This week’s "Deconstruction" focuses on the $388 million hack of Bitget, Anthropic’s IPO preparations, an incident with MetaMask’s infrastructure, the launch of the first crypto banks in Belarus, and NATO’s quantum roadmap.
Bitget Hack and the Controversy Surrounding Stolen Funds
Bitget has assessed the damage from the hack at $387.5 million, assuring that customer balances remain unaffected. The exchange has resumed withdrawals and replenished its protection fund with over $300 million.
The intrigue heightened post-hack as part of the stolen assets moved through THORChain, which opted not to block the hacker's addresses due to its decentralized nature. In contrast, NEAR Intents claimed to have blocked attempts to transfer around $50 million. Shortly after, NEAR Intents itself ceased operations following a hack that incurred a loss of $3.8 million.
Anthropic Prepares for IPO
Anthropic is gearing up for an IPO, potentially valued at over $2 trillion. The company reported revenues of $4.6 billion for 2025 but also posted an operational loss of about $8 billion and anticipates future expenses of at least $518 billion. Broadcom is additionally poised to provide up to $42 billion in funding.
A significant portion of the 80-page prospectus addresses AI risks, including unpredictable model behaviors and existential threats. Anthropic believes that some of these risks could be mitigated through more advanced AI, although the enhanced capabilities may simultaneously increase the likelihood of hazardous behavior. Concurrently, the U.S. Federal Trade Commission has initiated an investigation into AI developers and autonomous agents.
MetaMask Staking Incident
MetaMask has reported an incident within its staking infrastructure and has begun withdrawing affected Ethereum validators. The company stated that user wallets were not directly threatened; according to a researcher, the hacker stole approximately 0.36 ETH.
The staked funds were safeguarded due to Ethereum's architecture: the signing key is held by the operator, while the withdrawal key remains with the client. Meanwhile, Joseph Lubin transferred 133,298 ETH, valued at about $356 million, although no confirmed link between this transaction and the incident exists.
First Crypto Banks in Belarus
Belarus has approved the registration of its first two crypto banks. They will be able to operate in this capacity once included in the National Bank's registry. The regulatory capital must total 30 million Belarusian rubles, with 60 million needed for lending from attracted funds, and an additional 30 million required for launch.
The crypto bank will combine asset storage and exchange, loans, collateral, and staking within a single regulated service. This initiative is seen as a way for Belarus to integrate digital assets into its financial services and part of foreign trade settlements.
NATO's Quantum Roadmap
NATO has released its first quantum roadmap focusing on three areas: computing, communications, and sensors. By 2027, the alliance plans to test such systems in real-world applications, including continuing maritime trials of QUESTOR.
By the end of 2027, NATO aims to establish a unified access system for member countries to quantum computing resources and launch the Quantum Zero Beacon—an initial secure communication line between Brussels and Mons. The International Institute for Strategic Studies considers quantum probing to be the most advanced area.
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