Last updated on March 2nd, 2025 at 09:46 pm
Hey, crypto fam!
As usual, February concluded with plenty of drama in the crypto world. Bybit is still in the headlines, regulation talks are going strong everywhere, and the Bitcoin bull run is, well, officially over.
March is already shaping up to be an eventful month, so stay prepared. We wish you the very best, by the way. Now, let’s get up to speed with what happened in crypto this week.
Biggest Story
The Culprit of Bybit’s Historic Hack.
North Korea’s Lazarus Group is behind the $1.46 billion stolen from Bybit last weekend. According to blockchain security firm Elliptic, the stolen funds are being laundered, and sophisticated tactics are being used to hide the funds.
Bybit’s cleanup after the attack has been impressive. Within 12 hours of the attack, CEO Ben Zhou did a livestream and assured users that their funds were safe.
The exchange has also launched a $140 million bounty for security researchers contributing to recovery efforts. A coordinated industry response has already led to the freezing of $42.89 million in stolen assets.
Bybit has since acquired 266,700 ETH worth $742 million, possibly to stabilize reserves, though the exchange has not confirmed this. Major firms like Galaxy Digital and FalconX facilitated over-the-counter purchases. On-chain data indicates Bybit has received approximately $1.23 billion in ETH through deposits, loans, and purchases since the attack.
Other News Making Waves
- Binance shuts down rumours of an ETH and SOL sell-off, saying market maker Wintermute was simply withdrawing funds (More)
- Bitcoin crash triggers $2.16 billion in losses, with recent investors suffering the most as BTC dips below $90K for the first time since November 2024. (More)
- Jack Dorsey’s Block is in talks with New York regulators over Bitcoin compliance issues, another hurdle as it doubles down on mining ambitions. (More)
- Gemini avoids SEC charges as the regulator drops its nearly 700-day probe, but co-founder Cameron Winklevoss condemns the costly legal battle. (More)
- Circle CEO demands stricter U.S. rules for stablecoin issuers, warning that offshore companies shouldn’t get a “free pass” while selling to American customers. (More)
- A U.S. senator is pushing a new bill to crack down on crypto ATM scams after reports of seniors losing thousands to fraudsters. (More)
- Bitcoin is holding strong while AI, meme coins, and gaming projects tank—it turns out the hype didn’t match reality for 2025’s hottest sectors. (More)
- India’s CBI raided 60 locations in a nationwide crackdown on the GainBitcoin Ponzi scheme, seizing crypto wallets and key documents linked to billions in fraud (More).
- HTX Global Advisor Justin Sun calls for stronger industry collaboration on crypto security after a $1.5 billion hack, urging exchanges to improve cyber defenses (More).
- U.S. authorities seized $31 million linked to the 2021 Uranium Finance hack, marking a step toward restitution after nearly three years of investigation (More)
- OKX’s parent company pleaded guilty to U.S. AML violations, agreeing to a $500 million settlement for failing to prevent illicit transactions worth billions (More).
- The SEC acknowledged NYSE Arca’s filing for a Grayscale Cardano ETF, initiating a regulatory review that could pave the way for broader ADA investment (More).
Around the World: Bold Moves and Crypto Regulations
- U.S. House panel moves to repeal DeFi broker rule, an IRS regulation that requires tax reporting by decentralized exchanges. (More)
- Dubai’s VARA is rolling out new rules forcing crypto businesses to reveal their biggest token holders—no more hiding behind anonymous wallets! The move aims to prevent market manipulation (More)
- Ohio just introduced the Blockchain Basics Act, making sure crypto payments don’t get hit with extra taxes and securing your right to self-custody, staking, and mining. (More)
- Another U.S. state Georgia is doubling down on Bitcoin with a new bill that gives the state treasurer unlimited authority to invest in BTC (More)
- The EU has officially blacklisted Garantex, a Russian crypto exchange accused of helping Moscow dodge sanctions. (More)
- South Korean authorities have slapped the country’s largest crypto exchange, Upbit, with a three-month ban due to regulatory violations. The exchange would not be able to onboard new users during this period. Existing users are safe for now (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- VON +169%, from $0.00011265 to $0.00030305.
- Alchemist AI +130%, from $0.0188 to $0.0433.
- STONKS +89%, from $0.0243 to $0.0460.
- Aventis AI +59%, from $0.0737 to $0.1175.
- Undeads Games +75%, from $0.4513 to $0.7875.
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- OSOL -54%, from $0.0868 to $0.0396.
- Raydium -47%, from $4.60 to $2.43.
- MEOW -42%, from $0.0084 to $0.0049.
- Unchain X -47%, from $0.2636 to $0.1383.
- Pain -51%, from $15.15 to $7.39.
Project Spotlight
ICYMI, Ethereum’s latest upgrade, Pectra, has gone live on the Holesky testnet.
This upgrade is one of the blockchain’s most anticipated upgrades in recent times because of the significant changes it brings. Some of the improvements expected include gasless transactions through account abstraction, an increased validator staking cap from 32 ETH to 2,048 ETH, and a double blob capacity for lower transaction costs. These upgrades enhance Ethereum’s efficiency, security, and accessibility, benefiting both users and developers.
By optimizing staking rewards, reducing fees, and improving transaction flexibility, Pectra strengthens Ethereum’s position as the leading smart contract platform. This upgrade builds on past improvements, pushing Ethereum closer to mainstream adoption and long-term scalability.
The Pectra upgrade is scheduled to go live on the Ethereum mainnet by May 2025.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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