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February 21, 2025

💸Hackers Drain $1.5 Billion from ByBit

gm Defiers!

Hackers managed to access one of ByBit’s wallets, draining $1.5 billion worth of ETH and staked ETH derivatives in crypto’s largest exploit yet. The exchange maintains that it remains solvent despite the massive loss.

Meanwhile, the Ethereum Foundation rolled out an ‘intents’ framework, and KAITO trades near a $1.7B valuation.

✍️ In today’s newsletter:

  • ByBit suffers crypto’s biggest hack ever, with $1.5 billion stolen
  • Kaito token debuts at $1 billion valuation
  • Sky fends off ‘governance attack’
  • Coinbase CEO is still bullish on memecoins
  • Ethereum Foundation launches Open Intents framework
  • Centrifuge appoints new CEO

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📈 Markets in the last 24 hrs:

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the-defiant

🦹ByBit Suffers Largest Crypto Hack Ever with $1.5 Billion Stolen

ByBit, the second-largest centralized exchange by trading volume, is experiencing a security exploit. The hack is the largest exploit in crypto to date, 140% bigger than the second-largest $625 million exploit of the Ronin bridge. The exploit has primarily affected staked ETH assets.

🪂Kaito Airdrop Draws Mixed Reactions

Kaito, a data and mindshare toolset that leverages artificial intelligence (AI), released its token on Feb. 20. While some users are fuming over the distribution system, others are satisfied with the zero-cost airdrop farm.

🗳️Rune Christensen Pushes Through Sky Changes to Prevent “Irreversible Catastrophe”

Christensen says a group of token holders is attempting a governance attack against the protocol formerly known as MakerDAO. The group denied the accusation.

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🐶Coinbase CEO Brian Armstrong is Still Bullish on Memecoins

Calling memecoins “a canary in the coal mine,” Armstrong predicts, “everything will be tokenized and brought onchain (every post, image, video, song, asset class, user identity, vote, artwork, stablecoin, contract etc).”

⛓️Ethereum Foundation Launches Open Intents Framework

The Ethereum Foundation has launched an open-source system that guides developers on how to build and deploy “intents,” a cutting-edge technology that is meant to simplify and speed up asset transfers across different Ethereum-powered chains.

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👩‍💼RWA Tokenization Firm Centrifuge Has a New CEO, Bhaji Illuminati

Centrifuge, a real-world asset (RWA) protocol, has a new CEO. Bhaji Illuminati is tasked with moving Centrifuge forward as the tokenization of RWAs starts entering the mainstream.

🌍 ELSEWHERE

  • Bitcoin to deliver ‘massively high returns' for 20 to 30 years, predicts top mathematician (TheStreet)
  • Coinbase says SEC agrees to right ‘major wrong’ and dismiss consequential lawsuit against crypto exchange (Fortune)
  • U.S. Senators Push for SEC to Rethink Crypto Staking in Exchange Funds (CoinDesk)

🔥TRENDING