Today's News Highlights:
The Montana House of Representatives in the U.S. voted down the "Strategic Bitcoin Reserve" bill.
The exchange eXch denied allegations of helping the Lazarus Group hacker team launder money.
Pump.fun is suspected of internally testing an AMM liquidity pool, adding a new Swap section.
The Bybit hacker has sold 50,700 ETH, while Bybit is suspected of buying 157,600 ETH in the past two days.
Bybit has acquired approximately 446,870 ETH through loans, whale deposits, and purchases, valued at about $1.23 billion.
Bybit CEO: The ETH gap has been fully compensated.
PeckShield: The Infini hacker has exchanged 49.5 million DAI for about 17,700 ETH.
Data: Tokens such as SUI, OP, and ZETA will see significant unlocks this week, with SUI unlocking valued at approximately $77.6 million.
Regulation/Macro
The Montana House of Representatives in the U.S. voted down the "Strategic Bitcoin Reserve" bill
According to Cointelegraph, the Montana House of Representatives voted 41 to 59 against the "Strategic Bitcoin Reserve" bill, with many legislators concerned about the investment committee using taxpayer money for excessive speculation.
Previous news indicated that the "Strategic Bitcoin Reserve" bill in Montana had passed committee review and entered the voting stage in the House.
Georgia introduces a second Bitcoin reserve bill
According to Cointelegraph, Georgia has introduced a second Bitcoin reserve bill (SB 228) that allows the state to invest in Bitcoin without any investment restrictions.
Previous news reported that Georgia had proposed a bill allowing the state treasurer to invest in Bitcoin. According to a screenshot attached by the media, the bill involves state deposit institutions to specify that the state deposit committee allows the state treasurer to invest in Bitcoin; sets limits on such investments; specifies requirements for the safe handling of such assets; regulates the lending of such assets; and repeals conflicting laws.
Project Updates
The Bybit hacker has used cross-chain exchange platforms to convert 37,900 ETH into other assets
According to on-chain analyst Yu Jin, the Bybit hacker has used a large number of addresses to utilize cross-chain exchange platforms such as Chainflip, THORChain, LiFi, DLN, and eXch to convert 37,900 ETH ($106 million) into other assets (such as BTC) over nearly 30 hours since starting to launder the coins yesterday afternoon. The hacker's address currently holds 461,491 ETH ($1.29 billion), with a total of 499,395 ETH ($1.4 billion) stolen from Bybit.
MicroStrategy founder Michael Saylor has released more information related to Bitcoin Tracker, stating, "I don't think this reflects what I did last week." Based on previous patterns, MicroStrategy typically discloses increased Bitcoin holdings the day after related news is released.
Pumpfun's frontend has removed Meme coins related to Lazarus
According to Aggr News, Pumpfun's frontend has removed Meme coins related to the North Korean hacker group Lazarus Group. Previously, Bybit attackers were suspected of issuing Meme tokens on Pumpfun for money laundering, transferring SOL tokens to a certain address before launching the Meme coins.
Bybit tweeted that through coordinated efforts, $42.89 million of stolen funds were successfully frozen within a day. Assisting institutions include Tether, THORChain, ChangeNOW, FixedFloat, Avalanche Ecosystem, CoinEx, Bitget, Circle, and others.
The exchange eXch denied allegations of helping the Lazarus Group hacker team launder money
According to Theblock, the non-KYC centralized exchange eXch denied allegations of laundering money on behalf of the Lazarus Group in a forum post. "Holding contrary opinions is just the viewpoint of some people who want the interchangeability and on-chain privacy of decentralized currency to disappear… These people have long hated decentralized cryptocurrencies."
Analyst Vxdb pointed out: "Exch[.]cx is a KYC-free exchange, and its ETH trading volume has seen an abnormal surge—20,000 ETH in the past 24 hours, compared to the usual 800 ETH." "Their Bitcoin reserves are also empty, but their ETH reserves have increased by 900%."
The eXch team acknowledged that "a small portion of the funds from the Bybit hack eventually ended up in our address," but stated that this transfer was "an isolated case and the only part handled by our exchange." Later, the eXch team promised to donate the proceeds from the funds to "various open-source projects dedicated to privacy and security within and outside the crypto space."
In another post, the eXch team shared a screenshot showing an email from a Bybit employee requesting eXch to block certain wallet addresses marked as receiving stolen funds. The team apparently rejected this request and accused Bybit of marking deposits from eXch addresses as "high risk," thereby damaging their reputation.
Safe Wallet tweeted that its team is working to restore services and will begin gradual restoration in the next 24 hours. The restored Safe Wallet will add additional security measures:
- Verification of transaction hashes, data, and signatures
- Enhanced monitoring alerts
- Temporarily removing native Ledger integration, as Ledger was the signing device/method used in the Bybit attack.
After restoration, users may experience longer transaction times or performance issues due to additional checks. As always, users are advised to remain vigilant when signing transactions and verify that the correct transaction data has been signed.
Pump.fun is suspected of internally testing an AMM liquidity pool, adding a new Swap section
According to Aggr News, Pump.fun is suspected of internally testing an AMM liquidity pool and has added a new Swap section, potentially replacing Raydium as a third-party provider.
According to on-chain analyst Yu Jin, the Bybit hacker has sold 50,700 ETH ($14.2 million) for DAI and other on-chain assets (such as BTC) and currently holds 448,600 ETH ($1.26 billion). Additionally, addresses suspected to belong to Bybit or its affiliates (0x2E4…b77) have purchased a total of 157,600 ETH ($441 million) through brokers Galaxy Digital, FalconX, and Wintermute in the past two days, then transferred it to Bybit.
Bybit is suspected of buying 266,694 ETH, valued at approximately $742 million, after being hacked
According to Lookonchain, Bybit is suspected of purchasing 266,694 ETH ($742 million) after being hacked:
- 0x2E45…1b77 (related to Bybit) purchased 157,660 ETH ($437.82 million) through OTC from Galaxy Digital, FalconX, and Wintermute.
- 0xd7CF…A995 (possibly related to Bybit) purchased 109,033 ETH ($304.12 million) from DEX and CEX.
According to Lookonchain, since being hacked, Bybit has acquired approximately 446,870 ETH ($1.23 billion) through loans, whale deposits, and ETH purchases. Bybit is now close to compensating for the funding gap caused by the hack.
Bybit CEO: The ETH gap has been fully compensated
Bybit's CEO stated that Bybit has fully compensated the ETH gap, and a new audited Proof of Reserves (POR) report will be released soon.
PeckShield: The Infini hacker has exchanged 49.5 million DAI for about 17,700 ETH
According to PeckShield, the Infini hacker has exchanged 49.5 million DAI for about 17,700 ETH and transferred it to the new address 0xfcc8a…6e49.
Infini founder Christian tweeted: "A friend joked that I have been too smooth sailing, and I said I was always ready to face the first robbery. I didn't expect that after Bybit, the next incident would be myself. No personal private keys were leaked; there was negligence during the transfer of permissions, and ultimately it is my responsibility. This has sounded the alarm. Currently, there are no issues with liquidity, and we can fully compensate; we are tracing the funds."
Market: Raydium (RAY) down 24.7% in 24 hours
Affected by the news of Pump.fun adding a new Swap section, the market shows that Raydium (RAY) has dropped 24.7% in 24 hours, currently priced at $3.21.
Previous news indicated that Pump.fun is suspected of internally testing an AMM liquidity pool and adding a new Swap section, potentially replacing Raydium as a third-party provider.
According to the official announcement, Binance will adjust the funding rate settlement frequency for BANUSDT U-based perpetual contracts on February 24 at 16:00 (UTC+8). The funding rate settlement frequency will change from every four hours to every two hours. The maximum funding rate range will remain unchanged at +3.00% to -3.00%.
Bybit tweeted that the mETH Protocol team provided crucial assistance during the recent security incident. Through swift action and effective coordination, the mETH Protocol team successfully recovered 15,000 cmETH tokens, valued at approximately $43 million.
Infini founder Christian tweeted that since the theft, withdrawal requests have accumulated to $500,000, all of which have been responded to, and many wallets continue to deposit funds. Currently, all product consumption and withdrawals are proceeding as usual, with the only affected part being the financial management section (due to the suspension of contracts and no further fund transfers to prevent secondary risks), which will require some time to propose and implement a more appropriate plan.
Opinions
Matrixport: Hidden buying may boost ETH rebound in Bybit theft incident
Matrixport analysis points out that hidden buying may boost ETH rebound in the Bybit theft incident. The market's focus has been on the nearly 500,000 ETH stolen from Bybit, but what is truly noteworthy is its impact on the market. Bybit needs to repurchase ETH to replenish wallet funds, while the hacker must handle subsequent operations cautiously.
From past experience, stolen funds are usually not immediately sold, meaning short-term selling pressure is limited. Meanwhile, the market has added potential buying demand for 500,000 ETH, while only about 100,000 ETH has reportedly been repurchased. The supply-demand imbalance may drive ETH prices upward. Given that prices have shown signs of stabilization, there is an optimistic outlook on the current trend.
Important Data
Token Unlocks data shows that tokens such as SUI, OP, and ZETA will see significant unlocks this week, including:
- Sui (SUI) will unlock approximately 22.97 million tokens at 8:00 AM on March 1 (UTC+8), accounting for 0.74% of the current circulating supply, valued at approximately $77.6 million;
- Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 AM on February 28 (UTC+8), accounting for 1.93% of the current circulating supply, valued at approximately $36.7 million;
- ZetaChain (ZETA) will unlock approximately 44.26 million tokens at 8:00 AM on March 1 (UTC+8), accounting for 6.48% of the current circulating supply, valued at approximately $15 million;
- AltLayer (ALT) will unlock approximately 240 million tokens at 6:00 PM on February 25 (UTC+8), accounting for 9.41% of the current circulating supply, valued at approximately $11.6 million;
- dydx (DYDX) will unlock approximately 8.33 million tokens at 8:00 AM on March 1 (UTC+8), accounting for 1.14% of the current circulating supply, valued at approximately $6.7 million;
- Sleepless AI (AI) will unlock approximately 18.21 million tokens at 8:00 AM on March 1 (UTC+8), accounting for 14.01% of the current circulating supply, valued at approximately $5.1 million.
According to Theblock, collaborations between cryptocurrency companies and sports organizations are increasing, ranging from Formula 1 team sponsorships to football, mixed martial arts, and even snooker. Cryptocurrency exchanges like Coinbase, Gate.io, and XBO.com, stablecoin issuer Tether, and cryptocurrency betting sites Sportsbet.io and Cloudbet have recently signed significant partnerships with sports organizations.
According to data from marketing agency SportQuake cited by the Financial Times, 22 deals have been made so far in 2025, with an average value of $4.3 million, compared to 18 deals during the same period last year, with an average value of $2.6 million.
Notable collaborations include Tether acquiring a minority stake in the Italian football club Juventus, valued at approximately $50 million.
Coinbase recently partnered with Aston Martin's Formula 1 team, Aston Martin Aramco Cognizant, with the agreement fully paid in stablecoins. The transaction value has not been disclosed. Coinbase's logo appears on the AMR25 car recently launched by the team.
Gate.io has also signed an agreement with Oracle Red Bull Racing, with its logo appearing on the team's race cars, racing suits, and the helmet of four-time world champion Max Verstappen.
Cryptocurrency exchange XBO.com has recently signed a partnership agreement to become the official global sponsor of the Argentina national football team in 2025. XBO will launch special promotions, rewards, and marketing campaigns featuring the team's athletes.
Other notable partnerships include Sportsbet.io's naming rights agreement with the Snooker Players Championship and a multi-year agreement between cryptocurrency casino Cloudbet and the mixed martial arts organization Professional Fighters League.
Data: Circle has minted 8 billion USDC on the Solana chain so far in 2025
According to Spot On Chain, Circle's total minting volume in the last 7 days reached 1 billion USDC. So far in 2025, Circle has minted 8 billion USDC on Solana, with 6 billion minted in January and 2 billion minted in February.
Previous news reported that the USDC Treasury minted an additional 250 million USDC on the Solana chain.
A wallet suspected to belong to Sandbox deposited 8 million SAND into Binance about 10 minutes ago
According to The Data Nerd, about 10 minutes ago, wallet 0xx73f (possibly belonging to Sandbox) deposited 8 million SAND (approximately $2.7 million) into Binance. Last month, this wallet also deposited 8 million tokens into Binance, after which the price dropped by 33%. Currently, the wallet still holds 8 million SAND (approximately $2.7 million).
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