Today's News Highlights:
South Korea's Financial Intelligence Unit restricts new user cryptocurrency trading on Upbit for three months.
The U.S. SEC accepts Grayscale's application for a Cardano spot ETF.
Binance Launchpool launches RedStone (RED).
Babylon Foundation opens airdrop registration.
Data: $1.23 billion in liquidations across the network in the past 24 hours, primarily long positions.
Analysis: Bybit hacker has laundered 100,000 ETH.
Binance Pre Market introduces a price limit mechanism.
Wall Street's major market maker Citadel Securities plans to enter the cryptocurrency market-making space.
Regulation/Macro
According to Yonhap News, the Financial Intelligence Unit (FIU) of South Korea announced on February 25 that it would implement regulatory measures on Upbit, the largest cryptocurrency exchange in South Korea. Under the regulations, Upbit will restrict cryptocurrency deposits and withdrawals for newly registered users for the next three months.
The U.S. SEC accepts Grayscale's application for a Cardano spot ETF
The SEC has accepted the application for a Cardano (ADA) spot ETF submitted by Grayscale on behalf of the New York Stock Exchange Arca. Previously, the SEC had accepted a large number of cryptocurrency ETFs, including Cboe's XRP ETF and Grayscale's spot XRP and DOGE ETFs.
Trump announces: Tariff plans for Mexico and Canada will proceed as scheduled
U.S. President Trump stated that the plan to impose tariffs on Mexico and Canada will "proceed as scheduled," with the one-month "deferral" set to expire next week.
Project Updates
Binance Launchpool launches RedStone (RED)
Binance Launchpool has launched its 64th project, RedStone (RED), a multi-chain oracle across EVM and non-EVM chains. The webpage is expected to go live within 12 hours before the new token pool starts.
Binance Pre Market introduces a price limit mechanism
Binance announced that to continue innovating and enhance user trading experience, it will introduce a new feature—a price limit mechanism for Binance Pre Market. The upward circuit breaker mechanism will limit the maximum price increase to a certain percentage of the initial opening price within the first 72 hours after the market opens.
Babylon Foundation opens airdrop registration
Babylon Foundation has announced the opening of its airdrop registration page, which will end on March 15. The airdrop is primarily aimed at first-phase stakers, first-phase finality providers, and contributors to eligible GitHub repositories.
Time.fun founder Kawz stated that they will consider issuing their own platform token in the future. If other platforms are built on tokenized time, a platform-based token could connect them all. However, Kawz also admitted that it is too early to discuss the Time.fun token, as the platform must first find product-market fit, and the key goal is to ensure that tokenized time is composable.
Bybit has returned 40,000 ETH to Bitget to repay a previous loan
According to Lookonchain monitoring, Bybit has returned 40,000 ETH to Bitget to repay a previous loan.
Chainflip: Protocol upgrade to prevent Bybit hacker fund movement
Chainflip officially announced that after discussions with the team, community, liquidity providers, major interfaces using Chainflip, and most validator providers, it has decided to implement a protocol upgrade to prevent the illegal movement of Bybit hacker funds within the protocol.
Citadel Securities plans to enter the cryptocurrency market-making space, becoming a liquidity provider for major exchanges such as Coinbase, Binance, and Crypto.com. Previously, the company had maintained a cautious stance due to unclear U.S. cryptocurrency regulations.
Ethereum's Pectra upgrade was activated at 5:55 on the Holesky testnet, but according to blockchain data, it was not initially finalized. Finalization means that once a transaction is confirmed and added to a block, it is in an immutable and irreversible state. It is currently unclear why the testnet failed to finalize, and Ethereum developers are investigating.
YZi Labs invests in crypto AI startup Vana
YZi Labs announced an investment in the crypto AI startup Vana, with specific amounts not disclosed. As part of the investment, Binance co-founder Changpeng "CZ" Zhao has joined Vana as an advisor, actively participating since YZi Labs was renamed from Binance Labs.
Kraken announces partnership with Paxos and others to support stablecoin USDG
Kraken announced a partnership with Paxos, Robinhood, and Anchorage to support the stablecoin USDG, which has a 1:1 exchange rate with the U.S. dollar, built on the Ethereum blockchain (ERC-20) and backed by the global leader in stablecoins, Paxos, aiming to become a trusted and transparent stablecoin for trading and value preservation, providing global users with seamless access to digital dollars.
Crypto analyst Miles Deutscher stated that Strategy (formerly MicroStrategy) market cap premium relative to its Bitcoin assets has decreased from 3.4 times in November last year to 1.6 times currently. He pointed out that the lower this value, the more difficult it becomes for CEO Michael Saylor to raise more funds to purchase Bitcoin, which means that the pace of Bitcoin purchases may slow down.
Important Data
According to @ai_9684xtpa monitoring, a Bitcoin long position holder under the address "Set 10 Big Goals" liquidated 1,783.48 BTC at an average price of $89,138, with a total value of $159 million. The opening average price was $100,320.8.
Coinglass data shows that in the past 24 hours, the cryptocurrency market experienced $1.23 billion in liquidations, with long positions liquidated at $1.15 billion and short positions at $77.24 million.
Data from digital asset management firm Arca shows that most tokens have lost value between 30% to 80% since mid-December last year, with Solana's market cap losing about $50 billion in the past month, partly due to a recent meme coin scandal named Libra. Additionally, Solana faces selling pressure as approximately $1.72 billion worth of Solana tokens are set to "unlock" (lift trading restrictions) on March 1.
Analysis: Bybit hacker has laundered 100,000 ETH
According to Spotonchain monitoring, the Bybit hacker has laundered 100,000 ETH (approximately $250 million), accounting for 20% of the 490,000 ETH stolen. The hacker is actively dispersing funds to multiple addresses and using THORChain for cross-chain exchanges into BTC, DAI, and other assets. The Bybit hacker still holds 399,000 ETH, a quantity greater than that of Ethereum founder Vitalik Buterin or the Ethereum Foundation.
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