Weekend Wrap: Eliza Labs Founder Hacked, Boyaa’s Bitcoin Bet Pays Off, and More

This weekend saw a mix of notable events across the crypto and tech landscape, including a major security breach involving Eliza Labs' founder Shaw Walters, the launch of World ID Orb verifications in the Philippines, and a significant profit forecast for Chinese gaming firm Boyaa Interactive, largely driven by Bitcoin gains.

Eliza Labs Founder Shaw Walters Hacked, Scammers Target Followers

Shaw Walters, the founder of Eliza Labs, confirmed that his X account had been hacked over the weekend, leading to the posting of scam links. Walters revealed in a statement that he was asleep when the hack occurred, despite using two-factor authentication and a strong password.

“I woke up and everyone DMed me saying my account was hacked,” Walters said. His wife managed to intervene and delete the fraudulent posts while he was unaware. Walters apologized to those who may have fallen victim to the scam and expressed his frustration with the ongoing challenges of the crypto space.

Eliza Labs, known for its open-source AI agent framework and its native token ai16z, was quick to warn followers not to engage with the malicious links, further solidifying its commitment to safeguarding its community.

World ID Orb Verifications Launch in the Philippines

In other news, World (formerly known as Worldcoin) has expanded its operations to the Philippines, offering World ID Orb verifications in select cities near Manila. The company noted that the Philippines, with its youthful and digitally-savvy population, represents an ideal market for the service.

The country also boasts the highest global social media usage, with many Filipinos at the forefront of AI adoption. World sees this as an opportune time to roll out its verification system. Initially available in Bulacan, a province just outside the capital, World plans to expand nationwide soon.

Earlier this month, the company also launched World ID verifications in Jakarta, Indonesia, signaling the firm’s push to expand its services across Southeast Asia.

Boyaa Interactive’s Bitcoin Gains Lead to Profit Surge Prediction

Chinese gaming giant Boyaa Interactive has projected an astounding 640% to 680% increase in net profits for 2024, largely attributed to gains from its Bitcoin holdings. According to a filing on February 16, the firm stated that its revenue would also rise by 15% to 20% compared to 2023, bolstered by both its digital asset gains and optimization of its gaming products.

As of late November, Boyaa held 3,183 BTC — worth approximately $306 million at current prices — making it the largest corporate Bitcoin holder in Asia and the 11th largest globally. Despite a 15% decline in its stock price year-to-date, Boyaa's shares have surged by more than 600% from the same time last year, showcasing the potential of its Bitcoin investments to fuel future growth.

Coinbase Aims to Challenge Tether’s Stablecoin Dominance

Coinbase CEO Brian Armstrong made headlines with a bold announcement during the company’s earnings call. Armstrong revealed that the exchange aims to challenge Tether’s dominance in the stablecoin market, with plans to make USDC the number one stablecoin.

However, Armstrong acknowledged that this goal would be a "stretch," as USDC currently commands about 24% of the stablecoin market, compared to Tether’s 61%. Despite the challenge, Armstrong remains optimistic, forecasting that as much as 10% of global GDP could be transacted through cryptocurrencies by the end of the decade.

Other Notable News

• PlanB Moves Bitcoin into ETFs: Popular Bitcoin analyst and stock-to-flow model creator “PlanB” stirred up conversation when he revealed that he had moved his Bitcoin holdings into exchange-traded funds (ETFs). PlanB cited the desire for "peace of mind" and the complexities of managing private keys as reasons for the shift. Bitcoin pioneer Samson Mow speculated that the move might also be an effort to reduce personal risk, calling it a strategy to avoid becoming a target for attackers.

• Argentine President Under Investigation for LIBRA Project Fraud: Argentine President Javier Milei is reportedly facing fraud charges following the collapse of the LIBRA cryptocurrency project. The token, which Milei publicly endorsed, is being investigated for alleged insider trading and a subsequent massive loss of funds. The controversy has sparked political unrest in Argentina, with calls for Milei’s impeachment growing louder.

The past week has brought a mix of innovation, security breaches, and market developments, further highlighting the ever-evolving landscape of the crypto world. As we move into the next week, the industry remains on edge, with key players continuing to shape the future of digital finance.