KEYTAKEAWAYS
- Ethereum Foundation implements major leadership reorganization with Tomasz Stanczak and Aya Miyaguchi as co-executive directors while Danny Ryan joins Wall Street-focused Etherealize.
- Bybit hackers have laundered 68% (343,000 ETH) of stolen funds despite FBI warnings, using sophisticated methods to convert assets and cover their tracks.
- Asia's first retail-focused tokenized money market fund launches in Hong Kong with minimum investment of just HKD 10, signaling growing institutional embrace of blockchain technology.
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. Circle Mints 250 Million USDC on Solana
According to BlockBeats, Circle has minted 250 million USDC on the Solana network, as detected by Whale Alert six hours ago, continuing the stablecoin issuer’s activity on the high-performance blockchain.
2. China to Expand Hong Kong Financial Market Integration
The China Securities Regulatory Commission has issued a letter addressing proposals from the 14th National Committee of the Chinese People’s Political Consultative Conference, announcing plans to further optimize connectivity between mainland and Hong Kong financial markets. Initiatives include enhancing stock connect, bond connect, and mutual fund recognition mechanisms, while researching the feasibility of Hong Kong companies listing on the mainland. The Commission also plans to promote the “cross-border financial management connect” business pilot and gradually implement digital RMB trials in Hong Kong.
3. Ethereum Foundation Veteran Danny Ryan Joins Etherealize
Renowned Ethereum developer and former Ethereum Foundation researcher Danny Ryan has announced his move to Ethereum marketing company Etherealize as a co-founder, focusing on Wall Street and traditional finance markets. Ethereum founder Vitalik Buterin welcomed the news, commenting “Welcome back!” Etherealize, founded by former bond trader Vivek Raman, has secured investment from Buterin and the Ethereum Foundation, positioning itself as “Ethereum’s sales team for Wall Street.”
4. Metis Announces New AI-Focused Layer 2 Chain
Metis Foundation’s Natalia announced at ETH Denver the launch of Metis Hyperion, a new high-performance Layer 2 chain designed for AI applications. The solution guarantees complete compatibility with Ethereum while providing enhanced security for AI applications, seamless scalability, and enterprise-level reliability. Key innovations include an optimized inference engine, accelerated hardware, and zero-knowledge proofs to enable efficient AI model operation within blockchain infrastructure. A testnet is scheduled for launch between February and April 2025, with mainnet delivery expected between May and August 2025.
5. CZ Shares Angel Investment Philosophy
Binance founder CZ shared his approach to supporting early innovation projects through angel investment, emphasizing that evaluating entrepreneurs requires time to observe decision-making under various pressures. “Understanding an entrepreneur needs to observe how he makes decisions and executes under various pressures, money temptations, and user interests,” CZ noted, adding that factors like work ethic, flexibility, market understanding, worldview, and leadership are critical considerations. He referenced YZi Labs as an example of this approach while acknowledging that investing “requires a lot of time” rather than a magical “eye of wisdom.”
NOON NEWS
1. Bybit Hackers Accelerate Fund Laundering
The hackers responsible for the $1.4 billion Bybit theft have resumed laundering operations, moving 62,000 ETH (approximately $138 million). According to analyst EmberCN, the group has now moved 343,000 ETH of the 499,000 ETH stolen, representing 68% of the total funds, up from 54% reported on February 28. The FBI has confirmed the hack was carried out by North Korea’s “TraderTraitor” (also known as Lazarus Group), sharing 51 Ethereum addresses linked to the operation. The hackers have attempted to cover their tracks by converting assets to Bitcoin, DAI stablecoin, and other cryptocurrencies using decentralized exchanges, cross-chain bridges, and KYC-free instant swap services.
2. Pump.fun Revenue Declines 38% in February
According to DefiLlama data, the Pump.fun protocol generated approximately $75.28 million in revenue in February, marking a 38% decrease compared to January’s $121 million. Weekly revenue has fallen even more dramatically, with the past week’s $7.76 million representing an 80% drop from the historical peak of $37.31 million reached in mid-January.
3. Ethereum Foundation Announces Major Reorganization
Ethereum core developer Tim Beiko has revealed that the Ethereum Foundation (EF) has undergone significant organizational restructuring. Hsiao-Wei Wang will lead standardization of Ethereum research, while Tomasz Stanczak and Aya Miyaguchi will serve as co-executive directors. Danny Ryan will join the newly established Etherealize organization. Beiko characterized these changes as “an important turning point in Ethereum’s history,” noting that the new structure will help maintain Ethereum’s core values while adapting to current needs.
4. Mask Network Founder Issues 72-Hour Warning to Hacker
According to on-chain information, Mask Network founder Suji Yan has sent a direct message to the hacker who targeted the project: “The FBI, Hong Kong police, Interpol, and private security personnel are collaborating to investigate and pursue you. The evidence of your actions has been obtained by us and our law enforcement partners. Before the situation escalates beyond control, you have 72 hours to return the stolen funds.” Yan promised to stop tracking, destroy collected data, and close the case if the funds are returned within the deadline, offering “a generous bounty as a reward for resolution.”
5. Bitcoin Exchange Flows Show Significant Movement Coinglass data reveals that on March 2, cryptocurrency exchanges experienced a cumulative net outflow of 1,550.19 bitcoins. Binance led with outflows of 1,112.09 bitcoins, followed by OKX with 867.84 bitcoins and Bybit with 557.54 bitcoins.
EVENING NEWS
1. CZ Proposes Novel Token Issuance Model
Binance founder CZ has shared a “crazy idea” for token issuance with innovative tokenomics. The concept involves initially unlocking and selling only 10% of tokens, with future unlocks subject to strict conditions: they must occur at least six months after the previous unlock, the token price must remain more than double the previous unlock price for over 30 days, and each unlock is limited to a maximum of 5% of total supply. CZ emphasized this approach would prevent market flooding during price downturns while incentivizing long-term development. He stressed this was merely a theoretical discussion, not a plan to issue a new token.
2. Ethereum Layer 2 TVL Sees 10.7% Weekly Decline
According to L2BEAT data, the total value locked (TVL) in Ethereum Layer 2 solutions has decreased to $34.29 billion, representing a 7-day decline of 10.7%. The top five platforms by TVL are: Arbitrum One ($13.07 billion, -9.09% weekly), Base ($11.85 billion, +9.69% weekly), OP Mainnet ($4.57 billion, -12.9% weekly), ZKsync Era ($839 million, +10.10% weekly), and Starknet ($593 million, +11.7% weekly).
3. First Tokenized Retail Money Market Fund Launches in Hong Kong
Huaxia Fund (Hong Kong) has launched the “Huaxia HKD Digital Currency Fund,” becoming the Asia-Pacific region’s first tokenized money market fund targeting retail investors. The Ethereum-based fund offers a low entry barrier with minimum subscriptions of HKD 10, RMB 10, or USD 1 across different currency share classes. Currently operating only in the primary market for subscriptions and redemptions, the fund plans to develop secondary market functionality in accordance with Hong Kong Securities and Futures Commission guidelines. At least 70% of the fund’s net asset value will be invested in short-term deposits, fixed income instruments, government bonds, and other permitted securities denominated in Hong Kong dollars.
4. Major Bitcoin Exchange Flow Patterns Emerge
Coinglass data shows that 13,383.09 bitcoins have flowed out of Coinbase Pro over the past week, while Binance and Bitfinex have seen significant inflows of 9,402.96 and 6,681.80 bitcoins, respectively, during the same period.
5. Flash Loan Attack Targets CryptoPunks Market
Blockchain security firm PeckShield has issued an alert regarding users exploiting flash loans to make fake bids in the CryptoPunks NFT market. An unidentified operator has been using flash loans—uncollateralized loans that must be borrowed and repaid within the same transaction block—to create artificial bidding activity, potentially disrupting market pricing and misleading traders. PeckShield advises vigilance when participating in the CryptoPunks marketplace, though detailed information about the specific manipulation techniques hasn’t been released.
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