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Crypto exchange Bybit says it was hacked and lost around $1.4B

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Crypto exchange Bybit announced on Friday that “a sophisticated attack” led to the theft of Ethereum (ETH) from one of the company’s offline wallets.

Bybit’s chief executive and co-founder Ben Zhou said in a livestream that the hackers stole around 401,346 ETH, which at the time of the theft amounts to about $1.4 billion. 

Both crypto security firm Elliptic, as well as crypto security researcher ZachXBT, the total amount of ETH stolen is worth around $1.4 billion, making this the largest known theft of crypto in history. The previous highest crypto breaches were the hacks against the Ronin Network and Poly Network, which resulted in the loss of $624 million and $611 million, respectively, according to data collected by Rekt, a site that tracks web3 and crypto breaches.

“In fact, it may even be the largest single theft of all time,” Tom Robinson, Elliptic’s co-founder and chief scientist told TechCrunch, referring to any kind of theft, not just data breaches. 

Prior to Bybit’s breach, the withdrawal of around $1 billion from the Central Bank of Iraq is said to be the largest bank robbery of all time, according to the financial news site World Finance.

Zhou wrote on X that the hacker “took control” of one of the company’s cold wallets, referring to a digital wallet that stores cryptocurrency but in theory isn’t connected to the internet, and transferred funds to a “warm” wallet, which is online.

When reached for comment, Bybit spokesperson Tony Au referred to Zhou’s public posts. In one post, Zhou wrote that the company is “solvent” and “can cover the loss” even if it can’t recover the stolen funds.

Bybit, which is based in Dubai, United Arab Emirates, had an estimated total assets of $16 billion as of last week, according to CoinMarketCap.

To put things in perspective, in all of 2024, the total amount of crypto stolen by hackers was around $2.2 billion, according to blockchain tracking firm Chainalysis. And, in 2023, it was around $2 billion, according to multiple estimates.



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Crypto exchange Bybit announced on Friday that “a sophisticated attack” led to the theft of Ethereum (ETH) from one of the company’s offline wallets.

Bybit’s chief executive and co-founder Ben Zhou said in a livestream that the hackers stole around 401,346 ETH, which at the time of the theft amounts to about $1.4 billion. 

Both crypto security firm Elliptic, as well as crypto security researcher ZachXBT, the total amount of ETH stolen is worth around $1.4 billion, making this the largest known theft of crypto in history. The previous highest crypto breaches were the hacks against the Ronin Network and Poly Network, which resulted in the loss of $624 million and $611 million, respectively, according to data collected by Rekt, a site that tracks web3 and crypto breaches.

“In fact, it may even be the largest single theft of all time,” Tom Robinson, Elliptic’s co-founder and chief scientist told TechCrunch, referring to any kind of theft, not just data breaches. 

Prior to Bybit’s breach, the withdrawal of around $1 billion from the Central Bank of Iraq is said to be the largest bank robbery of all time, according to the financial news site World Finance.

Zhou wrote on X that the hacker “took control” of one of the company’s cold wallets, referring to a digital wallet that stores cryptocurrency but in theory isn’t connected to the internet, and transferred funds to a “warm” wallet, which is online.

When reached for comment, Bybit spokesperson Tony Au referred to Zhou’s public posts. In one post, Zhou wrote that the company is “solvent” and “can cover the loss” even if it can’t recover the stolen funds.

Bybit, which is based in Dubai, United Arab Emirates, had an estimated total assets of $16 billion as of last week, according to CoinMarketCap.

To put things in perspective, in all of 2024, the total amount of crypto stolen by hackers was around $2.2 billion, according to blockchain tracking firm Chainalysis. And, in 2023, it was around $2 billion, according to multiple estimates.

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Did xAI lie about Grok 3’s benchmarks?

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Debates over AI benchmarks — and how they’re reported by AI labs — are spilling out into public view.

This week, an OpenAI employee accused Elon Musk’s AI company, xAI, of publishing misleading benchmark results for its latest AI model, Grok 3. One of the co-founders of xAI, Igor Babushkin, insisted that the company was in the right.

The truth lies somewhere in between.

In a post on xAI’s blog, the company published a graph showing Grok 3’s performance on AIME 2025, a collection of challenging math questions from a recent invitational mathematics exam. Some experts have questioned AIME’s validity as an AI benchmark. Nevertheless, AIME 2025 and older versions of the test are commonly used to probe a model’s math ability.

xAI’s graph showed two variants of Grok 3, Grok 3 Reasoning Beta and Grok 3 mini Reasoning, beating OpenAI’s best-performing available model, o3-mini-high, on AIME 2025. But OpenAI employees on X were quick to point out that xAI’s graph didn’t include o3-mini-high’s AIME 2025 score at “cons@64.”

What is cons@64, you might ask? Well, it’s short for “consensus@64,” and it basically gives a model 64 tries to answer each problem in a benchmark and takes the answers generated most frequently as the final answers. As you can imagine, cons@64 tends to boost models’ benchmark scores quite a bit, and omitting it from a graph might make it appear as though one model surpasses another when in reality, that’s isn’t the case.

Grok 3 Reasoning Beta and Grok 3 mini Reasoning’s scores for AIME 2025 at “@1” — meaning the first score the models got on the benchmark — fall below o3-mini-high’s score. Grok 3 Reasoning Beta also trails ever-so-slightly behind OpenAI’s o1 model set to “medium” computing. Yet xAI is advertising Grok 3 as the “world’s smartest AI.”

Babushkin argued on X that OpenAI has published similarly misleading benchmark charts in the past — albeit charts comparing the performance of its own models. A more neutral party in the debate put together a more “accurate” graph showing nearly every model’s performance at cons@64:

But as AI researcher Nathan Lambert pointed out in a post, perhaps the most important metric remains a mystery: the computational (and monetary) cost it took for each model to achieve its best score. That just goes to show how little most AI benchmarks communicate about models’ limitations — and their strengths.





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The pain of discontinued items, and the thrill of finding them online

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We’ve all been there. A favorite item is suddenly unavailable for purchase. Couldn’t the manufacturer have given you advance warning?

Whether owing to low sales, changing habits, production costs, or even because something is a little wrong with your favorite product (shh), discontinued items are part of life. In a weekend piece, the New York Times delves into the not-so-dark underbelly of online places where shoppers find these items, share tips and yes, find emotional support.

The story highlights a padded laptop bag made by Filson that a super fan now hunts “down everywhere” to snag as many as possible “before everyone figures out how great they are.” It points to Discontinued Beauty, a site whose offerings are old to visitors but new to the site. Among its latest products: an “essential protein restructurizer” by Redkin priced at an eye-popping $169.95. (The newest version of the product costs shoppers $32.)

Could it be dangerous to use these discontinued products? Who cares, suggests one creative director, who tells the Times about a lip pencil the beauty company NARS no longer sells and she has found elsewhere. “Now, do I know the proper way to store this for optimal conditions? No,” she says. “They’re under my sink.”  



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US AI Safety Institute could face big cuts

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The National Institute of Standards and Technology could fire as many as 500 staffers, according to multiple reports — cuts that further threaten a fledgling AI safety organization.

Axios reported this week that the US AI Safety Institute (AISI) and Chips for America, both part of NIST, would be “gutted” by layoffs targeting probationary employees (who are typically in their first year or two on the job). And Bloomberg said some of those employees had already been given verbal notice of upcoming terminations.

Even before the latest layoff reports, AISI’s future was looking uncertain. The institute, which is supposed to study risks and develop standards around AI development, was created last year as part of then-President Joe Biden’s executive order on AI safety. President Donald Trump repealed that order on his first day back in office, and AISI’s director departed earlier in February.

Fortune spoke to a number of AI safety and policy organizations who all criticized the reported layoffs.

“These cuts, if confirmed, would severely impact the government’s capacity to research and address critical AI safety concerns at a time when such expertise is more vital than ever,” said Jason Green-Lowe, executive director of the Center for AI Policy.



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