Bybit Fully Recovers from $1.46B Ethereum Hack

FROM OUR FRIENDS @ Global Custody Pro

🔥Heat Map:

🌍 Daily Crypto Market Overview

Global Stats:

• Cryptocurrencies: 11.86M

• Exchanges: 796

• Market Cap: $3.16T (-0.87%)

• 24h Volume: $73.59B (+6.79%)

• Bitcoin Dominance: 60.1%

• Ethereum Dominance: 10.5%

• ETH Gas Price: 0.88 Gwei

• Fear & Greed Index: 40/100 (Neutral)

🪙 Top 5 Cryptocurrencies by Market Cap:

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🚀 Trending on DexScan:

1. HINAGI/WBNB - $0.0006996 (+14.09%)

2. FSP/WBNB - $0.001376 (+1109%)

3. SWX/WBNB - $0.001631 (+9999%+)

4. GBCK/WBNB - $0.05487 (+3297%)

5. Broccoli/WBNB - $0.04369 (+22.03%)

💹 Market Highlights:

• Total DeFi Volume: $6.22B (8.45% of total market volume)

• Stablecoins Volume: $69.04B (93.81% of total market volume)

• Coin with Highest % Change: FORT (+106.15%)

📈 Preview On Today’s News:

1. - Bybit Fully Recovers from $1.46B Ethereum Hack

2. - Kraken and Crypto.com Launch Stablecoins to Comply With EU Regulations

3. - Dogecoin Foundation Partners with House of Doge to Boost Adoption

Keep reading below for more!

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Today’s News:

1)

Bybit Fully Recovers from $1.46B Ethereum Hack

Bybit CEO Ben Zhou announced that the exchange has fully recovered from a $1.46 billion Ethereum hack attributed to North Korea’s Lazarus Group. Despite not recuperating the stolen funds, Bybit replenished its reserves through whale support, loans, and Ether purchases, ensuring all client assets are fully backed 1:1. An audited proof-of-reserves report is set to be released soon. Meanwhile, the hackers have begun laundering the stolen Ethereum, prompting Tether to freeze 181,000 USDT linked to the exploiters. Bybit has offered a 10% bounty for any assistance in recovering the stolen assets.

• Bybit replenished its $1.46 billion Ethereum reserves through whale support, loans, and purchases, maintaining 1:1 client asset backing.

• The hackers have started laundering the stolen funds, leading to Tether freezing linked USDT, while Bybit offers a 10% bounty for recovery assistance.

2)

Kraken and Crypto.com Launch Stablecoins to Comply With EU Regulations 

Kraken and Crypto.com are developing proprietary stablecoins to comply with the European Union's Markets in Crypto-Assets (MiCA) regulations, ensuring continued operations in the European market by 2025. Kraken's dollar-backed stablecoin is being developed through its Irish subsidiary, while Crypto.com is working on its version, expected to launch later in 2025. This move follows Crypto.com's recent expansion in the European Economic Area (EEA) after securing a MiCA license from Malta. With MiCA mandating EU authorization for stablecoin issuers, exchanges are creating in-house alternatives to retain market access, reflecting a growing industry trend toward regulatory compliance and transparency.

• Kraken and Crypto.com are developing stablecoins to meet MiCA regulations, maintaining their presence in the EU market by 2025.

• The initiative signals a shift toward regulatory compliance, with major exchanges adopting in-house solutions to ensure market access and transparency.

3)

Dogecoin Foundation Partners with House of Doge to Boost Adoption

The Dogecoin Foundation has announced a five-year strategic partnership with House of Doge to enhance the adoption and commercial integration of Dogecoin. The collaboration aims to double the Foundation's development team, introduce Dogecoin as a payment option in U.S. businesses, and promote its use at large-scale sporting events. A key feature of this partnership is the creation of a Dogecoin Reserve & Treasury to support liquidity and facilitate corporate adoption. A major PR statement detailing this initiative is expected in early March. The move is part of the Foundation's strategy to achieve mainstream acceptance while preserving community integrity.

• The partnership aims to double the Dogecoin Foundation’s development team and integrate Dogecoin as a payment method in U.S. businesses and major sporting events.

• A Dogecoin Reserve & Treasury will support liquidity and corporate adoption, with a detailed PR statement to be released in early March.

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