KEYTAKEAWAYS
- Safe Wallet and Bybit face significant security challenges with forged UI transactions, highlighting growing sophistication in crypto wallet attacks.
- OpenSea's SEC investigation closure and Franklin Templeton's Solana ETF filing signal positive regulatory developments in the crypto space.
- Major market movements include Bitcoin ETF flows, USDC circulation changes, and substantial institutional crypto transfers between exchanges.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Safe Wallet Reports Security Investigation Following Suspicious Transaction
Safe, the multi-signature wallet protocol, confirmed via ByBit that while their UI displayed correct transaction information, a malicious transaction with valid signatures was executed on-chain. Initial investigations revealed no vulnerabilities in the codebase, no malicious dependencies, and no unauthorized infrastructure access. The platform has temporarily suspended Safe{Wallet} functionality pending a comprehensive security review.
2. Franklin Templeton Files for Spot Solana ETF
Franklin Templeton has submitted an S-1 filing to the SEC for a spot Solana ETF, marking another major institutional player entering the crypto ETF space.
3. SEC Concludes OpenSea NFT Investigation
The SEC has concluded its investigation into OpenSea, according to founder Devin Finzer. The decision comes shortly after the SEC’s dismissal of its Coinbase lawsuit. The industry views this as a positive development, with competitors like Magic Eden’s CBO Chris Akhavan expressing support. OpenSea Foundation is now preparing to launch its SEA token in eligible countries including the US.
4. Bitcoin Experiences Minor Price Correction
Bitcoin’s price dipped below $96,000 USDT, with 24-hour gains narrowing to 2.08%.
5. Bybit Reports ETH Cold Wallet Security Breach
Ben Zhou announced that Bybit’s ETH multi-signature cold wallet experienced a security breach where attackers forged UI displays showing correct addresses but modified smart contract logic. The incident resulted in unauthorized ETH transfers, though other cold wallets remain secure.
NOON NEWS
1. Circle Reports USDC Circulation Update
Circle’s official data shows approximately 2.1 billion USDC issued and 2 billion redeemed in the week ending February 20, resulting in a net increase of 100 million. Total circulation stands at 56.1 billion, backed by reserves of 56.4 billion USD.
2. Bitcoin Spot ETF Market Activity Report
The total net outflow for Bitcoin spot ETFs on February 21 was $62.77 million, with GBTC experiencing the largest outflow. BlackRock’s IBIT led inflows with $21.64 million, bringing total market net asset value to $110.79 billion.
3. Russian Supreme Court Proposes Crypto Classification
Russia’s Supreme Court is pushing to classify cryptocurrencies as property in criminal cases to enhance digital asset tracking and seizure capabilities.
4. Major ETH Transfer Between Exchanges
Lookonchain reported a significant transfer of 36,000 ETH (approximately $96.5 million) from Binance’s hot wallet to Bybit’s cold wallet.
5. Kanye West Announces YZY Coin Launch
Ye (formerly Kanye West) has announced the launch of YZY Coin, claiming all other cryptocurrencies are “fake.” The token will feature a 70% ownership structure for Ye, with remaining allocations for liquidity and investors.
EVENING NEWS
1. Orderly Network Resumes Mantle Chain Deposits
Following the Bybit hack incident, Orderly Network has reopened deposits on the Mantle chain after temporary suspension.
2. Galaxy CEO Comments on Lazarus Group
Mike Novogratz called for global action against the Lazarus Group while commending Bybit’s handling of their recent security incident.
3. Metalpha Makes Large ETH Deposit
Asset management firm Metalpha deposited 30,006 ETH (approximately $80.48 million) to Binance, marking their first significant ETH deposit in three months.
4. PNUT Price Movement
$PNUT cryptocurrency surpassed 0.15 USDT in recent trading.
5. VINE Trading Update
VINE experienced significant growth on OKX, trading at 0.1577 USDT with a 24-hour increase of 23.68%.
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