Cryptocoin News
Pi Coin Launch and Price Crash:
Pi Coin, a cryptocurrency developed by Stanford PhD scholars, officially launched on major crypto exchanges on February 20, 2025, after over three years in an enclosed mainnet phase. It is unique because it can be mined using mobile phones. However, before its launch, the coin's price crashed by 98 percent to $1.25 due to early miners selling off their holdings and speculative trading.
Bybit Hack:
Crypto exchange Bybit suffered a massive hack, losing $1.4 billion worth of Ethereum from one of its offline wallets. The attack, likely carried out by North Korean hackers, is the largest crypto theft in history. Bybit has secured bridge loans to cover 80% of the loss and assured users that their funds remain safe. The stolen Ethereum is being tracked as it moves through various wallets in an attempt to obscure its origins. Bybit continues operations and is working to recover the stolen assets.
Trump and Crypto:
Donald Trump's crypto memecoin, TRUMP, initially surged but later tumbled after Melania Trump launched her own cryptocurrency token. Trump also appointed David Sacks as White House AI and Crypto Czar.
Market Trends:
Bitcoin rose to over $106,493. However, it has also experienced volatility, slipping below $96K.
Regulatory Developments:
In India, crypto assets are set to be included under Section 158B of the Income Tax Act, effective retroactively from February 1, 2025. This provision targets undisclosed crypto income, with penalties as high as 60 percent for non-compliance. Meanwhile, Singapore issued 13 crypto licenses in 2024, more than doubling the previous year’s total. This move has solidified Singapore's position as a leading global hub for digital assets, attracting major players like OKX and Upbit.
