📉Bitcoin Tests $83,000 as Crypto Market Drops for Third Day

gm Defiers!

Multiple audits revealed that North Korean hackers were able to breach ByBit by compromising Safe Wallet’s infrastructure, casting doubts on the security of the multi-signature wallet.

Meanwhile, the crypto selloff continued for a third day, with Bitcoin briefly trading under $83,000 while ETH struggled to hold $2,300.

✍️ In today’s newsletter:

• Crypto markets drop for a third day, BTC tests $83K
• Audits reveal Bybit hack resulted from Safe Wallet compromise
• Ethereum’s Pectra upgrade crashes testnet
• SEC ends Uniswap investigation
• Aya Miyaguchi to take on presidency of Ethereum Foundation
• Story Protocol token outperforms

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📉Bitcoin Drops to $83,000 as Crypto Selloff Enters Third Day

Crypto markets dropped for a third day as the selloff across global markets accelerated.

Bitcoin traded as low as $83,330 on Wednesday as ETH dropped another 5% to $2,300, and SOL reversed its gains from the previous day to trade at $132. The overall crypto market capitalization is down 5% in the past 24 hours to $2.88 trillion.

🧑‍💻Safe Wallet Found Responsible for ByBit’s $1.5 Billion Hack

ByBit released third-party audits today, which identified multi-signature security protocol Safe’s Safe{Wallet} as the point-of-failure in last week’s record-breaking $1.5 billion hack.

💥Ethereum’s Pectra Upgrade Crashes Holesky Testnet

Ethereum developers initiated the Pectra upgrade on the Holesky test network as scheduled. However, the launch did not go as planned, as the network encountered issues with finalizing transactions shortly thereafter.

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🦄SEC Ends Uniswap Investigation

The SEC has closed its investigation into the Ethereum-based decentralized exchange Uniswap and will take no further enforcement action against the platform.

👑Ethereum Foundation Shuffles Leadership

Aya Miyaguchi, the Executive Director of the Ethereum Foundation (EF), is reducing her role within the organization amidst the EF’s ongoing leadership restructuring.

🚀Story Protocol’s IP Token Leads Altcoin Market

Story Protocol, a Layer 1 blockchain focused on intellectual property (IP), is unbothered by the recent carnage in crypto markets, with its $IP token leading all major altcoins since its launch on Feb. 13.

🌍 ELSEWHERE

• Bitcoin’s Slide Has Traders Hedging Against a Drop to $70,000 (Bloomberg)
• Strategy Is Down 50% From Its Highs. What Does It Mean for Its $43B Bitcoin Holdings? (CoinDesk)
• Raise nets $63 million in round led by Haun Ventures to build a crypto platform for gift cards (Fortune)

🔥TRENDING

• Story Protocol’s IP Token Leads Altcoin Market
• Ethereum’s Pectra Upgrade Crashes Holesky Testnet
• Liquidations Top $1.5 Billion as Bitcoin Plunges to $86,000
• Tezos Layer 2 Etherlink Launches Mainnet and Unveils Rewards Programs
• Bybit Said it Closed $1.5B Gap Left After Largest Crypto Exploit in History
• PumpFun’s In-house DEX Could Spell Doom for Raydium