Next?

    Wei Xiang

    The Largest Breach in Crypto History In what is now the largest breach in cryptocurrency history, Bybit suffered a staggering loss of 499,395 ETH, valued at approximately $1.4 billion. This exploit, attributed to North Korea’s infamous Lazarus Group, took place between February 21-23, affecting 8.64% of Bybit’s total reserves of $16.2 billion. Bybit’s Immediate Response Market Dynamics and Industry Impact The… Read more

  • [Kane Wang] ByBit Hack Incident: Overview and Reflections

    [Kane Wang] ByBit Hack Incident: Overview and Reflections

    Wei Xiang

    On the 21st at 22:13 Singapore time, the ByBit team conducted a routine fund transfer. During the approval process, Ben double-checked the Safe{Wallet} URL and the transaction address displayed in the UI, confirming it was ByBit’s warm wallet. He then proceeded with confirmation using a Ledger device. However, since Ledger only displays contract interaction parameters without… Read more

  • Understanding the Employment Act of Singapore: A Guide for Startups

    Understanding the Employment Act of Singapore: A Guide for Startups

    Wei Xiang

    Introduction The Employment Act (EA) is Singapore’s primary labor law, governing the fundamental terms and conditions of employment. It protects employees by establishing minimum employment standards while ensuring that employers meet their legal obligations. For startups, understanding the EA is essential for fostering a compliant and productive work environment, preventing legal disputes, and maintaining a… Read more

  • [Pragmax Consulting] Redefining Compliance: From Cost to Competitive Advantage

    [Pragmax Consulting] Redefining Compliance: From Cost to Competitive Advantage

    Wei Xiang

    Challenging Compliance Myths: The True Meaning of Compliance: Conclusion: Compliance, when approached strategically, becomes a powerful tool for growth, innovation, and resilience. It empowers businesses not just to survive but to thrive by creating a solid foundation for long-term success. https://www.pragmaxconsulting.com/post/redefining-compliance-from-cost-to-competitive-advantage Read more

  • [51 INSIGHTS] Memecoins: How to Separate Value from Hype

    [51 INSIGHTS] Memecoins: How to Separate Value from Hype

    Wei Xiang

    Introduction to Memecoins: The Evolution and Popularity of Memecoins: Challenges and Regulatory Considerations: Memecoins as Strategic Business Tools: For business leaders, memecoins can be leveraged for: Conclusion: Memecoins are more than speculative assets—they are cultural instruments that allow individuals and decentralized communities to wield influence and power. This shift is not just financial, but also… Read more

  • [ISCA] Stablecoins 101 (Part 2)

    [ISCA] Stablecoins 101 (Part 2)

    Wei Xiang

    Key Stablecoin Companies in Singapore: Stablecoin Use Cases: Regulatory Landscape: Risks & Concerns: Challenges & Limitations: Conclusion: https://ca-lab.isca.org.sg/technicalities/stablecoins-101-part-2/ Read more