Crypto News: Bitcoin Hashrate Hits Historic Milestone, FTX Users at Risk of Losing $2.5B, and Address Poisoning Warning Issued

Bitcoin Hashrate Crosses 1 Zetahash Per Second in Historic First

For the first time in Bitcoin's 16-year history, the network's hashrate has surpassed 1 Zetahash per second (ZH/s), a significant achievement for the cryptocurrency. On April 5, Bitcoin’s hashrate peaked at 1.025 ZH/s, according to blockchain data from sources like Mempool.space. The previous day, BTC Frame reported the hashrate reaching 1.02 ZH/s. Interestingly, Coinwarz recorded a peak of 1.1 ZH/s on April 4, although data also indicates that Bitcoin crossed 1 ZH/s for the first time on March 24.

Bitcoin’s hashrate has fallen back below 0.95 ZH/s on April 7 since reaching 1 ZH/s. Source: BTC Frame

This new high marks a 1,000x increase from 2016, when Bitcoin's network first reached 1 Exahash per second (EH/s). The growth in Bitcoin’s hashrate is seen as a testament to the increased security and adoption of the Bitcoin network, with miners continuing to invest in more efficient equipment to secure the blockchain.

Jameson Lopp Warns of Bitcoin Address Poisoning Attacks

In an alarming warning, cypherpunk Jameson Lopp has highlighted the dangers of Bitcoin address poisoning, a growing social engineering scam targeting unsuspecting Bitcoin holders. The scam involves malicious actors creating Bitcoin addresses that closely resemble addresses found in a victim’s transaction history.

An example of a suspected address poisoning transaction. Source: Jameson Lopp

These scammers then send small amounts of Bitcoin, often less than $1, to the victim’s wallet, causing their malicious address to appear in the victim’s transaction history. When victims copy and paste addresses from their history for future transactions, they may accidentally send funds to the fraudulent address. Lopp urges wallet developers to implement better user interfaces that fully display Bitcoin addresses and advises Bitcoin holders to be vigilant when verifying destination addresses to avoid falling victim to this scam.

Nearly 400,000 FTX Users Risk Losing $2.5 Billion in Repayments

In the ongoing fallout from the FTX bankruptcy, nearly 400,000 creditors may lose out on up to $2.5 billion in repayments if they fail to complete the mandatory Know Your Customer (KYC) verification process. According to a court filing in the US Bankruptcy Court for the District of Delaware, around 392,000 FTX users have not initiated or completed the KYC process needed to claim their funds.

The original deadline to begin KYC verification was March 3, 2025, but it has now been extended to June 1, 2025. If users miss this new deadline, their claims may be disqualified entirely, meaning they could forfeit their right to a repayment. This extension provides a final opportunity for affected users to verify their identities and secure their claims before they risk losing billions of dollars in cryptocurrency.

FTX court filing. Source: Bloomberglaw.com

These events highlight the dynamic and sometimes risky nature of the cryptocurrency space, with both technological advancements and security challenges shaping the industry's landscape.