KEYTAKEAWAYS
- Regulatory landscape shows signs of shift as SEC ends Gemini investigation and moves toward potential settlement with Tron, while House committee challenges IRS DeFi taxation approach.
- FBI officially attributes $1.5B Bybit hack to North Korean "TraderTraitor" actors, urging industry-wide blocking of associated addresses to prevent laundering.
- Despite $1.8B weekly outflows from Bitcoin ETFs, over 98% of invested capital remains committed, with Standard Chartered analysis revealing average purchase price of $97,000 since U.S. election.
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. SEC Ends Investigation into Gemini
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into cryptocurrency exchange Gemini, deciding not to pursue enforcement actions. Announced by Gemini co-founder Cameron Winklevoss, this decision marks the end of nearly two years of regulatory scrutiny. The crypto community views this positively, potentially enhancing investor confidence and reducing legal uncertainties in the U.S. market. Online discussions have emphasized the need for clearer regulations to foster innovation while ensuring accountability.
2. Bitcoin ETF Outflows Represent Less Than 2% of Total Assets
According to Bloomberg Senior ETF Analyst Eric Balchunas, Bitcoin ETFs are experiencing selling pressure, with nearly $1 billion in outflows yesterday and $1.8 billion this week. However, these outflows represent less than 2% of total assets — a relatively small percentage considering the market correction’s severity. Over 98% of invested capital remains committed, showing strong holder conviction despite price volatility.
3. LIBRA and MELANIA Team Allegedly Laundering Funds Through Wash Trading
Lookonchain monitoring has identified suspicious activity where the team behind LIBRA and MELANIA tokens appears to be laundering funds through wash trading. The team reportedly spent 19,846 SOL (approximately $2.76 million) to purchase a low-cap meme coin (POPE) with a market cap under $150,000, only to sell it for 175 SOL ($24,000), resulting in a $2.73 million loss. This strategy effectively funneled funds to other wallets in what appears to be a technically “legal” manner.
4. U.S. House Committee Moves to Overturn IRS DeFi Tax Rules
A U.S. House committee has voted 26-16 to advance a resolution aimed at repealing the Internal Revenue Service’s (IRS) tax reporting rules for decentralized finance (DeFi) platforms. The resolution, proposed under the Congressional Review Act, seeks to overturn the IRS policy established in December that requires DeFi protocols to comply with broker reporting regulations. Industry representatives have strongly opposed these rules, arguing they threaten DeFi protocol operations and could encompass many non-broker entities. The resolution still needs approval from both the House and Senate, plus presidential signature, to take effect. Supporters claim the IRS rules are “unfair and unworkable,” while opponents note that repealing them would reduce tax revenue by approximately $3.9 billion over a decade.
5. SEC and Justin Sun File Joint Motion to Pause Fraud Case
The U.S. Securities and Exchange Commission, Tron Foundation, and Justin Sun have filed a joint motion requesting a federal court pause the SEC’s fraud lawsuit against Sun and Tron to consider a “potential resolution.” This motion resembles those filed in the SEC’s cases against Coinbase and Binance, suggesting potential settlement talks. The SEC previously sued Tron, Sun, and BitTorrent in 2023, alleging market manipulation, fraud, and unregistered securities issuance, claiming Tron employees conducted over 600,000 wash trades to inflate TRX trading volume. The case is overseen by Judge Edgardo Ramos, with Tron having previously filed to dismiss the lawsuit. Sun currently serves as an advisor to World Liberty Financial, a company with ties to U.S. President Donald Trump that purchased Tron’s TRX for its token reserves.
NOON NEWS
1. FBI Confirms North Korean Hackers Behind $1.5B Bybit Theft
According to an FBI public safety announcement, U.S. federal investigators have confirmed that North Korean hackers are responsible for the approximately $1.5 billion digital asset theft from Bybit exchange on February 21, 2025. The FBI refers to this activity as “TraderTraitor” and notes that the hackers are rapidly converting stolen assets to Bitcoin and other cryptocurrencies, dispersing them across thousands of addresses on multiple blockchains. To prevent the stolen assets from circulating, the FBI urges all cryptocurrency ecosystem participants—including RPC node operators, exchanges, bridges, blockchain analytics firms, DeFi services, and other virtual asset service providers—to block all transactions associated with or derived from addresses the hackers are using for money laundering.
2. Standard Chartered: Bitcoin ETF Buyers Down $1.3B Since US Election
Bitcoin prices fell 3.6% on Wednesday to approximately $85,600, extending its monthly decline to 15%. The global cryptocurrency market has lost over $800 billion in value within days. Bitcoin ETF outflows exceeded the previous daily record of $671 million, with Standard Chartered’s Global Head of Digital Asset Research Geoff Kendrick estimating that the average purchase price of spot Bitcoin ETFs since the U.S. election has been approximately $97,000 per Bitcoin. This suggests that buyers during this period have collectively lost about $1.3 billion.
3. CoreWeave Plans $4B Fundraise and U.S. Listing
Sources reveal that cloud computing provider CoreWeave is seeking to raise approximately $4 billion through a public listing, targeting a valuation exceeding $35 billion. The company plans to file for a U.S. listing within a week. Additionally, CoreWeave and Core Scientific are planning a $1.2 billion investment to expand data centers in Texas.
4. Ripple Partners with Korea’s BDACS for Institutional Custody Services
Ripple has announced a strategic partnership with BDACS, a South Korean digital asset firm, to provide institutional-grade custody services for XRP and RLUSD. The partnership aligns with South Korea’s Financial Services Commission’s regulatory roadmap supporting institutional participation in the digital asset market. BDACS will utilize Ripple Custody to provide custody solutions for supported digital assets. Ripple forecasts the custody market could reach a $16 trillion valuation by 2030, driven by expectations that 10% of global GDP will be tokenized by then.
5. TRON Network Activity Increases 57% in One Month
According to crypto analyst Ali, TRON network activity has increased by 57% over the past month, with active addresses growing from 1.63 million to 2.57 million.
EVENING NEWS
1. Robinhood CEO Plans to Expand Cryptocurrency Offerings
Robinhood CEO Vlad Tenev has stated that “crypto is the future” and the company will continue adding more cryptocurrency tokens to its main app. Tenev believes tokenization is a means to “unleash the true power of the crypto revolution” by bringing real-world assets like stocks and private investments onto blockchain technology. He highlighted Robinhood’s unique position at the intersection of traditional finance and DeFi, enabling it to bridge the gap by offering additional liquidity and other blockchain technology advantages. Since Donald Trump’s election in November, Robinhood has added seven crypto assets in the U.S., including Solana, Pepe, Cardano, XRP, and the official Trump memecoin.
2. Bybit Hacker Generates $3M in Fees for THORChain
The Bybit hacker’s money laundering activities have generated $2.91 billion in trading volume and $3 million in fee revenue for THORChain. The primary laundering method involves converting ETH to BTC through THORChain, resulting in substantial transaction volume and fees for the cross-chain platform.
3. Chainalysis: Half of TRUMP and MELANIA Token Holders New to Solana
Chainalysis data shows that approximately 50% of Trump and/or Melania token holders had never previously purchased tokens on the Solana blockchain (excluding Solana and stablecoins). Analysts noted that almost half of these buyers created their crypto wallets on the same day they purchased the tokens. The Trump meme coin rapidly increased from around $6.20 at launch to a peak of $75.35 on January 19, representing a 1,108% gain, before falling 83% to around $12.70.
4. 21Shares Analyst: Multiple Factors Could Drive Bitcoin Recovery
21Shares Crypto Research Strategist Matt Mena identifies several potential positive catalysts for Bitcoin, including favorable PCE inflation data, Nvidia’s strong earnings report, and improving regulatory clarity. Mena suggests that a positive regulatory environment combined with strong tech sector performance and cooling inflation could create ideal conditions for Bitcoin to potentially reach $150,000 as institutional and retail confidence rebounds. He emphasized that definitive guidance on stablecoins and broader digital asset regulations could attract significant institutional investment.
5. Pakistan to Establish National Crypto Council
Pakistan has announced plans to establish a national cryptocurrency council to develop legislation for the sector, following meetings with President Donald Trump’s digital asset advisors. The council will serve as a dedicated advisory body comprising government representatives, regulatory authorities, and industry experts to oversee policy development and collaborate with other countries on standardized frameworks. Finance Minister Muhammad Aurangzeb, who previously opposed crypto regulation, stated he would approach the matter with an open mind, emphasizing the importance of a well-regulated digital asset framework.
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