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⌐◪-◪ → ZachXBT just blew the lid off a $243M social engineering heist — watch this private video of the scammers’ reaction to receiving $238M.

This highly sophisticated attack involved fake Google and Gemini support calls, social engineering to reset 2FA, and even tricking the victim into revealing private keys via screenshare. The stolen funds were quickly laundered across multiple exchanges, converted into different cryptocurrencies like BTC, LTC, ETH, and Monero.

So who are these guys exactly? Meet the attackers:

• Wiz (Veer Chetal): Slipped up during a screenshare by revealing his real name; currently has $34.5M tied to him across multiple wallets.

• Greavys (Malone Iam): Known for flexing the stolen funds on Discord, living lavishly in LA and Miami, spending millions on luxury goods and club nights; $3.5M of his funds have been traced.

• Box (Jeandiel Serrano): Played a key role in social engineering the victim as a fake Gemini rep; $18M of his funds have been tracked.

So far, Zach’s investigation has led to multiple arrests and the freezing of $9M+, with more expected to come. I’m blown away by Zach’s level of diligence and consistency — counter-terrorists win.

⌐◪-◪ → Terraform Labs, the company behind the infamous Terra Luna Crash, has been given the go-ahead to wind down, following approval from a Delaware bankruptcy court.

The company could pay up to $442M to investors and other stakeholders, though the final total remains uncertain. This comes after the infamous collapse of UST and Luna in May 2022, which wiped out $45B and triggered a series of bankruptcies throughout the crypto space.

Founder Do Kwon, who’s been evading authorities for years, is now facing extradition to South Korea after being arrested in Montenegro for using fake passports. While Kwon has denied wrongdoing, the fallout continues with massive litigation and investigations.

The SEC’s $4.47B settlement against Terraform might not get paid in full as the company’s liquidation takes precedence.

⌐◪-◪ → The CFTC and Kalshi faced questioning from judges this week in their ongoing battle over whether Kalshi can offer US election prediction markets.

Here’s a recap of the situation:

• A district court ruled in favor of Kalshi, allowing them to list election prediction markets.

• The CFTC quickly filed an emergency stay, arguing that these markets could undermine election integrity.

• Judges just grilled both sides, raising concerns about market manipulation and whether these markets should even exist

The CFTC argued that betting on elections could distort markets, while Kalshi says it would reduce risks compared to unregulated offshore markets.

The judges are expected to make a decision soon, as U.S. elections are just around the corner. Both Kalshi and the CFTC have already submitted their arguments, and the case's outcome will likely shape the future of political prediction markets.

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