{"id":48478,"date":"2025-02-28T07:40:29","date_gmt":"2025-02-28T07:40:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=48478"},"modified":"2025-02-28T07:40:29","modified_gmt":"2025-02-28T07:40:29","slug":"all-been-crypto-week-28-feb-2025","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=48478","title":{"rendered":"All Been Crypto\u200a\u2014\u200aWeek 28 Feb 2025"},"content":{"rendered":"

All Been Crypto\u200a\u2014\u200aWeek 28 Feb\u00a02025<\/strong><\/h3>\n

Another week where it feels like months in crypto so much happened and prices finally seeing some reaction with BTC dropping below the narrow trading band it has been since Trump election victory in Nov now at 82k down -16% Wow with ETH at 2200 -18% and SOL -25%. We shaved off 300bn of market cap past 7 days now hovering again below 3trn. Only major outperformer is MKR +19% as a flight to safety and upon launching USDS bridge to Bearachain. Of course sentiment is very bad and the massive hack certainly didn\u2019t help, we saw large scale outflows from ETFs this week suggesting institutions are changing their mind on the asset class. And BTC was the one that held everything up ALTs especially SOL had been butchered after the MEME scandals and throw oil into the fire Pump.Fun account got hacked further dampening sentiment on the already very bearish MEME coin market. Notwithstanding that on the institutional side zooming out we had some major +ve development, SEC dropped charges against almost all their wells notices and TradFi giant Citadel <\/a>saying they are entering crypto trading. It\u2019s ETH Denver week so will also get some announcements on tech upgrades and hopefully a bit of a sentiment shift. Stay safe and enjoy\u00a0reading!<\/p>\n

Bat Tai Chi\u200a\u2014\u200abtc21@mail.com<\/a><\/p>\n

HEADLINES:<\/strong><\/h3>\n

Bybit\u2019s 1.4bn\u00a0Hack<\/a><\/h4>\n

The largest hack not just in crypto but ever. It happened last weekend that Lazarus group managed to gain control of Bybits cold wallets and drained >400k ETH. The exact post-mortem is still being prepared but here\u2019s the interim <\/a>and so far it looks like a sophisticated exploit of its Ethereum multisig wallet. The breach occurred during what appeared to be a routine transfer from the cold wallet to a warmer wallet\u200a\u2014\u200aa process the attackers managed to hijack via malicious tampering. CEO Ben Zhou explained that the wallet\u2019s signing interface had been compromised: the attackers presented the wallet signers with a falsified user interface that showed the correct transaction details and a legitimate Safe (multisig) URL, even as the underlying signing request had been maliciously altered. Tricked by this spoofed interface, Bybit\u2019s signers unknowingly approved a transaction that replaced the wallet\u2019s smart contract logic with a malicious contract, giving the hacker complete control. Subsequent forensic investigations uncovered that the attackers targeted a vulnerability in the third-party multisig wallet provider used by Bybit. The exchange relied on Safe Wallet (formerly Gnosis Safe) for its ETH storage, and North Korean Lazarus hackers reportedly <\/a>breached Safe\u2019s infrastructure to pull off the heist. You wonder why they moved the assets to ETH well its a huge sum so of course there\u2019s not that many choices. BTC they didn\u2019t manage to hack although they are bridging over now and SOL well risk of freezing is way too high. Bybit <\/a>thanked the foundation and Pump.Fun for blocking certain addresses and removing tokens potentially linked to the hack. Currently we got about 920+ addresses<\/a> receiving funds tied to the hack and this will likely grow. Bybit announced a bounty hunt<\/a> for freezing Lazarus assets.
As for the exchange Bybit managed to receive bridge loans<\/a> from other industry players and has since repurchased the ETH OTC. The exchange saw huge outflow first couple of days but has now stabilized and claims can cover the shortfall with\u00a0profits.<\/p>\n

US regulatory overhaul\u00a0showing<\/h4>\n

This week we got confirmation of what many in the industry have hoped for and been lobbying and throwing campaign dollars behind Trump\u200a\u2014\u200aand end to the SEC\u2019s aggressive regulation by enforcement actions. The agency had fired out wells notices at rapid speed over the past years and it became increasingly clear that it was used at least in part as a scare tactic as a chilling effect. Now we got confirmation that they are closing investigations into Robinhood<\/a>, Coinbase<\/a>, Gemini<\/a>, Consensys<\/a>, Open Sea<\/a> and Uniswap<\/a>. A major win as the agency is shifting more towards providing guidelines and rules than threatening off existing industry practitioners. Interestingly even Justin Sun<\/a>\u2019s lawyers jumping on the band wagon now looking to settle. He bought 75mm of world liberty finance and so guess betting that this will help him in some way. We also saw OKX <\/a>resolving a DOJ investigation with 84mm penalty and >400mm forfeiting of revenues. Clearly on the regulatory side US is gearing up to a different regime as anticipated, it\u2019s hard to remain very bearish on the asset class if there\u2019s such regulatory tailwinds from the leading financial capital in the\u00a0world.<\/p>\n

QUOTES:<\/strong><\/h3>\n

Went to a crypto happy hour event in Manhattan tonight\u200a\u2014\u200aeasily the oldest crowd I\u2019ve seen at a crypto gathering. Average age had to be 55+. Everyone was bullish on crypto. No one knew about memecoins. All focused on getting their family offices into Bitcoin and early-stage crypto projects. Complete antithesis of Crypto\u00a0Twitter.<\/p>\n

Frank Chaparro\u200a\u2014\u200aAuthor and Podcaster at The\u00a0Block<\/strong><\/p>\n

Freedom isn\u2019t freedom when it only applies to the people you agree with. \u201cFreedom\u201d then becomes censorship which is the tool of choice of oppression. I joined this industry because I saw it\u2019s opportunity to change human societies forever, granting a new level of freedom, self sovereignty, and liberty we\u2019ve never seen before in any society. If you don\u2019t agree, then you must also say that blockchain technology is useless. After all, blockchains are piss poor databases that are crazy slow and expensive. What makes this tech so valuable is its unique attributes of permissionlessness and censorship resistance. Its governance and operation outside of govt ideology. Its transparency and security\/cryptography. Its economics and ability to get many actors to coalesce and collaborate towards a collective vision. Don\u2019t lose sight of our satoshi\u00a0roots.<\/p>\n

Chad Barraford\u200a\u2014\u200aRune Core\u00a0Dev<\/strong><\/p>\n

Pleased to share I\u2019ll be working with MattHuang @Paradigm as an incident response advisor to assist their portfolio companies. It was an easy decision as this gives me the freedom to continue helping the community and publishing investigations like. I\u2019ve always respected how Paradigm has given back to the space by funding initiatives such as Security Alliance, publishing open source research, and helping defend the right to\u00a0privacy.<\/p>\n

ZachXBT\u200a\u2014\u200aOnchain Researcher<\/strong><\/p>\n

All Been Crypto\u200a\u2014\u200aWeek 28 Feb 2025<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":"

All Been Crypto\u200a\u2014\u200aWeek 28 Feb\u00a02025 Another week where it feels like months in crypto so much happened and prices finally seeing some reaction with BTC dropping below the narrow trading band it has been since Trump election victory in Nov now at 82k down -16% Wow with ETH at 2200 -18% and SOL -25%. We […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-48478","post","type-post","status-publish","format-standard","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/48478"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48478"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/48478\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}