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Hyperbridge exploited less than two weeks after April Fools’ day hack prank

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Hyperbridge exploited less than two weeks after April Fools’ day hack prank

Self-styled “unbreakable” Hyperbridge protocol has been exploited, less than two weeks after making a tasteless April Fools’ joke about being hacked.

Despite previously explaining how a hack was impossible as part of the April 1 prank, the project acknowledged the exploit in a “bridge update!” posted to X. 

According to crypto security firm CertiK, the hacker “forged message to change the admin of Polkadot token contract on Ethereum and profited ~$237K from minting and selling 1B tokens.”

Another on-chain analyst flagged a further 245 ether (worth over $500,000) which was allegedly drained from the project’s TokenGateway contract before being deposited into Tornado Cash.

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While this loss may be modest compared to many crypto hacks, especially bridges, many have focused on the karma dealt to a project with a consistently cavalier attitude towards security.

Read more: Bitcoin Depot didn’t spot 50 BTC hack for three days, report

Hyperbridge claimed the North Korean Lazarus Group had drained $37 million on April 1. The announcement linked to a (now deleted) blog post which contained a Rickroll gif before explaining “Why Hyperbridge Can’t Be Hacked.”

Following backlash, Hyperbridge’s “mad scientist,” who goes by “Web3 Philosopher” on X, boasted of the protocol’s “incorruptible” infrastructure.

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In February, they also posted screenshots which appear to show correspondence with a big bounty hunter flagging critical vulnerabilities, who was told “exploit them if you found them.”

Apparently taking the April Fools’ prank as a challenge, a known exploiter address began testing Hyperbridge. The attempts were dismissed with “hope you have a quantum computer bro.”

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on XBluesky, and Google News, or subscribe to our YouTube channel.

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Crypto World

Ripple Teams with Korean Insurer for Blockchain-Based Bond Settlement

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Ripple Teams with Korean Insurer for Blockchain-Based Bond Settlement

Ripple has partnered with Kyobo Life Insurance, one of South Korea’s largest life insurers, to pilot blockchain-based settlement of government bonds, as Seoul moves to formalize rules for tokenized securities.

Ripple Custody, Ripple’s digital asset custody solution, will support the issuance, storage and settlement of tokenized government bonds, the company said in a Wednesday announcement. The companies will also explore tokenized treasury settlement across Korea’s financial system.

The project aims to replace traditional bond settlement processes, which often rely on multiple intermediaries and two-day settlement cycles, with onchain execution that enables near real-time settlement. This change could reduce counterparty risk and improve capital efficiency.

The project arrives as South Korea builds the legal infrastructure for tokenized securities. Amendments recognizing blockchain-based distributed ledgers as valid securities registries passed the National Assembly on Jan. 15, and the new framework is scheduled to take effect on Feb. 4, 2027, after additional rulemaking and infrastructure work.

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The reforms also pave the way for investment contract securities to be circulated through regulated securities firms, expanding access and improving market liquidity for non-traditional financial instruments.

Related: South Korea fines Coinone $3.5M, orders partial business suspension: Reports

Kyobo Life explores stablecoin payments

As part of the partnership, Kyobo Life said it will also explore other use cases, including stablecoin-based payment rails and integration with liquidity and treasury management systems.

Jin Ho Park, senior executive vice president at Kyobo Life, said that traditional financial instruments “can operate securely and efficiently on blockchain.”

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Source: Ripple

Related: Jito, KODA team up on institutional staking in South Korea

South Korea draft bill to tighten stablecoin, RWA rules

As Cointelegraph reported, South Korea’s ruling Democratic Party is reportedly preparing legislation that would classify stablecoins used in cross-border payments as foreign exchange instruments.

Under the proposed Digital Asset Basic Act, such tokens would fall under the Foreign Exchange Transactions Act, bringing related businesses under regulatory oversight even without separate licensing.

The draft also introduces stricter rules for tokenized real-world assets, requiring issuers to back underlying assets through regulated trust structures under capital markets law.

Magazine: South Korea gets rich from crypto… North Korea gets weapons

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