Last year, P2 Ventures emerged as a distinct entity from Polygon Labs, with a focus on blockchain investments. Now, it’s earmarking funds and providing mentorship to bolster project founders, particularly those concentrated on the Polygon blockchain ecosystem. A contributor from Hadron FC remarked that the community offered the perfect blend of “capital and vibes.”

P2 Ventures, a venture capital firm with a blockchain emphasis, was established late last year as a separate entity from developer Polygon Labs. It has pledged $50 million to support startup founders, potentially igniting fresh initiatives within the Polygon ecosystem.

The investment from P2 Ventures will be channeled to founders via Hadron FC, a program tailored for founders with hubs in Dubai and New York, according to a press release. This program encompasses mentorship, legal and regulatory guidance, networking opportunities, and “comprehensive assistance in navigating the complexities of startup development and fundraising,” the release stated. Among the initial 36 projects onboarded, several participated in a week of collaborative efforts at the Dubai facility. Shreyansh Singh, head of investments at P2 Ventures, expressed confidence in Hadron Club’s unparalleled capacity to nurture the aspirations of forward-thinking founders within the Polygon ecosystem.

Ajit Tripathi, a core contributor at Hadron FC, noted that the community provided the ideal mix of “support, capital, and ambiance.”

Initially part of Polygon Labs, the principal developer of various Polygon layer-2 networks built on Ethereum, P2 Ventures transitioned into an independent unit with its own 10-person team late last year, rebranding itself as P2 Ventures.

Source: coindesk.com

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Blockchain investigator ZachXBT uncovered the purported perpetrator behind the PrismaFi breach, which resulted in the protocol losing $11.1 million worth of cryptocurrency. Through a series of posts, ZachXBT disclosed that the individual behind the attack, identified as 0x77 (or Trung), may be connected to several other breaches.

The Prisma team initially detected a sequence of transactions on the MigrateTroveZap contract in March, ultimately resulting in a loss of 3,257 ETH (equivalent to $11.1 million at the time). Initially, the attacker communicated with the Prisma deployer, claiming the attack was a white-hat initiative. However, all funds were subsequently transferred to Tornado Cash, a sanctioned cryptocurrency mixer.

The attacker then made audacious demands, including a $3.8 million (34%) white-hat bounty, significantly higher than the industry standard of 10%, as noted by ZachXBT, who highlighted that this demand was essentially extortion, given the insufficient assets in the treasury to reimburse users.

Further investigation revealed that the attacker’s address received funds via FixedFloat and was subsequently traced to Arbitrum, a layer-2 solution on Ethereum. By analyzing timing, ZachXBT determined that the attacker’s address was linked to withdrawals on TRON, including those from the Bybit cryptocurrency exchange.

The investigation also unveiled connections to prior breaches, such as the Arcade_xyz breach from March 2023 and the Pine Protocol breach from February of the current year. The attacker, utilizing the alias 0x77 on Telegram, remained active and had ties to the deployer of @modulusprotocol, further solidifying the connection between each incident.

Furthermore, the investigator disclosed conducting an analysis of the attacker’s personal information, including phone numbers and emails, which indicated a proficient technical background. All collected personal data has been forwarded to the Prisma team, who are pursuing legal action against the hacker in Vietnam and Australia, ZachXBT added.

Source: crypto.news

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During a discussion among industry leaders at the Blockchain Life conference in Dubai, Bybit CEO Ben Zhou emphasized the preparedness and sophistication of contemporary cryptocurrency exchanges (CEXs). Zhou, who co-founded Bybit in 2018, now stands at the helm of one of the world’s top three exchanges by trading volume.

At the event, Zhou shed light on various facets that underscore the current era of crypto maturity. “From Bybit’s standpoint, this ongoing bull market has been primarily propelled by institutional involvement… Our collaboration with third-party custodians like Copper and Fireblocks led to a 186% increase in institutional capital flows last year,” Zhou noted. He highlighted the pivotal role of enhanced infrastructure and the approval of Bitcoin spot ETFs in facilitating institutional participation in the crypto market.

Zhou has overseen meticulous upgrades to Bybit since the previous crypto bull run in 2021, enabling institutional investors to deploy larger capital pools. “Bybit boasts a highly versatile trading system that accommodates trading of any token against any other,” Zhou remarked during his live address on the main stage. “This affords our institutional clients a plethora of tools, enabling them to engage in spread trades, arbitrage funding rates, and various sophisticated trading strategies. This capability has facilitated the influx of new capital into the crypto space.”

Furthermore, Zhou highlighted the evolution of service reliability amidst market volatility. “Our risk management and system resilience have undergone continuous enhancements,” he affirmed. “Even during turbulent market conditions, Bybit maintains its stability.” This stability serves as a testament to the advanced infrastructure supporting both institutional investors and the exchange’s 25 million retail users.

Zhou also emphasized Bybit’s efforts to empower retail clients with access to products that simplify sophisticated trading strategies. “We offer a unique product known as perpetual protect, which utilizes options contracts to safeguard perpetual positions from losses,” Zhou explained. “Additionally, our advanced Unified Trading Account (UTA) design provides traders with a competitive edge in the market.” These initiatives aim to demystify derivatives and options, making complex financial instruments more accessible and comprehensible to a broader audience.

As the crypto market continues to mature, Bybit remains at the forefront, spearheading innovations that align with evolving market trends and regulatory standards. This proactive stance not only signifies a significant milestone for Bybit but also underscores the overall advancement of the crypto exchange industry.

Source: prnewswire.com

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