📉Bitcoin Dips Under $94,000 Amid Tech Stock Selloff

gm Defiers!

Crypto markets reversed their weekend gains as technology stocks dropped for a third day on macroeconomic concerns. Bitcoin dipped under $94,000, while SOL fell to $150, a level last seen in October 2024.

✍️ In today’s newsletter:

SOL crashes to $150 as altcoins plunge
Monad airdrops testnet tokens to 9 million wallets
Safe Wallet pauses operations after ByBit breach
Solana activity drops as memecoin mania wanes
Mantle ecosystem tokens drop on ByBit contagion fears
SEC launches new cyber unit to combat crypto fraud

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📉Altcoins Plunge as Bitcoin Dips Under $95,000

Crypto markets started the week firmly in the red as investors mulled over the fallout from the $1.5 billion ByBit hack, and technology stocks dropped for a third day.

Bitcoin briefly fell below $94,000 as ETH dipped over 5% to $2,650 and SOL plummeted 8.5% to $153. The overall crypto market capitalization is down 3.4% in the past 24 hours to $3.22 trillion.

🪂Monad Launches Testnet and Sends Test Tokens to 9 Million Wallets

Monad, a highly anticipated Layer 1 blockchain, launched its public testnet on Feb. 19 and distributed testnet tokens to nearly nine million active addresses on Ethereum, encouraging EVM-native users to use the chain.

🛑Safe Wallet Pauses Operations Amid Bybit Security Breach

Multisignature wallet provider Safe has paused certain functions as it works with the Bybit team to understand the recent security breach. The hacker reportedly used a masked URL to deceive signers, with the link appearing to be coming from Safe.

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📊Solana and Pump.fun Activity Declines as Memecoin Mania Wears Off

Memecoins have been getting a lot of hate in the past few days, so perhaps it’s no surprise that activity on Solana is declining. The number of tokens launched on Solana has been dropping steadily since Feb. 12, when 72,660 were minted, compared with 52,244 on Feb. 19, a 28% decline.

💥Mantle Ecosystem Tokens Drop on Bybit Contagion Concerns

Mantle, the fifth-largest Ethereum Layer 2 by TVL, is facing tumultuous price action after closely affiliated Bybit was hacked for $1.5 billion. Mantle’s MNT token is down 17% since the hack was reported, and other tokens in its ecosystem, such as COOK and PUFF, are down 9% and 3% in the same period.

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👮SEC Launches Cyber Unit to Combat Blockchain Fraud

The Cyber and Emerging Technologies Unit (CETU) is set to replace the Crypto Assets and Cyber Unit and will be led by Laura D’Allaird, alongside 30 fraud specialists and attorneys who work with the SEC.

🌍 ELSEWHERE

Bybit Funds on the Move, Could be Headed for Bitcoin Mixers ‘Next’: Elliptic (Decrypt)
Ethena Crypto Project Raises $100 Million to Fund Finance Foray (Bloomberg)
Payments Card Issuer Infini Offers Reward for Return of Funds After $49 Million Exploit (CoinDesk)