CZ Reveals SBF's Pre-Collapse Bailout Bid
Binance founder Changpeng Zhao (CZ) revealed on April 14 that Sam Bankman-Fried (SBF) requested a bailout in the period leading up to FTX's collapse. In a Fox Business interview, CZ detailed SBF's plea for funds was made with unexpected casualness, characterized as 'as casually as ordering a sandwich.' SBF initially sought $2 billion, later adjusting the demand multiple times before settling on $6 billion.
Drift Protocol Exploited; Tether Aids Recovery, Circle Sued
Drift Protocol experienced an exploit on April 1. The attacker reportedly moved $230 million in $USDC from the Solana network to Ethereum using Circle's Cross-Chain Transfer Protocol (CCTP) within hours of the incident.
Tether committed $127.5 million to recovery efforts, supplemented by $20 million from partners, totaling $147.5 million. This aid, including a $100 million credit line, grants, and market maker loans, aims for a $295 million recovery pool for affected users. Drift Protocol subsequently announced a strategic shift to become a $USDT-only perpetuals decentralized exchange, moving away from $USDC as its primary settlement layer.
Circle Internet Group faces a class-action lawsuit in Massachusetts from a California law firm representing over 100 Drift Protocol investors. The suit alleges Circle's negligence for failing to freeze the stolen $USDC transferred post-exploit.
The news of Tether's intervention led to the $DRIFT token surging by as much as 30% in the hours following the announcement, reaching its highest price since early April.
Zonda Cold Wallet Inaccessible Amid Withdrawal Issues
Polish exchange Zonda disclosed an inaccessible cold wallet holding ~4,500 $BTC, coinciding with significant user withdrawal issues and stalled requests. Zonda has not yet provided further details regarding the specific cause of the wallet's inaccessibility or a definitive timeline for its resolution.
Rhea Finance Suffers Oracle Manipulation Exploit
Rhea Finance, a DeFi protocol in the $NEAR ecosystem, lost funds in an exploit. The incident was initially reported by blockchain security firm CertiK.
The attack involved creating fake token contracts and adding liquidity to new pools, exploiting the protocol's oracle/validation layer.
Templar Protocol temporarily paused deposits and withdrawals as a precautionary measure, stating its systems and user funds were unaffected. The protocol awaits assessment of linked transactions from Near Intents. The incident registered sentiment scores as low as -91%.