The Blockchain Bulletin, Feb 22: Bybit Boosts Transparency with Liquidation Data
Hey folks! Welcome to another edition of The Blockchain Bulletin. In this newsletter, we provide you a quick glance at all the highlights that took place in the crypto world over the last 24 hours. Being a volatile environment, the market has its share of ups and downs. However, with the Bybit hack, widespread concerns have risen over its security and platform management. In the late hours of Friday, Bybit announced an official announcement citing a breach through one of its ETH cold wallets.
The announcement further stated that the ETH multi-signature wallet was executing a transfer to a hot wallet when it was manipulated. The scammer masked the signing interface and displayed the correct address while altering the underlying smart contract logic. As a result, the attacker gained control and siphoned $1.4B ETH and stETH. After a gap of 12 hours, the co-founder of Bybit stated in an X post that the withdrawal system is back to its normalcy. Recently, Bybit has made all its liquidation data accessible to the public via its enhanced API, ensuring that the data is captured accurately and disclosed without delay.
On the other hand, Mantra has unveiled its RWAccelerator program, aimed at fostering the growth of startups focused on real-world assets. This initiative seeks to provide mentorship, funding, and strategic support to promising projects in the sector.
Related: Hong Kong Crypto Firms Seek ETF Staking Under SFC Roadmap
Shiba Inu (SHIB) finds itself at a crucial juncture, with technical indicators suggesting a significant market movement ahead. Analysts are closely monitoring price patterns to determine whether SHIB will experience a breakout or downturn in the coming weeks. In regulatory developments, the U.S. Securities and Exchange Commission (SEC) has established a dedicated cyber unit to combat fraudulent activities in the cryptocurrency space. This move underscores the increasing focus on safeguarding investors from scams and digital asset-related crimes.
Amid new European regulations mandating the delisting of unlicensed stablecoins, Kraken is taking proactive measures by developing its own dollar-pegged stablecoin. The new stablecoin will be issued by Kraken’s Ireland-based unit. Similarly, Crypto.com is set to launch its own stablecoin in the third quarter of 2025, with plans for expansion into the European market.
Related: Traders Eye $6K-$8K as ETH’s Last Liquidity Exit—Here’s Why
Upbit, South Korea’s largest crypto exchange, is introducing new trading pairs. The exchange will list JTO/KRW, supporting Jito, Solana’s MEV infrastructure, along with ARKM/BTC and ARKM/USDT trading pairs, linked to Arkham’s data platform. In a surprising development, American rapper Kanye West is reportedly planning to launch a meme coin named YZY, drawing inspiration from the TRUMP token. Notably, 70% of YZY’s supply will be reserved for West himself, while only 10% will be allocated for liquidity and 20% for investors.
FTX creditor Sunil has highlighted that bankruptcy claims related to the exchange do not cover certain jurisdictions, including Russia, China, Egypt, Nigeria, and Ukraine. Chinese users reportedly make up 8% of FTX’s global customer base, raising concerns about the implications of these exclusions. In conclusion, the cryptocurrency industry remains dynamic, facing security breaches, regulatory shifts, and new market opportunities. As innovation continues, adaptability and vigilance will be crucial for stakeholders navigating this evolving landscape.
