Japanese firm Metaplanet issues $13.3M in bonds to buy more Bitcoin
Metaplanet — a Japanese firm following in Strategy’s footsteps by focusing on accumulating Bitcoin — issued 2 billion Japanese yen ($13.3 million) of bonds to buy more BTC.According to a March 31 filing, Metaplanet issued the zero-interest bonds by allocating them via its Evo Fund to fuel its Bitcoin purchases. Investors will be allowed to redeem the newly-issued securities at full face value by Sept. 30.The firm’s CEO, Simon Gerovich, wrote in an X post that the company was taking advantage of the recent downturn in Bitcoin prices. The announcement comes as Bitcoin changed hands for about $82,000 at the time of writing, down 25% from its all-time high of over $109,000.Related: Metaplanet share price rises 4,800% as company stacks BTCSource: Simon GerovichMetaplanet is Asia’s top corporate Bitcoin holder and the 10th in the world, according to BitcoinTrasuries data. Currently, the firm owns about 3,200 Bitcoin worth about $1.23 billion.Following in the footsteps of giantsMetaplanet is often called “Asia’s MicroStrategy,” as its corporate plan closely mirrors that of Strategy (formerly MicroStrategy), the US-based market intelligence firm that shifted its primary focus to accumulating Bitcoin (BTC). Metaplanet’s US-based older brother is the top corporate Bitcoin holder with over 500,000 BTC in its coffers, worth nearly $82 billion, more than 2% of the 21 million Bitcoin supply limit.Related: Metaplanet tips first operating profit in 7 years, boosted by BitcoinEarlier this month, Metaplanet purchased 150 Bitcoin, chipping away at its objective of accumulating 21,000 BTC by 2026. At the beginning of March, the firm’s stock jumped 19% in less than a day after it splurged $44 million to add Bitcoin to its coffers.Also, this month, Metaplanet started exploring a potential US listing as the company acquired another 156 BTC. Gerovich said at the time:“We are considering the best way to make Metaplanet shares more accessible to investors around the world.”An increasingly influential companyMetaplanet is making powerful friends in the US political landscape. Earlier in March, the company appointed US President Donald Trump’s son Eric to its newly established strategic board of advisers to further Metaplanet’s mission to become a “global leader in the Bitcoin economy.” Company representatives said at the time:“Eric Trump brings a wealth of experience in real estate, finance, brand development, and strategic business growth and has become a leading voice and advocate of digital asset adoption worldwide.“Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
Stop pretending technical and human vulnerabilities are separate things
Opinion by: Andrey Sergeenkov, researcher, analyst and writerCrypto founders love big promises: decentralized finance, banking the unbanked and freedom from intermediaries. Then hacks happen. In some cases, billions vanish overnight. On Feb. 21, 2025, the North Korean Lazarus Group stole $1.46 billion from Bybit. They sent phishing emails to staff with cold wallet access. After compromising these accounts, they accessed Bybit’s interface and replaced the multisignature wallet contract with their malicious version. When Bybit attempted a routine transfer, the hackers redirected 499,000 Ether (ETH) to addresses they controlled.This wasn’t just a human error. This was a design failure. A system that allows human factors to enable a billion-dollar theft isn’t innovative — it’s irresponsible.People are not protectedIn just 10 days, the hackers converted all 499,000 ETH into untraceable funds, using THORChain as their primary channel. The decentralized exchange processed a record $4.66 billion in swaps in a week but implemented no safeguards against suspicious activity.The crypto industry has created a system that cannot protect users even after they discover a theft. Some services actually profited from this crime, collecting millions in fees while processing the laundering of stolen funds.Recent: SafeWallet releases Bybit hack post-mortem reportIn February 2025, investigators ZachXBT and Tanuki42 revealed that Coinbase users lost over $300 million annually to social engineering attacks. Their report showed $65 million stolen through phishing and other social manipulation techniques in December 2024 and January 2025. According to the investigators, Coinbase failed to address known security vulnerabilities in their API keys and verification systems that make these human-targeted attacks successful. ZachXBT directly criticized the exchange for having “useless customer support agents” and failing to properly report theft addresses to blockchain monitoring tools, making stolen funds harder to track. One scammer even admitted to targeting wealthy users, claiming they make at least five figures a week.These aren’t isolated cases. The US Federal Bureau of Investigation reported that ordinary crypto users lost over $5.6 billion to fraud in 2023, and social engineering drove at least half of these schemes. Americans alone lose approximately $2 billion–$3 billion annually to human vulnerability attacks. With over 600 million crypto users worldwide, conservative estimates put individual losses from social engineering at $6 billion–$15 billion in 2024. Barrier to adoptionSecurity concerns are now recognized as the main barrier to adoption by 37% of crypto users worldwide. Meanwhile, the industry continues to promote high-risk speculative assets like memecoins, where average users typically lose money while insiders profit.While founders pitch financial freedom, millions of real people lose their savings through vulnerabilities the industry refuses to address. They’re symptoms of a fundamental problem: Crypto builders choose marketing over security.When disasters happen, and they face pressure about security failures, crypto leaders hide behind blockchain’s “code is law” principle and offer philosophical arguments about self-sovereignty and personal responsibility. The crypto industry loves to blame ordinary users: “Don’t store keys online,” “Check addresses before sending,” “Never open suspicious files.”Nobody is safeEven industry leaders themselves fall victim to the same basic attacks. In January 2024, Ripple co-founder Chris Larsen lost 283 million XRP (XRP) due to storing private keys in an online password manager. DeFiance Capital founder Arthur_0x lost $1.6 million in non-fungible tokens (NFTs) and cryptocurrency simply by opening a phishing PDF file. These people aren’t naive beginners — they’re creators and experts of the very system that could not protect even them. They know all the security rules, but the human factor is inevitable. If even the system architects lose millions, what chance do ordinary users have?Knowledge of security rules doesn’t provide complete protection because fever, stress, sleep deprivation or emotional distress severely affect our decision-making abilities. Attackers continuously test different approaches, waiting for moments when users become vulnerable. They evolve their tactics constantly, creating increasingly convincing scenarios, impersonations and urgent situations. The unchangeable nature of blockchain transactions demands extraordinary safeguards — not fewer. If users can’t reverse mistakes or thefts, the system must prevent them in the first place. True innovation means building systems that work for real humans, not theoretically perfect users. Banks learned this lesson over centuries. Crypto builders must learn it faster.Instead, industry leaders seem to have lost touch with reality due to the extreme wealth dumped on them quickly. They’ve bought into their PR narrative, portraying them as geniuses, and started viewing themselves as visionaries.A call to actionVitalik Buterin lectures his audience on voting in elections and polishes his manifesto, while Justin Sun spends $6.2 million on a banana for a “unique artistic experience” — all while building an environment that makes dangerous mistakes easy to make. This approach is fundamentally dishonest. You can’t claim to revolutionize finance while providing less security than the systems you’re replacing.What technical brilliance exists in systems that permit billion-dollar thefts and systematic fraud of ordinary users with such ease? As a core function, true technical excellence would include protecting users from permanent financial loss. A financial system that cannot secure its users’ assets is not technically advanced — it’s fundamentally incomplete.It’s time to stop writing manifestos and promoting questionable PR stunts designed to attract a broader and more vulnerable audience. Start building genuine protections that match the level of risk your users face. No amount of blockchain innovation matters if ordinary people cannot use these systems without fear of instant, permanent financial loss.Anything less is just reckless experimentation at users’ expense disguised as a revolution — a scheme that enriches founders and insiders while ordinary people bear all the risks.If the industry doesn’t solve this problem, regulators will — and you won’t like their solutions. Your philosophical arguments about self-sovereignty won’t matter when licenses are revoked and operations shut down.This is the choice crypto builders face: Either create truly secure systems that justify your claims about financial innovation or watch as regulators transform your “revolutionary technology” into another heavily regulated financial service. The clock is ticking.Opinion by: Andrey Sergeenkov, researcher, analyst and writer.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
California introduces ’Bitcoin rights’ in amended digital assets bill
A Californian lawmaker has just added Bitcoin and crypto investor protections to a February-introduced money transmission bill aimed at securing crypto self-custody rights for the US state’s nearly 40 million residents.California’s Assembly Bill 1052 was introduced as the Money Transmission Act on Feb. 20, 2025, but was amended by Democrat and Banking and Finance Committee chair Avelino Valencia on March 28 to include several Bitcoin (BTC) and crypto-related investor protections. The amendments cross out “Money Transmission Act,” with the legislation now called “Digital assets.”“California often sets the national blueprint for policy, and if Bitcoin Rights passes here, it can pass anywhere,” Satoshi Action Fund CEO Dennis Porter said in a March 30 statement.“Once passed, this legislation will guarantee nearly 40 million Californians the right to self-custody their digital assets without fear of discrimination.”Source: Satoshi Action FundThe bill would also deem the use of a digital financial asset as a valid and legal form of payment in private transactions and would prohibit public entities from restricting or taxing digital assets solely based on their use as payment.The bill would also expand the scope of California’s Political Reform Act of 1974 to prohibit a public official from issuing, sponsoring or promoting a digital asset, security or commodity.“A public official shall not engage in any transaction or conduct related to a digital asset that creates a conflict of interest with their public duties,” one section of the AB 1052 states.AB 1052 is now in the “desk process” — meaning the bill has been formally introduced and is awaiting its first reading.A total of 99 merchants currently accept Bitcoin payments in California, BTC Maps data shows.Ripple Labs, Solana Labs and Kraken are among the largest crypto firms based in California.Related: New BITCOIN Act would allow US reserve to exceed 1MA stablecoin-related bill was also introduced in California on Feb. 2, 2025, which aims to provide more clarity over stablecoin collateral requirements, liquidation processes, redemption and settlement mechanisms requirements and security audits.Bitcoin-related bills and measures near 100 at the US state levelAccording to Bitcoin Law, 95 Bitcoin-related bills or measures have been introduced at the state level in 35 states, including 36 Bitcoin reserve bills that are still live.The Texas Senate passed a Bitcoin strategic reserve bill in a 25-5 vote on March 6, while Kentucky Governor Andy Beshear signed a Bitcoin Rights bill into law on March 24.Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.Magazine: Bitcoin payments are being undermined by centralized stablecoins
One in four S&P 500 firms will hold Bitcoin by 2030: Crypto advisory
Around a quarter of firms listed on the S&P 500 would have invested in Bitcoin by 2030, with treasury managers fearing they could lose their jobs if they missed out on potential Bitcoin gains, a partner at a tech-focused financial advisory firm said.“I anticipate that by 2030, a quarter of the S&P 500 will have BTC somewhere on their balance sheets as a long-term asset,” Elliot Chun, a partner at Architect Partners, said in a March 28 blog.Chun said this shift will be driven by treasury managers feeling compelled to at least experiment with Bitcoin (BTC).“If you tried it and it worked, you’re a genius. If you tried it and it didn’t work, you at least tried. But if you didn’t try and have no good reason, your job may be at risk.”Strategy (MSTR) is the largest corporate Bitcoin holder of all 89 public-traded firms that currently have Bitcoin on their balance sheets, according to data from BitcoinTreasuries.NET.One more firm could be added to the list after GameStop’s $1.3 billion convertible notes offering on March 26, which the firm intends to use to buy its first batch of Bitcoin.Tesla and Block are the only S&P 500-listed firms that hold Bitcoin — meaning at least another 123 S&P 500 firms would need to invest in Bitcoin by 2030 for Chun’s prediction to be correct.The top 10 largest corporate Bitcoin holders. Source: BitcoinTreasuries.NETTech investors and execs expect Bitcoin to keep risingBitcoin could soar to the $500,000 to $1,000,000 range or even higher by 2030, according to the likes of ARK Invest CEO Cathie Wood, Galaxy Digital CEO Mike Novogratz, Coinbase CEO Brian Armstrong and Block CEO Jack Dorsey.Meanwhile, firms adopting Bitcoin treasury strategies have seen a positive impact on their share prices. Strategy, whose stock has surged over 2,000% since its first Bitcoin investment on Aug. 20, 2020 — massively outperforming Bitcoin (781.1%) and S&P 500 (64.8%) over that stretch.But there’s a big difference between firms that adopt Bitcoin for treasury diversification and risk management and those that restructure their entire business models to become the Bitcoin treasury leader within their industries, Chun said.“Companies who are implementing this strategy in hopes of replicating MSTR’s performance are positioning for disappointment,” said Chun, who referred to Strategy as a “one-of-one.”MSTR initially provided US asset managers exposure to Bitcoin at a time when they couldn’t hold Bitcoin directly. That changed when the Securities and Exchange Commission approved a handful of spot Bitcoin exchange-traded fund applications on Jan. 10, 2024.Related: Bitcoin-to-gold ratio breaks 12-year support as gold price hits a record $3KDespite the increased adoption, Bitcoin used as a treasury asset remains an “unproven strategy” for firms hoping it will hedge against US dollar and fiat inflation or diversify their treasury for risk management purposes, Chun said.That said, Bitcoin is still a more flexible treasury asset than gold, according to Chun, who pointed out the challenges in storing and moving gold bars.On the other hand, Bitcoin is a digital commodity that is GAAP-recognized as a tangible asset with a fungible and liquid profile, he added.Earlier this month, crypto asset manager Bitwise launched Bitwise Bitcoin Standard Corporations ETF on March 11, which seeks to track companies with at least 1,000 Bitcoin in their corporate treasuries.Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express
Binance debuts centralized exchange to decentralized exchange trades
Crypto exchange Binance has debuted centralized exchange (CEX) to decentralized exchange trades (DEX), allowing customers to use funds from their Binance wallets to execute DEX trades — eliminating the need for asset bridging or manual transfers.According to the exchange, customers can use Circle’s USDC (USDC) and other supported stablecoins to acquire tokens on the Ethereum, Solana, Base, and BNB Smart Chain networks.The new CEX to DEX feature is also compatible with other tools on the platform, including Binance Alpha, which gives users the ability to discover emerging tokens in early-stage development, and the Binance quick buy tool.Incorporating CEX to DEX trading unlocks a smoother user experience and reduces the complexity of swapping digital assets. This reduction in complexity addresses the technical barrier to entry inherent in the user experience that makes it difficult for new users to interact with digital assets. Complex user interfaces and clunky user experience is one of the most widely cited issues in crypto.An online meme poking fun at the complexities in crypto. Source: Kev.EthRelated: Web3’s UX problem — and how to fix it, feat. Ponder OneOvercoming crypto’s user experience problem and getting crypto out of the AOL eraIn November 2024, The WalletConnect Foundation and Reown established a standard framework for crypto wallets to enhance the user experience and promote ease of use.Pedro Gomes, director of the WalletConnect Foundation, told Cointelegraph that the wallet standards framework focused on several key areas including, “minimizing clicks, reducing transaction friction, interoperability, and providing clear and accessible information.”Anurag Arjun, co-founder of Avail — a unified chain abstraction solution — and the Polygon layer-2 network, also told Cointelegraph that current blockchain abstraction techniques are fragmenting liquidity across the ecosystem.The Polygon co-founder said that each blockchain network has its own set of security assumptions, presenting challenges for interoperability; Arjun specifically cited bridging techniques as cumbersome for the end user.Sandeep Nailwal, who founded Polygon alongside Arjun, recently voiced similar sentiments and said that crypto needs to enhance user experience before achieving mass adoption, likening the current state of crypto to the internet in the late 1990s.Nailwal told Cointelegraph that crypto needs to adopt smoother fiat onboarding, better custody solutions that feature key recovery, and hardware wallets built into mobile devices to bring crypto out of the “AOL era” and achieve mass appeal.Magazine: They solved crypto’s janky UX problem — you just haven’t noticed yet
Stablecoins are powering deobanks
Opinion by: Maksym Sakharov, co-founder and group CEO of WeFi The current markets are experiencing tailwinds as a result of the tariffs imposed by the US administration and retaliatory measures from trading partners. So far, however, market proponents say that Trump’s tariffs are primarily a negotiation strategy, and their effect on businesses and consumers will remain manageable.Market uncertainty drives institutional interest Adding to the uncertainty are the inflationary pressures that could challenge the US Federal Reserve’s rate-cutting outlook. Besides that, an impending fiscal debate in Washington over the federal budget is also causing jitters in the market. Resolving the debt ceiling remains a pressing issue, as the Treasury currently relies upon “extraordinary measures” to meet US financial obligations. The exact timeline for when these measures will be exhausted is unclear, but analysts anticipate they may run out after the first quarter. While the administration has proposed eliminating the debt ceiling, this could face resistance from fiscal conservatives in Congress. According to a recent report, one sector experiencing steady growth is stablecoins despite this macroeconomic uncertainty. Much of the volume is driven by flows in Tether’s USDt (USDT) and USDC (USDC). Dollar-pegged stablecoins dominate the market Stablecoins started as an experiment — a programmable digital currency that would make it easier for users to enter the crypto market and trade different digital assets. A decade later, they are a critical part of the broader digital financial infrastructure.The stablecoin market cap currently stands at a record $226 billion and continues to expand. Demand in emerging markets drives this growth. A recent ARK Invest report states that dollar-pegged stablecoins dominate the market. They account for over 98% of the stablecoin supply, with gold- and euro-backed stablecoins only sharing a small portion of the market.In addition to this, Tether’s USDt accounts for over 60% of the total market. ARK’s research suggests that the market will expand and include Asian currency-backed stablecoins.Recent: US will use stablecoins to ensure dollar hegemony — Scott BessentBesides that, digital assets are going through a shift marked by “stablecoinization” and “dollarization.” Asian nations like China and Japan have offloaded record amounts of US Treasurys. Saudi Arabia has ended its 45-year petrodollar agreement, and BRICS nations are increasingly bypassing the SWIFT network to reduce reliance on the US dollar. Bitcoin (BTC) and Ether (ETH) were traditionally the primary entry points into the digital asset ecosystem. Stablecoins have, however, taken the lead over the past two years, now representing 35%–50% of onchain transaction volumes.Despite global regulatory headwinds, emerging markets have been adopting stablecoins. In Brazil, 90% of crypto transactions are undertaken via stablecoins, primarily used for international purchases.A Visa report ranks Nigeria, India, Indonesia, Turkey and Brazil as the most active stablecoin markets, and Argentina ranks second in stablecoin holdings. Additionally, six out of every 10 purchases in the country were made using stablecoins pegged to the dollar, with near parity between USDC and USDT.This shift toward stablecoins in Argentina is driven by high inflation and the need to protect against the devaluation of the Argentine peso. People in countries with unstable currencies turn to stablecoins, like USDT, to safeguard their wealth. Deobanks and their role in high-risk areasStablecoins have paved the way for a new generation of financial services. For example, stablecoins have provided the foundation for decentralized onchain banks, or deobanks, that embrace stablecoins as their native currency.Deobanks make digital banking and financial services accessible to everyone, even people who do not meet strict account opening criteria. They also attract people who do not trust traditional institutions with their money. Users keep complete control of their funds through non-custodial accounts and enjoy real-time transaction transparency.Deobanks’ decentralized nature replaces intermediaries with smart contracts that connect personal wallets directly to digital bank accounts. This approach cuts costs and speeds up transactions. Onchain data transparently preserves every transaction detail. The result is a financial model that is both efficient and inclusive. What lies aheadAnalysts predict the stablecoin market cap will surpass $400 billion in 2025. Deobanks bring a new edge to this growth, using stablecoins to drive economic growth and expand digital payment networks. They open fresh avenues for cross-border commerce and new opportunities for financial inclusion. In the next few years, the combined rise of stablecoins and next-generation onchain banks will transform how money moves across borders and transactions are processed. The blockchain integration at the back end and stablecoin foundation will promote lower fees, faster payments and broader access to financial services. The trend represents a shift away from outdated systems and signals a more resilient financial ecosystem.Opinion by: Maksym Sakharov, co-founder and group CEO of WeFi .This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Crypto Biz: GameStop takes the orange pill
It has been a wild few years for GameStop, the video game retailer turned memecoin stock. After being pulled from the edge of bankruptcy in 2021 thanks to a surging stock price, the company has made sensible business decisions over the years, such as shrinking its physical footprint and focusing on higher-margin items. Now, GameStop is trying to secure its survival by investing in Bitcoin (BTC). This approach seems to have worked for Strategy, Michael Saylor’s business intelligence firm turned Bitcoin bank. Strategy has now amassed more than 500,000 BTC through successive purchases. And despite experiencing massive volatility, Strategy’s stock has rallied more than 2,100% since acquiring its first Bitcoin back in 2020.GameStop has memed its way back to relevance — who says it can’t secure at least the next decade of its existence by riding the Bitcoin wave?This week’s Crypto Biz newsletter chronicles GameStop’s Bitcoin gambit, the adoption magnet that is tokenization and the recovery in Bitcoin mining revenues.GameStop: Following the Strategy playbookOn March 25, GameStop confirmed that it had received board approval to invest in Bitcoin and US-dollar-pegged stablecoins. There’s reason to believe that the video game retailer could make a big splash, given its corporate cash balance of nearly $4.8 billion. This is a notable jump from one year earlier when the company’s balance sheet was around $922 million. There’s also reason to believe that GameStop CEO Ryan Cohen was orange-pilled by Michael Saylor after the two met in early February. Cohen confirmed that the meeting took place by posting an uncaptioned photo of him and Saylor on Feb. 8. Source: Ryan CohenFor his part, Saylor continues to accumulate as much BTC as humanly possible. Earlier in the week, he announced that Strategy had acquired another 6,911 BTC, bringing its stockpile to 506,137 BTC.Tokenized real estate comes to PolyonDigiShares has launched a real estate trading platform on Polygon, giving investors access to a liquid on- and off-ramp for commercial and residential properties. RealEstate.Exchange, also known as REX, launched with two luxury property listings in Miami, Florida, including a 520-unit tower and a 38-unit residential complex.A Google street view of one of the property listings, The Legacy Hotel & Residences in Miami, Florida. Source: Google MapsDigiShares CEO Claus Skaaning told Cointelegraph that REX has an additional five or six properties in the pipeline, adding that REX will eventually support all sorts of commercial and residential properties. REX operates in the United States through a license with Texture Capital, a broker-dealer registered with the Securities and Exchange Commission. The platform is also seeking registrations in the European Union, South Africa and the United Arab Emirates. Tokenized assets coming to CMECME Group, one of the world’s largest derivatives exchange operators, has tapped Google Cloud to roll out its asset tokenization program. Specifically, CME Group is using the Google Cloud Universal Ledger (GCUL) to tokenize traditional assets on the blockchain — a move the company said would improve capital market efficiency and wholesale payments. Tokenization could “deliver significant efficiencies for collateral, margin, settlement and fee payments as the world moves toward 24/7 trading,” said Terry Duffy, CME Group’s Chairman and CEO.Although CME didn’t provide specific details about which assets would be part of the tokenization pilot, it plans to begin testing the technology with market participants next year.Bitcoin miner revenues stabilize post-halvingBitcoin miners are on track for recovery following the network’s April 2024 halving event, which reduced mining revenues from 6.25 BTC to 3.125 BTC.According to data from Coin Metrics, miner revenues are approaching $3.6 billion in the first quarter, which isn’t far off from the prior quarter’s $ 3.7 billion tally. It marks a major rebound from the third quarter of 2024 when revenues plunged to $2.6 billion. Miners have quickly adapted to the latest quadrennial halving, though revenues remain lower than the pre-halving peak in the first quarter of 2024. Source: Coin Metrics“With almost one year elapsed since Bitcoin’s 4th halving, miners have endured a period of stabilization, adapting to reduced block rewards, tighter margins, and shifting operational dynamics,” Coin Metrics said.Despite adverse market conditions since the halving, some miners are doubling down on their Bitcoin hodl strategy. Hive Digital’s chief financial officer told Cointelegraph that the company is focused on “retaining a significant portion of its mined Bitcoin to benefit from potential price appreciation.”Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
Lazarus Group’s 2024 pause was repositioning for $1.4B Bybit hack
North Korea-affiliated hackers may have scaled back their operations in the second half of 2024 while preparing for what became the largest crypto hack in history.The crypto industry was rocked by the enormous hack on Feb. 21 when Bybit lost over $1.4 billion to the infamous North Korean Lazarus Group, which seems to have prepared the attack months in advance.According to blockchain analytics firm Chainalysis, illicit activity tied to North Korean cyber actors sharply declined after July 1, 2024, despite a surge in attacks earlier that year.The slowdown in crypto hacks by North Korean agents had raised significant red flags, according to Eric Jardine, Chainalysis cybercrimes research Lead.North Korean hacking activity before and after July 1. Source: ChainalysisNorth Korea’s slowdown “started when Russia and DPRK [North Korea] met for their summit that led to a reallocation of North Korean resources, including military personnel to the war in Ukraine,” Jardine told Cointelegraph during the Chainreaction show on March 26, adding:“So, we speculated in the report that there might have been additional things unseen in terms of resources reallocation from the DPRK, and then you roll forward into early February, and you have the Bybit hack.”https://t.co/jOlqMt4Hag— Cointelegraph (@Cointelegraph) March 26, 2025“The slowdown that we observed could have been a regrouping to select new targets, probe infrastructure, or it could have been linked to those geopolitical events,” he added.Related: Hyperliquid whale still holds 10% of JELLY memecoin after $6.2M exploitIt took the Lazarus Group 10 days to launder 100% of the stolen Bybit funds through the decentralized crosschain protocol THORChain, Cointelegraph reported on March 4.Still, blockchain security experts were hopeful that a portion of the funds could be frozen and recovered by Bybit. As of March 20, over 80% of the stolen $1.4 billion was still traceable as blockchain investigators continue their efforts to freeze and recover the funds.Related: Polymarket faces scrutiny over $7M Ukraine mineral deal betHow hackers staged the world’s biggest crypto hackThe Bybit attack highlights that even centralized exchanges with strong security measures remain vulnerable to sophisticated cyberattacks, analysts said.The attack shares similarities with the $230 million WazirX hack and the $58 million Radiant Capital hack, according to Meir Dolev, co-founder and chief technical officer at Cyvers.Dolev said the Ethereum multisig cold wallet was compromised through a deceptive transaction, tricking signers into unknowingly approving a malicious smart contract logic change.“This allowed the hacker to gain control of the cold wallet and transfer all ETH to an unknown address,” Dolev told Cointelegraph.North Korea hacking activity. Source: ChainalysisThroughout 2024, North Korean hackers stole over $1.34 billion worth of digital assets across 47 incidents, a 102% increase from the $660 million stolen in 2023, according to Chainalysis data.This accounted for 61% of the total crypto stolen in 2024.Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
'Bitcoin Macro Index' bear signal puts $110K BTC price return in doubt
Bitcoin, the world’s first and most popular cryptocurrency, is facing a potential bear market as a number of key metrics are showing a “bearish divergence.” This means that while the price of Bitcoin has been rising, other indicators are suggesting a downward trend.
The Capriole Investments’ Bitcoin Macro Index, which uses machine learning to analyze data from various metrics, has been showing lower highs since late 2020 while the price of Bitcoin has been reaching higher highs. This is a concerning sign for the overall health of the market, as it could indicate that Bitcoin has already reached its peak for this cycle.
The creator of the index, Charles Edwards, has acknowledged this bearish divergence and stated that it is “not great.” However, he also noted that he will not be fighting against the index if it turns positive in the future.
Other onchain metrics, such as the Market Value to Realized Value (MVRV) and Net Unspent Profit/Loss (NUPL), are also showing signs of turbulence in the short to mid-term. However, they do not suggest that Bitcoin has reached its peak yet.
In order for the market to turn bullish again, the Inter-Exchange Flow Pulse (IFP) metric, which flipped bearish in February, would need to return above its 90-day simple moving average. This would indicate a shift in sentiment and potentially lead to a recovery in the market.
Despite these concerning signals, it is important to note that this article does not contain investment advice or recommendations. Every investment and trading decision involves risk, and it is important for individuals to conduct their own research before making any decisions.
In conclusion, while the current state of the market may be uncertain, it is important for investors to stay informed and make decisions based on their own research and risk tolerance. Only time will tell if Bitcoin will continue its upward trend or if a bear market is on the horizon.
Senator John Kennedy grills SEC nominee Paul Atkins about SBF pardon
Senator John Kennedy of Louisiana has been making headlines recently for his tough questioning of prospective Securities and Exchange Commission (SEC) chairman Paul Atkins. During the Senate Banking Committee’s March 27 nomination hearing, Kennedy directed a series of questions about former FTX CEO Sam “SBF” Bankman-Fried towards Atkins, probing him about donations made by Bankman-Fried’s family to Stanford University.
Kennedy’s line of questioning was sparked by reports that Bankman-Fried’s parents were seeking a pardon for their son from recently-elected US President Donald Trump. This news, coupled with Bankman-Fried’s high-profile pardon of Silk Road founder Ross Ulbricht, has raised concerns about potential double standards in the American justice system.
Kennedy made it clear that he expects the SEC to take action to prevent any potential pardons on behalf of Bankman-Fried, stating, “There should not be two standards of law and punishment for people in America. And every time you come to this committee, I am going to pounce on you like a ninja to find out what the SEC has done because I don’t think the SEC has done a damn thing.”
However, experts believe that Bankman-Fried is unlikely to secure a pardon for several reasons. Unlike Ulbricht, Bankman-Fried’s actions have resulted in significant financial losses for investors, making his case less sympathetic. Additionally, the public campaign promise made by then-candidate Trump to pardon Ulbricht sets his case apart.
Despite this, Bankman-Fried has attempted to cozy up to Republicans in several interviews with independent media outlets. However, these attempts have backfired, with Bankman-Fried being thrown into solitary confinement and moved to a prison facility in Oklahoma following an unauthorized interview with Tucker Carlson.
The controversy surrounding Bankman-Fried’s potential pardon highlights the ongoing debate about double standards in the American justice system. As the SEC continues to face pressure to take action against Bankman-Fried and his family, it remains to be seen how this situation will unfold.