Latest Crypto Events: FBI Arrests SEC’s X Account Hacker, Kraken Launches Wrapped BTC Game, And More

The crypto space bubbles with several activities happening within the past 24 hours. The Federal Bureau of Investigation (FBI) arrested the hacker behind the SEC's fake post of ETF approval.

Meanwhile, the Kraken crypto exchange has launched its version of wrapped Bitcoin, kBTC, on Ethereum and Optimism Mainnet.

The defense counsel for former FTX executive Nishad Singh advocates for no jail time, citing his little involvement in the exchange's implosion and cooperation with authorities.

Ethereum co-founder Vitalik Buterin sets a 100,000 TPS goal for the blockchain, and Hamster Kombat founders hint at expansion plans.

FBI Arrests Hacker Behind SEC's Fake ETF Approval Post

The Federal Bureau of Investigation (FBI) has arrested the hacker behind the SEC's fake ETF approval post.

According to the US Attorney's Office in the District of Columbia, the FBI arrested Eric Council Jr., a 25-year-old Alabama man. The authorities noted that the Council allegedly hacked the SEC X account and posted a fake spot Bitcoin ETF approval post.

The authorities are charging Council Jr. for conspiracy to commit aggravated identity theft and access device fraud."

They pointed out that the suspect compromised the SEC's X account via a SIM swap."

According to the statement, BTC surged by over $1,000 following Council Jr.'s fake post regarding spot Bitcoin ETFs' approval.

After the hack, Council Jr. reportedly searched the internet with phrases like SECGOV hack" and How can I know for sure if I am being investigated by the FBI."

The Kraken Crypto Exchange Launches Its Version Of Wrapped Bitcoin

In a post on Thursday, the Kraken crypto exchange announced the launch of its version of the wrapped Bitcoin token, kBTC. The coin, which runs on both Ethereum and OP Mainnet, has the symbol kBTC.

The new coin is an ERC-20 token compatible with other networks. It has a 1:1 backing of an equivalent amount of Bitcoin and is a custodian by Kraken Financial.

Further, Kraken revealed the on-chain address of KBTC's reserve to enable users to easily verify the token's backing.

The custody address currently has a balance of 100 BTC ($6.7 million), corresponding to the 80 kBTC supply on Ethereum and the 20 kBTC supply on OP Mainnet.

Moreover, the exchange aims to expand kBTC's compatibility to both EVM and non-EVM networks.

Former FTX Executive Debates No Jail Time

The attorneys representing Nishad Singh, former FTX's engineering director, filed for no jail time. In the filing, the lawyers argued that Singh had minimal involvement in the FTX fraud conspiracy.

They said he joined just two months before the exchange's implosion when Caroline Elison and Sam Bankman-Fried had already made core decisions.

Further, the attorneys pointed out that the executive cooperated with the authorities during the investigations. In February 2023, Singh pleaded guilty to six criminal charges and later testified against FTX founder Sam Bankman-Fried. His final sentencing is set for October 30.

Ethereum Co-Founder Vitalik Buterin Sets A 100,000 TPS Goal For The Blockchain

Vitalik Buterin, the co-founder of Ethereum, has set a goal of 100,000 transactions per second for Layer 1 and Layer 1 networks on Ethereum. This optimistic plan is part of the blockchain's roadmap to boost scalability.

Moreover, Buterin reiterated the need to maintain security and decentralization as the blockchain aims to scale and improve both layer-1 and layer-2 interoperability.

Hamster Kombat Crypto Founders Disclose Expansion Plans

The founders of the Telegram-based tap-to-earn game Hamster Kombat revealed their expansion plans as the game progressed into its new season.

Last month, the project launched and airdropped its native token, HMSTR, on the TON blockchain. However, HMSTR has recorded a significant drop in value since its launch.

Meanwhile, the founders remained optimistic about HMSTR's trend, noting its recent high trading volume."

They outlined ongoing strategies to collaborate withWeb3, Web2, and desktop game developers to boost the gaming audience.The founders alsosaid the project reserved 15% of the remaining HMSTR coins for Season 2.

The post Latest Crypto Events: FBI Arrests SEC's X Account Hacker, Kraken Launches Wrapped BTC Game, And More appeared first on Techreport.