Have you missed our weekly news digest yet? We know that you have! So, let’s dive into the ocean of hot and interesting crypto news! Trust us, there’s a lot to discuss: from crypto theft to D.Trump’s crypto reserve.
Trump Signs Executive Order to Establish U.S. Crypto Reserve
No doubt, the most breaking news of this week – a strategic Bitcoin reserve in the USA. On Friday, U.S. President D. Trump signed an executive order to create a reserve that would store assets confiscated by the Treasury Department in criminal and civil cases.
D. Sacks, a special advisor on AI and crypto, pointed out that over the past decade, the federal government sold approximately 195,000 BTC for $366 million, which would now be worth over $17 billion. He emphasized the need for a long-term digital asset strategy.
As a next step, the White House will host the first Crypto Summit on March 7. At the summit, further details about the reserve’s composition, including potential assets like XRP, SOL, and ADA, are expected to be revealed. We look forward to the event’s results and will discuss them next week!
$1.2M in Crypto Stolen from UK Users Through Seed Phrase Scam
Scammers tricked UK investors into revealing their seed phrases, leading to the massive theft of $1.2 million worth of crypto assets. The fraudulent scheme highlights the critical importance of wallet security, urging users to avoid sharing recovery phrases and use secure storage solutions like hardware wallets. We discussed crypto wallet security more here. Check it out!
Coinbase Launches Trading of Tokenized Securities
This week, Coinbase, as one of the top cryptocurrency platforms worldwide, has announced the launch of trading for tokenized securities, marking a significant step toward the convergence of traditional finance and blockchain technology.
The move initially boosted tokenized asset prices, but crypto analysts remain cautious, warning that potential price drops may still occur due to regulatory uncertainties and market volatility. Coinbase CEO B. Armstrong highlighted that tokenized securities will enable 24/7 trading without restrictions.
Additionally, a top manager from Coinbase will participate at the upcoming Crypto Summit on March 7. Therefore, we hope to receive even more information about the project following the event. We look forward to receiving updates!
BioNexus Gene Lab Adopts Ethereum as Treasury Asset
On March 5, BioNexus Gene Lab Corp. (BGLC), a Nasdaq-listed technology company, has officially adopted Ethereum (ETH) as a strategic treasury asset, becoming the first public firm to do so.
The company’s board approved this move, highlighting Ethereum’s institutional reliability, yield generation through its Proof-of-Stake mechanism, dominance in financial infrastructure, and long-term scalability plans.
CEO S.Tan stated, “Ethereum offers high liquidity, a wide range of applications, and stability compared to other digital assets. This positions BGLC as a leader in blockchain-integrated corporate finance”.
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Bybit vs. ParaSwap: A Controversial Request
The entire crypto world is still discussing the biggest hacker attack in history on Buybit.
In short, in the last weeks of February, cryptocurrency exchange platform Bybit experienced a significant security breach, resulting in the theft of approximately 400,000 Ethereum, valued at around $1.5 billion. The Lazarus Group, a North Korean state-sponsored hacking organization, is suspected to be responsible for this attack.
For that reason, Bybit has asked ParaSwap to return 44.67 wETH (~$100,000) in fees linked to transactions from the Lazarus Group hack. The request, posted on ParaSwap DAO’s forum, sparked debate about decentralization and ethics.
For instance, Udi Wertheimer, co-founder of Taproot Wizards, noted that refusing a refund could be regarded as a profit from a hacker attack, which would have a bad effect on the platform’s reputation and attract increased regulatory attention.
The case itself highlights ongoing challenges in balancing security, ethics, and decentralization in crypto.
The final thought
For sure, this week has been full of both exciting and intimate developments in the cryptocurrency world! Not going to lie, this is to be expected, as the cryptocurrency market and related solutions continue to evolve daily. Even political institutions in major countries, like the White House, are beginning to recognize the need to adapt and take advantage of the opportunities offered by the crypto market.
If you also want to discover all the possibilities of the crypto market and web3 solutions, just contact the EvercodeLab team TODAY! Thanks to our extensive experience and a wide range of cases, for sure, we can help you find the right solutions for your specific needs and business requirements!