Hackers drained over $2.15 million from Mobius Token ($MBU) smart contracts on the BNB Chain in a targeted exploit detected early May 11, according to security firm Cyvers Alerts.

The attacker deployed the contract from address 0xb32a53… at 07:31:38 UTC and initiated the exploit at 07:33:56 UTC, draining funds from the victim wallet 0xb5252f…

Cyvers confirmed to Cointelegraph that the attacker used contract 0x631adf… to execute a series of malicious transactions. The smart contract drained 28.5 million MBU tokens and converted them into stablecoins, resulting in a net loss of $2,152,219.99 for the victim.

In total, the attacker stole 28.5 million MBU tokens and converted them to $2.15 million worth of USDT.

Cyvers labeled the exploit as “critical” and noted the attacker’s use of suspicious contract code and abnormal transaction patterns.

The attacker’s wallet remains active and has retained the stolen funds as of publication. Mobius Token’s team has not yet released an official statement.

“Two minutes prior to the exploit, our system identified a deployment of a malicious smart contract that eventually targeted the Mobius Token smart contracts,” Cyvers wrote on X.

Source: Cyvers Alerts

Related: Bybit hacker launders 100% of stolen $1.4B crypto in 10 days

Crypto losses near $360 million in April 

In April 2025, blockchain security firm PeckShield reported that the space saw nearly $360 million in digital assets stolen across 18 hacking incidents. 

April’s losses show a 990% increase compared to March, when crypto lost to hacks totalled about $33 million. The largest chunk of the losses came from an unauthorized Bitcoin transfer. 

On April 28, blockchain investigator ZachXBT flagged a suspicious transfer of $330 million in BTC. The investigator later confirmed that the transfer was a social engineering attack targeting an elderly individual in the United States. 

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Altcoin markets are flashing early signs of a breakout, with several analysts calling for a potential surge over the next few months.

Crypto commentator Mister Crypto predicts the next 3 to 6 months could be “life-changing,” suggesting daily gains of up to 40% may soon become the norm.

In a May 11 post on X, he pointed to a chart from BlockchainCenter.net that shows whether the crypto market favors Bitcoin (BTC) or altcoins.

When the index is below 25, it’s considered “Bitcoin Season,” meaning Bitcoin is outperforming most altcoins. When it’s above 75, it’s “Altcoin Season,” meaning altcoins are doing better than Bitcoin.

Currently, the chart shows a breakout from a downward trend just below the 29 mark, suggesting a possible shift away from Bitcoin dominance. This breakout hints that altcoins may start gaining momentum, potentially entering a period where they outperform Bitcoin.

Source: Mister Crypto

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This Altseason may be different

Others see the rally but warn it’s not the same as previous cycles. Analyst 2Lambroz agrees that the altseason may have arrived but says the dynamics have changed.

“People want to bid but lack belief in any strong narrative,” he wrote on X. He noted that unlike 2021, there’s no sign of retail investors entering the market. Traders are rotating capital faster, with little incentive to hold long-term positions.

Technical trader Moustache offered a more optimistic view. He shared a chart showing repeating altcoin accumulation phases followed by explosive growth. According to him, the current structure mirrors those of 2016 and 2020. “Altseason 2025 has officially begun,” he said.

However, skeptics remain. Commentator Rekt Fencer pointed out that most altcoins have been down 90% since December. A modest 10% bounce this week sparked exaggerated optimism, prompting him to mock the rally. “This is the ALTSEASON we’ve all been waiting for,” he joked.

Source: Rekt Fencer

Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur Hayes

Crypto market rallies on global optimism

Crypto markets started the weekend with strong bullish momentum, driven by renewed investor confidence. Bitcoin surged to $104,900, just 4% below its all-time high after President Donald Trump announced positive developments in US-China trade talks.

The rally extended beyond Bitcoin, with Ether (ETH) posting one of its best daily performances in weeks. Memecoins also rebounded sharply, signaling renewed risk appetite across the broader altcoin market.

“Crypto rallied on a wave of global optimism,” Hank Huang, CEO of Kronos Research, told Cointelegraph. “Ceasefire talks between India and Pakistan eased regional tensions, while news on U.S.-China trade tariffs signaled renewed cooperation between major economies.”

Huang added that Ether’s strong rally added fuel, lifting altcoins across the board. “Bitcoin surged to $105K as investors returned to risk assets, clarity replaced uncertainty,” he noted.

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Coinbase reportedly considered adopting a Bitcoin investment playbook like Michael Saylor’s Strategy on multiple occasions, but decided against it each time out of fear that it would kill the firm’s crypto exchange, Bloomberg reported.

“There were definitely moments over the last 12 years where we thought, man, should we put 80% of our balance sheet into crypto — into Bitcoin specifically,” Coinbase CEO Brian Armstrong told Bloomberg in a May 9 video call.

Armstrong said the Bitcoin (BTC) strategy could have risked the company’s cash position and potentially killed the crypto exchange. “We made a conscious choice about risk,” he added.

Coinbase Chief Financial Officer Alesia Haas, who also attended the video call, added that the firm didn’t want to be seen as directly competing against its customers over which cryptocurrencies would outperform. 

“Rest assured, we are not stopping there,” Haas said, as Coinbase reported purchasing another $153 million worth of crypto assets in its first quarter results statement on May 8, which was primarily concentrated in Bitcoin.

According to BitcoinTreasuries.net, Coinbase holds 9,480 Bitcoin — worth $988 million at current market prices — which makes up the majority of its $1.3 billion crypto asset holdings.

Armstrong’s crypto exchange is the ninth-largest corporate Bitcoin holder, trailing the likes of Strategy, Bitcoin miner MARA Holdings and Tesla.

Related: $45 million stolen from Coinbase users in the last week — ZachXBT

Several companies have begun copying Saylor’s Bitcoin playbook, funding purchases through stock and debt sales on the bet that Bitcoin’s price appreciation will boost their share prices.

Over 100 public companies have now reported holding Bitcoin around the world, while another 40 exchange-traded fund issuers, 26 private firms and 12 nation states have also reported holding the cryptocurrency.

Source: Mitchell Askew

Coinbase deepens derivative offerings through Deribit acquisition

On May 8, Coinbase agreed to acquire crypto derivatives platform Deribit for $2.9 billion, marking the industry’s largest corporate acquisition to date. 

The acquisition will expand Coinbase’s footprint in the crypto derivatives market immensely, which previously had been limited to its Bermuda-based platform.

Coinbase noted that Deribit facilitated over $1 trillion in trading volume in 2024 and has around $30 billion of current open interest.

The deal now makes Coinbase the “global leader” in crypto derivatives trading, the firm said.

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