Koinreport

In a significant shift for the financial sector, the Federal Deposit Insurance Corporation (FDIC) and the Commodity Futures Trading Commission (CFTC) have relaxed key restrictions on crypto-related activities for banks and derivatives traders.

FDIC Opens the Door for Banks to Engage in Crypto Activities

The FDIC announced on March 28 that financial institutions under its oversight, including banks, no longer require prior approval to engage in crypto-related activities. This decision overturns a previous mandate under the Biden administration that required banks to notify the agency before engaging in such ventures.

According to the FDIC’s updated guidelines, crypto-related activities encompass a broad range of functions, including:

Acting as crypto-asset custodians

Maintaining stablecoin reserves

Issuing cryptocurrencies and other digital assets

Operating as market makers or exchange/redemption agents

Participating in blockchain and distributed ledger-based settlement or payment systems

Engaging in associated activities such as lending and financial intermediary services

While the FDIC has lifted prior approval requirements, it urges financial institutions to assess potential risks, including market volatility, liquidity concerns, cybersecurity threats, compliance with consumer protection laws, and adherence to Anti-Money Laundering regulations.

This decision follows the FDIC’s removal of the “reputational risk” category from bank examinations on March 25, paving the way for banks to explore digital asset services without undue regulatory pressure. Previously, reputational risk was a key factor limiting banks’ engagement with certain industries, including crypto.

CFTC Levels the Playing Field for Digital Asset Derivatives

The CFTC has also taken a major step in integrating crypto into mainstream finance. On March 28, the agency rescinded a prior staff advisory letter, confirming that digital asset derivatives will now be treated like any other derivative products. This change, effective immediately, removes a major regulatory uncertainty that had previously clouded the crypto derivatives market.

Shifting Landscape Under Trump Administration

These regulatory shifts align with a broader pro-crypto stance under President Donald Trump, who has pledged to position the United States as “the crypto capital of the planet.”

Major crypto firms are already adapting to this evolving regulatory climate. On March 10, Coinbase announced round-the-clock Bitcoin and Ether futures trading and is reportedly planning to acquire crypto derivatives exchange Derebit. Meanwhile, Kraken, another leading US-based crypto exchange, announced on March 20 its acquisition of NinjaTrader, positioning itself to expand into the US crypto futures and derivatives market.

With these changes, US banks and crypto firms now have more flexibility to innovate and expand in the digital asset space, signaling a new era of regulatory openness for the industry.

The post US Regulators FDIC and CFTC Ease Crypto Restrictions for Banks and Derivatives appeared first on Koinreport.

Germany’s financial watchdog, BaFin, has prohibited the public sale of Ethena GmbH’s USDe token, citing regulatory violations and potential securities law breaches.

BaFin claims USDe, a synthetic dollar, fails to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCAR). The regulator also alleges the company has been selling unregistered securities in Germany.

As part of the enforcement action, BaFin has ordered Ethena to freeze USDe’s reserve assets, shut down its website, and stop onboarding new customers. Additionally, BaFin has assigned a representative to oversee the company’s operations.

Regulatory Concerns Over USDe and sUSDe

BaFin suspects Ethena GmbH has been selling securities without the required prospectus, specifically through sUSDe tokens issued by Ethena OpCo. Ltd. The regulator noted that USDe and sUSDe are linked, as investors can swap one for the other.

While the regulator has banned new token sales and issuance, secondary market trading remains unaffected.

Source: Ethena Labs

Ethena Responds to the Ban

Ethena Labs reassured users on social media platform X that USDe’s backing remains intact and that redemptions can still be processed through Ethena BVI Limited.

The firm had applied for MiCA approval on July 29, 2024, hoping to operate under a transitional framework. However, BaFin rejected the application on March 21, citing serious compliance issues and deficiencies in the company’s structure.

BaFin also acknowledged that 5.4 billion Ethena tokens are in circulation, but noted that many were minted outside of Germany and before MiCAR took effect.

Institutional Investment in Ethena Continues

Despite regulatory challenges, Ethena continues to secure institutional backing. In February 2024, the company raised over $100 million to develop iUSDe, a new token aimed at institutional investors.

Ethena also partnered with World Liberty Financial, a decentralized finance (DeFi) protocol founded by former U.S. President Donald Trump in December 2024. As part of the deal, World Liberty Financial acquired 500,000 ENA governance tokens.

Additionally, on February 26, crypto exchange MEXC announced a $20 million investment in Ethena’s USDe to support stablecoin adoption.

The post German Regulator Bans Sales of Ethena’s USDe Token appeared first on Koinreport.

XDAO Labs has facilitated legal recognition for more than 367,000 decentralized autonomous organizations (DAOs) through its protocol built on The Open Network (TON).

Streamlining DAO Legal Recognition

XDAO, a TON-based protocol, announced that it has enabled over 367,000 DAOs to obtain legal status by automating the legal recognition process. According to an XDAO spokesperson, the protocol establishes a framework that allows “sub-entities” within the ecosystem to operate under a unified legal structure.

XDAO also confirmed that Singapore, where XDAO Labs is incorporated, will serve as the primary jurisdiction for resolving disputes involving the protocol.

Legally Binding Agreements via Telegram Bots

XDAO’s protocol allows DAOs to sign legally binding documents using Web3 wallets and a Telegram-based bot. This bot can store and archive DAO transactions and agreements.

When questioned about the reliability and security of using a Telegram bot for legal agreements, the XDAO spokesperson stated that such agreements are enforceable in “most jurisdictions.” However, the spokesperson noted that the framework may face limitations in areas like real estate and securities, which require specific legal procedures for contract formation.

The bot can also store key information significant to DAO participants and conduct basic Know Your Customer (KYC) checks when necessary.

Smart Contract-Based Compliance and Arbitration

Regarding dispute resolution, XDAO explained that smart contract compliance would function through arbitration agreements made via messaging platforms or e-signature tools like DocuSign and EthSign. For an arbitration agreement to be valid, the parties involved must establish their identities and clearly express their intent to resolve disputes through arbitration.

“Arbitration is a widely recognized dispute resolution method under influential international conventions, which require agreements to be in writing but don’t mandate a specific format,” the spokesperson said.

In cases where a payment is necessary, XDAO noted that an arbitrator could be added to the DAO as a key voter. This would enable the arbitrator to sign a transaction using their digital signature if the parties involved cannot reach a consensus.

The post XDAO Protocol Grants Legal Status to Over 367,000 DAOs on TON appeared first on Koinreport.

Blockchain For Impact (BFI), a charity founded by Polygon co-founder Sandeep Nailwal, has surpassed $90 million in funding for healthcare and climate change projects and plans to allocate an additional $200 million to drive further impact in these sectors.

BFI’s existing $90 million funding has supported key healthcare and climate resilience initiatives, including biomedical research, healthcare innovation, and public health improvements. The charity’s future plans involve expanding support for healthcare startups, advancing biomedical research, and reinforcing public health infrastructure.

BFI has already made a significant impact in India’s healthcare sector. Its projects include Solar-Powered Public Health Centers (PHCs), a floating hospital in Assam to serve flood-prone communities, the UNICEF Healthcare Innovation Partnership, and critical relief efforts during the COVID-19 crisis. Nailwal emphasized that future initiatives will focus on deepening healthcare innovation and research.

According to Nailwal, blockchain technology is instrumental in increasing transparency and accountability in philanthropy. “The $68 million we allocated for COVID-19 relief in India — including $15 million provided to the Government of India through UNICEF for 128 million syringes — followed the same approach,” Nailwal said.

“Anyone, whether donors or communities, can track exactly where the funds go. The results speak for themselves: 96% of healthcare workers reported improved care, and vaccine wastage dropped by 83% due to stable refrigeration,” he added.

A report from The Giving Block highlights BFI’s pivotal role in the rise of crypto philanthropy. BFI’s $90 million in donations accounted for 9% of all cryptocurrency-based contributions globally in 2024, underscoring the growing influence of digital assets in the charity sector.

The increasing adoption of cryptocurrency in philanthropy reflects its potential to enhance transparency and reduce costs. Over 70% of the top 100 US-based charities now accept crypto donations, according to the report. Leading global organizations like the UK Red Cross, Singapore Red Cross, and Save the Children have also embraced crypto, with Save the Children reporting $8.6 million in crypto contributions to date.

The trend is gaining momentum as nonprofits seek more secure and efficient fundraising channels. The Giving Block recently partnered with Gemini on March 13 to leverage artificial intelligence for enhanced security in crypto-based philanthropy.

Data suggests that transparency drives greater donor engagement. A Fast Company report found that nonprofits with a strong record of transparency saw a 53% increase in contributions the following year compared to those with less transparency.

As crypto adoption continues to rise, so does the potential for increased charitable giving. The Giving Block estimates that crypto donations could reach $89.27 billion by 2035.

The post BFI Charity Commits $90M, Pledges $200M for Health and Climate Initiatives appeared first on Koinreport.

Bitcoin spot ETFs have struggled since the start of 2025, but outflows hit new highs in March. Data from SoSoValue shows that total outflows from 12 listed Bitcoin ETFs reached $799.39 million and $870.39 million.

Major Outflows From BlackRock and Fidelity

BlackRock’s IBIT and Fidelity’s FBTC saw significant outflows, according to CoinGlass. IBIT’s holdings have fluctuated, and Fidelity is also losing its stake.

IBIT leads in market cap at $48.16 billion, followed by FBTC at $16.53 billion, GBTC at $16.41 billion, and ARKB at $3.72 billion. Despite the losses, IBIT remains the top performer by volume at $2.13 billion, followed by FBTC at $327.07 million and BITO at $94.50 million.

The total Bitcoin spot ETF market cap stands at $94.70 billion, with total assets under management (AUM) at $91.49 billion. GrayScale’s spot ETF continues to see steady outflows, with $16.40 billion in AUM.

Ethereum Spot ETFs Also Under Pressure

Ethereum spot ETFs have followed a similar downward trend. GrayScale’s Ether ETF experienced heavy outflows, with $46.9 million on March 14, $73.6 million on March 13, and $10.3 million on March 12.

Broader crypto market weakness has compounded the problem. Ethereum is trading below $2,000 and under its 20-, 50-, 100-, and 200-day exponential moving averages. Ether prices have dropped 30% in a month and over 46% in the past year. As of publication, Ethereum’s market cap was $229.24 billion, with a 24-hour trading volume of $10.14 billion — a 36.49% increase.

Experts point to a lack of positive market catalysts despite hopes that Donald Trump’s election win would lift crypto sentiment.

The post Bitcoin and Ethereum Spot ETFs Face Record Outflows in 2025 appeared first on Koinreport.

XRP saw a significant 34% price increase after former President Donald Trump announced plans to include the cryptocurrency in the U.S. Strategic Reserve. This bold move, combined with Trump’s announcement of a forthcoming crypto summit, has sparked renewed confidence in XRP—not only among Americans but globally as well.

Over the past week, XRP traders have experienced a rollercoaster ride. On March 2, XRP’s price surged from $2.20 to $2.90 in a short period. However, this dramatic 34% spike was short-lived, as by March 4, the price had dipped back to $2.20. But as the March 7 crypto summit draws nearer, XRP’s price is steadily climbing again, currently sitting at $2.50 with a market capitalization of $145 billion and a 24-hour trading volume of $5.6 billion.

XRP Price Chart Source: CoinMarketCap

According to cryptocurrency expert Ali Martinez, the number of active XRP users has skyrocketed by 620% in just the past week. The figure jumped from 74,589 active users to a staggering 462,650. This surge in activity comes on the heels of a report from Glassnode, a company that tracks digital currency data, which revealed that the number of active XRP wallets (similar to online bank accounts for holding XRP) has exploded recently.

Interestingly, this boom follows a period of relative quiet. From December to late February, the number of active XRP users had actually decreased by 50%, dropping from 202,250 to just 101,169. This dramatic turnaround has sparked widespread conversation in the crypto community.

What’s Next for XRP?

The key takeaway for those new to the market is that XRP is currently generating a lot of buzz. With more people using XRP, it’s clear that the cryptocurrency is gaining popularity and trust. The price increase is also drawing in more potential investors, eager to capitalize on what might be the beginning of a broader surge. However, as the recent price dip showed, the market remains volatile, and potential investors should carefully consider the risks involved.

The U.S. government’s decision to include XRP in its strategic plans suggests that digital currencies may have a larger role to play in the future. If successful, XRP’s inclusion could pave the way for digital currencies to become a more integral part of everyday financial transactions, including cross-border payments.

Whether XRP will continue to climb or take another dip depends on several factors: the outcome of the U.S. crypto reserve plan, ongoing user adoption, and broader trends in the digital currency market. For now, XRP remains one of the hottest topics in the crypto world, capturing the attention of both crypto enthusiasts and those curious about the future of finance and technology.

The post XRP Rises 34% in Anticipation of White House Crypto Summit appeared first on Koinreport.

The Bitcoin Volmex Implied Volatility 30-Day Index extended its four-day winning streak, signaling heightened market fluctuations in response to President Donald Trump’s newly announced tariffs. This surge in volatility comes as global markets react to the ripple effects of the trade war, creating both uncertainty and potential opportunities for investors.

On March 4, Bitcoin rose by 3%, pushing its price back to $87,972 and helping the total cryptocurrency market cap climb back above the $3 trillion mark. Alongside Bitcoin, altcoins saw modest recoveries, with XRP regaining its position over Tether (USDT), while Solana and Cardano posted gains of 3.12% and 12.36%, respectively, after a recent sell-off.

Publicly traded Bitcoin holders like Coinbase and MicroStrategy also saw gains, up 4% and 10%, respectively, signaling positive sentiment among institutional players. Despite the positive momentum, it remains uncertain whether Bitcoin will break through the $90,000 mark, as its rally showed signs of waning by the time of publication.

Bitcoin Volatility Surges Amid Tariff Concerns

The rising volatility in the crypto market correlates with broader market uncertainties, especially after President Trump’s announcement of 25% tariffs on Canadian and Mexican goods. The escalating trade tensions have kept global markets on edge, contributing to both market swings and renewed risk-off sentiment among investors. Bitcoin’s performance, however, appears to be benefiting from its status as a risk asset that often thrives amid uncertainty.

Experts Predict Strong Long-Term Outlook for Bitcoin Despite Short-Term Volatility

While Bitcoin’s near-term outlook remains uncertain, analysts and institutions are still optimistic about its long-term trajectory. Fundstrat’s Tom Lee and institutions like Standard Chartered have set ambitious price targets for Bitcoin, forecasting that it could reach between $150,000 and $250,000 before 2026. However, experts caution that in the short term, Bitcoin may experience a 20-24% pullback, potentially dropping below $70,000 to establish a cycle bottom.

Meanwhile, traditional stock indices, such as the Dow Jones, S&P 500, and Nasdaq, are feeling the strain of the ongoing trade war, with major tech stocks like Nvidia and Microsoft having posted gains before the intensification of trade tensions. As the situation develops, investors are closely watching both the crypto market and traditional markets to assess the broader economic impact.

With volatility expected to persist in the near term, Bitcoin remains a focal point for investors, with some hoping it will become an asset that can provide both refuge and growth in uncertain times.

The post Bitcoin Climbs to $88k Mark Amidst Market Instability appeared first on Koinreport.

SBI VC Trade, a crypto trading firm under the SBI Group, has become the first company in Japan to receive regulatory approval to handle stablecoins. The firm has secured an “electronic payment instrument business operator” license, allowing it to facilitate stablecoin transactions. SBI VC Trade plans to begin processing USDC (USD Coin) transactions starting on March 12.

Regulatory Approval and License

According to a report by CoinDesk Japan, SBI VC Trade has officially received approval from Japan’s financial authorities, making it the first firm in the country to be registered under this new category. The company is now listed with the Kanto Regional Financial Bureau under registration number No. 00001. This regulatory clearance positions SBI VC Trade as a leader in Japan’s expanding crypto space, especially in terms of stablecoin services.

Launch of USDC Transactions

Following its approval, SBI VC Trade plans to start processing transactions using USDC, the stablecoin issued by Circle, on March 12. Initially, the stablecoin service will be in beta, with access limited to a select group of users within the SBI Group. The service will allow customers to conduct transactions with USDC, including buying, selling, depositing, and withdrawing the stablecoin once it becomes widely available.

Since USDC is pegged to the U.S. dollar, SBI VC Trade will need to hold sufficient reserves of U.S. dollars, ensuring that the amount of USDC issued matches or exceeds the customer deposits.

Future Availability and Features

When the stablecoin service is fully launched, SBI VC Trade will offer a range of features for both individual and corporate customers, including the ability to trade USDC in spot trading pairs like BTC/USDC and ETH/USDC. The platform also plans to introduce leveraged trading with USDC in the near future.

CEO of SBI VC Trade, Tomohiko Kondo, mentioned that Shinsei Trust Bank, a subsidiary of SBI Group, will be responsible for the trust security of the stablecoin service. During the beta phase, users will begin to see USDC displayed on the company’s trading platforms.

“We will first monitor the business flow and aim to launch it fully as soon as possible,” Kondo said in a statement.

Regulatory Landscape and Future Prospects

At present, SBI VC Trade is the only Japanese firm holding all three essential operating licenses: a cryptocurrency exchange business license, a financial instruments business type 1 license, and an electronic payment instruments trading business license.

Recent regulatory reforms approved by the Japanese Financial Services Agency in February allow stablecoins to be backed by short-term government bonds and fixed-term deposits, in addition to demand deposits. The proposal also includes a cap, limiting the bonds and deposits backing stablecoins to 50% of the total collateral.

With these regulatory changes and SBI VC Trade’s pioneering role, Japan is on track to become a key player in the stablecoin and digital asset markets, potentially reshaping the future of cryptocurrency trading in the country.

The post SBI VC Trade to Introduce Japan’s First Stablecoin Service appeared first on Koinreport.

Vitalik Buterin, co-founder of Ethereum, has emphasized the need for crypto wallets to address not just theft, but also the risks of crypto loss due to negligence and accidents.

In a recent post on X, Buterin drew attention to the fact that many people lose significant amounts of crypto through unintentional means such as forgotten passwords, software glitches, or lost devices—issues that are often overlooked in discussions about crypto security. While the crypto community has focused heavily on theft, especially following high-profile incidents like the $1.5 billion theft from Bybit (which the exchange managed to cover using loans, whale deposits, and Ether purchases), Buterin believes that solutions to prevent loss must be equally prioritized.

One of the most infamous examples of crypto loss involves James Howells, whose hard drive containing 8,000 Bitcoin (BTC)—now worth hundreds of millions of dollars—was accidentally discarded by his ex-partner in 2013. The drive was presumably sent to a landfill site owned by Newport City Council. Despite legal efforts to retrieve the device, Howells has been unsuccessful, and now, with the landfill set to close in the next two years, he is weighing his options. He could pursue a case at the Court of Appeal or attempt to buy the site with the help of investors. “This battle is my 9 to 5—I won’t stop until I have my £620m of Bitcoin back,” Howells said, as he continues to pursue what has become his life’s mission.

While Howells’ case is an extreme one, it highlights a broader issue: the loss of crypto due to accidents or negligence is more common than many realize. A 2020 report by Chainalysis found that approximately 20% of Bitcoin mined at that time was considered “lost” because it was stored in wallets that had not been accessed in years.

Though there are occasional success stories, crypto recovery remains a challenging task. One such example is that of Stefan Thomas, who spent 11 years unable to access his IronKey hard drive containing 7,002 BTC after forgetting the password. With the help of hacker Joe Grand and security researcher Bruno Requião da Cunha, Thomas was able to recover the password by analyzing the software used to generate it.

Despite these rare victories, Buterin’s message is clear: the industry must evolve beyond focusing solely on preventing hacks and also provide effective solutions for users who lose access to their crypto through accidental means or human error. The goal should be to build more robust wallet security systems that account for all types of loss, helping crypto holders recover their assets when the unexpected happens.

The post Buterin Advocates for New Wallet Tech to Protect Against Crypto Loss appeared first on Koinreport.

Bitcoin experienced a significant 4.90% drop on Wednesday night, falling to $82,242, marking its lowest value since November 2024. This decline pushed the cryptocurrency below the $85,000 threshold, signaling a considerable downturn after a four-day slump, which analysts at Presto Research describe as the largest since August. At the time of writing, Bitcoin was trading at $84,658, according to CoinMarketCap.

Bitcoin Drops Below $85K, Reaches Lowest Level Since November 2024

The recent price plunge is largely attributed to a significant $1 billion outflow from U.S.-based spot Bitcoin exchange-traded funds (ETFs). This outflow suggests that institutional investors may be unwinding basis trades, further contributing to the downturn. According to Peter Chung of Presto Research, investors should closely monitor key indicators, such as the CME annualized basis and traditional finance funding rates, to gauge the market’s trajectory.

Ether also took a hit, falling by 7.10% to $2,317, along with other major altcoins like XRP, BNB, and Solana. Chris Yu, CEO of SignalPlus, noted that the decline in Bitcoin’s implied volatility is a sign that short-term speculators are losing confidence in a price rebound.

The market’s uncertain environment is also fueled by ongoing regulatory pressures. The scrutiny surrounding companies like MicroStrategy and broader regulatory developments continue to cast a shadow over the crypto market, creating challenges for Bitcoin’s short-term recovery. Experts suggest that while the election of Donald Trump in the U.S. previously triggered a surge in crypto prices, the establishment of comprehensive regulatory frameworks will likely take considerable time, which could delay Bitcoin’s potential recovery.

In the short term, many investors remain uncertain about when Bitcoin will regain its upward momentum amidst this challenging market environment.

The post Bitcoin Price Falls 4.90%, Drops Below $85K Amid Market Turmoil appeared first on Koinreport.

PayPal is gearing up to expand its USD-pegged stablecoin, PayPal USD (PYUSD), for global payments by 2025. According to a recent Bloomberg report, PayPal plans to integrate PYUSD into more of its products, aiming to make it available for cross-border transactions via Hyperwallet. The company expects to launch PYUSD payouts in the first half of 2025.

Michelle Gill, general manager of PayPal’s small business and financial services group, explained that a significant portion of the transactions is expected to be cross-border. “A lot of the payments we’re expecting are going to be cross-border because merchants in the U.S. are seeking to pay vendors and suppliers abroad,” Gill noted.

PYUSD for More Than 20 Million Merchants

By the end of 2025, PayPal plans to offer PYUSD as a payment option for over 20 million merchants. This will enable them to pay vendors both in the U.S. and abroad through PayPal’s upcoming bill-pay product. The goal is to ease the payment process and eliminate the need for currency conversion, as well as minimize transaction friction. Gill emphasized, “The thesis was: Can we facilitate that on PYUSD rails so as not to have the currency conversion, the friction, as well as time?”

Hyperwallet Acquisition and Future Integration

PayPal’s acquisition of Hyperwallet in 2018 for $400 million plays a crucial role in these plans. Hyperwallet, a San Francisco-based firm, provides a global payout platform that supports multi-currency distribution across the world. With this acquisition, PayPal aims to enable merchants to accept crypto transactions using PYUSD by the end of 2025.

The Road Ahead for PYUSD

PayPal first launched its stablecoin in August 2023 on both the Solana and Ethereum blockchains. Since then, PYUSD has been made accessible through the Cardano ecosystem. Last year, PayPal successfully carried out its first business transaction using PYUSD, marking a significant milestone in the company’s stablecoin adoption.

PayPal’s CEO Alex Chriss remarked, “We’ve been talking about blockchains for like a decade now — the concept of these things never becomes real until you actually can start to spend it.” The upcoming expansion of PYUSD is a major step toward PayPal’s goal of making digital currency a practical tool for everyday transactions, both domestically and globally.

The post PayPal to Expand PYUSD for Global Payments in 2025 appeared first on Koinreport.

Bybit has successfully transferred nearly $100 million worth of Ethereum back to Bitget, marking a significant step in its recovery following the $1.4 billion hack. On February 24, Bitget received 40,000 ETH—worth approximately $99.98 million at the time of transfer—from Bybit’s cold wallet.

Bitget had loaned the 40,000 ETH to Bybit immediately after the hack, which resulted in the loss of around $1.4 billion in Ethereum. The transfer of funds from Bybit to Bitget is part of a broader effort by the exchange to stabilize and repay the loans it received during the crisis.

Transfer Details and Loan Assistance

On-chain data from Arkham Intelligence reveals that Bybit first moved the 40,000 ETH from its hot wallet to a cold wallet before sending it to Bitget. Additionally, Bybit moved another 47,800 ETH, worth around $118 million, to its cold wallet prior to the transfer to Bitget.

In another notable move, Bybit also sent 3,000 ETH to Binance from a hot wallet, valued at $7.5 million at the time. These transfers highlight Bybit’s ongoing efforts to manage its liquidity and restore stability after the hack.

Ethereum’s Market Trend Amid Recovery

At the time of the transfers, Ethereum had fallen by nearly 9% in the past 24 hours and was trading at $2,489. The second-largest cryptocurrency by market cap has been in a downward trend, losing 7% over the past week and over 25% in the past month.

Bybit’s Road to Recovery

Despite the market’s volatility, Bybit appears to be making significant strides in recovering from the hack. The exchange claims to have fully covered the $1.4 billion loss using a combination of whale deposits, Ethereum purchases, and loans from other crypto firms, including Bitget.

On February 22, just one day after the hack, Bybit received $172.5 million worth of Ethereum in loans to cover customer withdrawals. These loans included 40,000 ETH from Bitget, 12,652 ETH in Lido-staked ETH (STETH) from MEXC, and 11,800 ETH from Binance.

Bybit has already begun repaying these loans, and on February 24, CEO Ben Zhou stated that the exchange would soon release an audited report to confirm that Bybit is “100% 1:1 on client assets.”

The Hacker’s Activity: Lazarus Group Linked to Laundering

However, while Bybit works to recover from the hack, there are concerns about the stolen funds. According to Arkham Intelligence, the hacker, believed to be the notorious Lazarus Group, has started laundering the stolen Ethereum. Wallets associated with the hacker have been making two to three transactions per minute, moving the funds from one address to another in an effort to obscure their origin.

Despite these ongoing challenges, Bybit’s swift recovery and repayment efforts signal that the exchange is actively managing the aftermath of one of the largest crypto hacks in history.

The post Bybit Returns 40,000 ETH After Bitget Supports with Hack Loan appeared first on Koinreport.

A former payroll manager, Ho Kai Xin, has been sentenced to nine years and 11 months in prison for stealing $4.2 million from the cryptocurrency exchange Bybit.

According to The Strait Times, Ho, 32, pleaded guilty to five counts of cheating, eight charges of benefiting from criminal conduct, and one count of providing false information to a public servant. In total, 30 charges were taken into account before sentencing.

Ho, who worked as an outsourced payroll manager for Bybit, used the funds she stole to fund a lavish lifestyle beginning in June 2022. Between October 2021 and October 2022, Ho manipulated Microsoft Excel spreadsheets to divert payments intended for Bybit employees into her own accounts. As part of her duties, she was responsible for handling payroll for about 900 employees.

In a separate case earlier this year, Ho received a six-week jail sentence for spending 840,000 SGD ($627,633) of the stolen funds on a luxury penthouse and designer goods, violating a court order to refrain from using the stolen money. She will serve this sentence before beginning her longer prison term.

How Ho Stole the Funds

The prosecution revealed that Ho transferred $4.2 million worth of cryptocurrency (5.7 million SGD) from Bybit Fintech into her own accounts. She used this money to purchase luxury items, including Louis Vuitton goods and a $2.7 million penthouse. Court documents show that Ho also made a down payment of about 750,000 SGD on the property.

Ho’s criminal activities began in May 2022, when she first stole 117,000 SGD from Wechain, the company handling Bybit’s payroll. She used the same method of manipulating payroll spreadsheets, redirecting funds to her personal bank accounts.

With her actions initially going undetected, Ho became bolder, continuing to defraud Bybit by altering payment details for around 900 employees. She had six bank accounts and four crypto wallets across different platforms, which she used to funnel the stolen funds.

From May to August 2022, Ho transferred $4.3 million worth of USDT (Tether) into her wallets, later laundering the funds to make them harder to trace.

Her scheme was uncovered in September 2022 when a Wechain finance director noticed unusual transactions in the payroll spreadsheet. After an internal investigation, Wechain reported the theft to the authorities, leading to her arrest in April 2023.

Ho’s conviction highlights the growing risk of insider theft in the crypto industry, where digital currencies are increasingly becoming the target of fraudsters who exploit gaps in systems and processes.

The post $4.2M Bybit Heist: Singapore Woman Faces 10 Years in Jail appeared first on Koinreport.

Ethereum gas fees have experienced a significant drop, with the average cost of a transfer now just $0.41far below the $15.21 peak seen in the past two years.

According to on-chain analytics firm Santiment, low gas fees typically signal a network that isn’t congested, which can be seen as a bullish indicator for Ethereum’s mid-to-long-term price prospects.

Lower transaction costs make it easier for new buyers to enter the market, often during periods of price stagnation or negative sentiment. Conversely, when fees surge due to high demand, it can signal a market correction. These periods of high fees tend to be short-lived, and they often reflect soaring activity or speculative hype.

In addition to low fees, Ethereum’s network has recently approved a vote to raise its gas limit to over 30 million. The gas limit represents the maximum amount of computational resources that can be used by all transactions in a block. Increasing the gas limit allows Ethereum to process more transactions per block, reducing congestion and further driving down fees. In the past 24 hours, the gas limit has reached 35.9 million, according to data from gaslimit.pics.

Ethereum’s current price is hovering around $2,674, following a 2% drop over the past day. Despite this dip, trading volume has risen by 10%, showing increasing investor interest. Ethereum has been consolidating in the $2,565–$2,800 range over the past two weeks, but the recent drop suggests further downward pressure may be possible.

In the past 24 hours, over $60 million worth of ETH has moved off exchanges, according to Coinglass data. This suggests that long-term investors may be accumulating ETH, which is often seen as a positive sign since exchange outflows generally indicate reduced selling pressure.

Despite the long-term optimism, short-term market sentiment remains cautious. With $121 million in short positions at the $2,650 level and $90 million in long positions at $2,605, traders appear to be holding back, awaiting clearer direction. This cautious stance points to a level of bearish sentiment in the short term.

A key potential catalyst for Ethereum’s future price growth remains the SEC’s decision on spot Ethereum ETFs with staking integration. While some analysts believe the lack of staking yield has kept demand for these ETFs muted, their approval could unlock significant institutional inflows. As of February 18, the total cumulative ETH ETF inflows have risen to $3.16 billion, according to SoSoValue data.

Additionally, decentralized finance (DeFi) activity on Ethereum-based protocols has surged. According to data from DefiLlama, Ethereum-based platforms saw $2.62 billion in 24-hour trading volume on February 18, up from $1.1 billion just two days earlier. Ethereum’s growing DeFi activity is slowly closing the gap with Solana, which has faced criticism over issues with recent meme coin rug pulls.

In conclusion, Ethereum’s lower gas fees, rising DeFi activity, and the growing institutional interest through ETFs suggest a strong mid-to-long-term bullish outlook for ETH. However, short-term price volatility remains, and investors should watch for developments in both the ETF space and overall market sentiment to gauge Ethereum’s trajectory in the coming months.

The post Low Ethereum Gas Fees: What They Mean for ETH’s Future appeared first on Koinreport.

Following the official backing from Argentina’s President, Javier Milei, and a highly publicized launch, the LIBRA token has faced a significant price crash. After gaining attention for its potential to support small businesses and bolster Argentina’s economy, the token’s price initially surged before plummeting, leading to a wave of speculation and uncertainty about its future.

In this article, we’ll explore what happened to Libra, its price predictions for 2025 and 2030, and the broader outlook for this volatile token.

What is LIBRA?

LIBRA caught the public’s eye when President Javier Milei of Argentina promoted it on social media on February 14, claiming it could help small businesses by supporting economic growth in the country. Following his endorsement, the token saw a sharp rise in price. At its peak, LIBRA hit an all-time high of $0.80. However, the surge was short-lived.

On-chain data revealed that many insiders took advantage of the hype, selling off large amounts of LIBRA tokens, which caused the price to crash by over 89%. Within just 24 hours of its launch, LIBRA’s market value soared to over $4 billion before falling drastically. At the time of writing, LIBRA is trading at $0.3182, with a market capitalization of $81.5 million and a 24-hour trading volume of $158 million.

Despite this controversy, some investors still believe that the token could rebound. But what does the future hold for LIBRA?

LIBRA Price Prediction: What’s Next for 2025?

LIBRA Price in 2025
As it stands, the LIBRA token is in a precarious situation after its dramatic drop. However, some analysts believe there’s still potential for price recovery in the next few years.

According to DigitalCoinPrice, the price of LIBRA in 2025 could fluctuate between $0.29 and $0.70, with a likely end-of-year price around $0.68. On the other hand, Mudrex’s analysis projects that LIBRA might see a minimum price of $0.10 and a maximum price of $0.50 in 2025.

While many crypto analysts remain optimistic about a potential bull run in 2025, it’s crucial to understand that cryptocurrency markets are highly unpredictable. Any significant global event could push the market into a bear trend. Therefore, it’s essential for investors to conduct thorough research and stay informed before making decisions regarding LIBRA or any other cryptocurrency.

LIBRA Price Prediction: What Could Happen by 2030?

Looking ahead to 2030, predictions for LIBRA’s price are wide-ranging. Mudrex estimates that by 2030, LIBRA could trade anywhere between $0.20 and $1.30, depending on market conditions and adoption levels.

DigitalCoinPrice is more optimistic, forecasting that LIBRA could reach between $1.52 and $1.75 by the end of the decade.

However, it’s important to keep in mind that these predictions are speculative. As with any cryptocurrency, LIBRA’s price will remain highly volatile and susceptible to major fluctuations. A multitude of factors, including regulatory changes, market sentiment, and global economic conditions, could all play a role in shaping LIBRA’s price trajectory.

Is LIBRA’s Future at Risk?

Given the recent scandal surrounding the LIBRA token and its initial pump-and-dump behavior, some experts question whether it can survive in the short term, let alone thrive over the next five years. Many cryptocurrencies have experienced sudden price crashes or lost their entire value, and the possibility of a rug pull (fraudulent scheme to remove funds from investors) has left investors wary.

Additionally, tokens associated with memes or hype tend to experience extreme volatility, with the potential for significant price swings. Given these factors, it’s difficult to determine whether LIBRA will manage to recover or if it will become another example of a failed crypto project.

Conclusion

While there are varying opinions on LIBRA’s future, the token faces an uncertain road ahead. Its explosive launch followed by a massive price drop has raised concerns about its sustainability and the integrity of its development. As LIBRA continues to trade well below its all-time high, it will need significant backing, credibility, and adoption to survive in the competitive crypto space.

If you are considering investing in LIBRA, make sure to approach it with caution and stay updated on any new developments surrounding the project. As the market remains highly unpredictable, no price prediction is guaranteed, and the success of LIBRA will depend on many factors that are still in flux. Always conduct your own research before making any financial decisions.

The post Libra Coin Outlook: Will Prices Continue to Rise? appeared first on Koinreport.

Shaw Walters, founder of Eliza Labs, confirmed over the weekend that his X (formerly Twitter) account had been hacked. Users reported that the account was posting fraudulent scam links. Walters, who maintains strong security measures including two-factor authentication and a password manager, expressed frustration over the incident.

“I woke up to a flood of DMs saying my account was hacked. My wife managed to log in, delete the posts, and disconnect accounts while I was asleep,” Walters explained. “It was clearly a well-planned and targeted attack.” Walters apologized to anyone who may have lost funds due to the scam links and stressed the importance of caution in the space.

Eliza Labs, the developer behind the Eliza open-source AI agent framework and its native token AI16Z, quickly warned its followers not to interact with any fraudulent links posted from Walters’ compromised account.

World ID Orb Verifications Now Available in the Philippines

World, formerly known as Worldcoin, has launched its Orb verifications in the Philippines, starting with select areas near Manila. The company highlighted the country’s young, digitally-savvy population and its global leadership in social media usage as ideal conditions for World’s services.

The launch in the Philippines comes at a time when many Filipinos are embracing emerging technologies like artificial intelligence, with 86% of Filipino knowledge workers reportedly integrating AI into their work. World ID verifications are currently available in parts of Bulacan, with plans to expand nationwide. Earlier this month, World also launched its ID verification service in Jakarta, Indonesia.

Boyaa Interactive Predicts Profits Surge on Bitcoin Gains

Chinese gaming company Boyaa Interactive expects a dramatic profit increase of 640% to 680% in 2024, largely driven by gains from its Bitcoin holdings. The firm announced the forecast in a Feb. 16 filing, attributing the surge to “digital asset value-added gains” and the continued improvement of its gaming operations. Boyaa also projects a 15% to 20% increase in revenue compared to 2023.

As of late November 2023, Boyaa held 3,183 BTC—worth around $306 million at current prices—making it the largest corporate Bitcoin holder in Asia. Despite a 15% decline in stock prices this year, the company has seen its shares surge more than 600% compared to last year.

Coinbase Sets Sights on Challenging Tether with USDC

Coinbase CEO Brian Armstrong revealed during the company’s earnings call that the exchange aims to challenge Tether’s dominance in the stablecoin market, with the goal of making USDC the number one stablecoin. However, Armstrong acknowledged that this would be an ambitious “stretch goal.” Currently, Tether’s USDT holds 61% of the $234 billion stablecoin market, while USDC’s market share is around 24%.

Armstrong also expressed confidence that up to 10% of global GDP could run on cryptocurrency rails by the end of the decade, underscoring his long-term vision for the sector.

Other News:

PlanB Moves Bitcoin into ETFs: Popular Bitcoin analyst and creator of the stock-to-flow model, PlanB, caused a stir over the weekend when he revealed he had moved his Bitcoin holdings into exchange-traded funds (ETFs) for “peace of mind.” Bitcoin pioneer Samson Mow speculated that this might be a move to reduce exposure to physical Bitcoin holdings and protect against potential attacks.

Argentine President Faces Fraud Charges: Argentine President Javier Milei is reportedly under investigation for fraud in connection with a failed cryptocurrency project called LIBRA, which has been labeled an insider scam. Milei’s endorsement of the project has led to legal scrutiny.

The weekend brought a mix of highs and lows across the crypto and tech sectors, with hacks, regulatory challenges, and notable market movements shaping the landscape.

The post Eliza Labs Breach, Boyaa’s Bitcoin Success, and Other Top Stories appeared first on Koinreport.

The U.S. Securities and Exchange Commission (SEC) has officially recognized Grayscale’s filings for spot XRP and Dogecoin exchange-traded funds (ETFs), marking the beginning of a review process that could see these crypto-based funds launch later this year.

On February 13, the SEC published notices for Grayscale’s Form 19b-4 filings, a key procedural step that opens a 240-day window for the commission to review and make a decision on the applications. Once the filings appear in the Federal Register—typically within a few days of acknowledgment—the review clock starts ticking. If the process moves quickly, the SEC could issue a final decision by mid-October.

While the SEC’s acknowledgment of the filings doesn’t guarantee approval, it represents a significant shift in the agency’s approach to crypto ETFs. According to Fox Business journalist Eleanor Terrett, the SEC, under its current leadership, is adopting a more open-minded stance toward considering cryptocurrency-based financial products. This contrasts with the previous regime under SEC Chairman Gary Gensler, which was notably resistant to approving such filings.

Terrett pointed to the SEC’s handling of Solana ETF applications in December, when exchanges pulled their filings after the commission indicated a lack of willingness to engage. By contrast, the SEC’s current leadership appears more willing to review and assess such proposals, fueling optimism that crypto-based ETFs could soon be available on the market.

In addition to Grayscale’s filings, Terrett highlighted that the SEC will soon turn its attention to similar XRP ETF applications from other issuers. Four companies—Bitwise, 21Shares, Canary Capital, and WisdomTree—have also submitted proposals, which are now awaiting acknowledgment from the commission.

Grayscale took a significant step forward in January when NYSE Arca filed a proposed rule change to list and trade shares of the Grayscale XRP Trust on January 30. A similar filing for the Grayscale Dogecoin Trust followed the next day, on January 31.

Bloomberg analysts James Seyffart and Eric Balchunas have estimated the likelihood of XRP and Dogecoin ETFs being approved at 65% and 70%, respectively, further raising hopes that these funds may hit the market soon.

As the review process moves forward, the crypto community remains watchful for any developments that could signal a breakthrough for these much-anticipated financial products.

The post Grayscale’s XRP and Dogecoin ETFs Clear First Hurdle with SEC Approval appeared first on Koinreport.

Spot Bitcoin exchange-traded funds (ETFs) in the United States continued to experience net outflows on February 11, as Bitcoin (BTC) remained under the $100K threshold, briefly dipping below $95K.

Data from SoSoValue reveals that the 12 spot Bitcoin ETFs tracked recorded $56.76 million in net outflows on Tuesday. This marked the second consecutive day of outflows, following a $186.28 million net exit from the funds the day prior.

Among the worst-hit funds, Fidelity’s FBTC led the outflows, with $43.63 million leaving the fund. Other ETFs, including Franklin Templeton’s EZBC, Invesco Galaxy’s BTCO, Bitwise’s BITB, and WisdomTree’s BTCW, also saw significant outflows, contributing $11.03 million, $9.51 million, $9.32 million, and $7.06 million in withdrawals, respectively.

However, BlackRock’s IBIT ETF stood out as the only exception on the day, managing to attract $23.8 million in inflows. Since its launch, the fund has accumulated over $40 billion in total net inflows, reflecting ongoing investor interest.

Despite the outflows, the daily trading volume for these Bitcoin ETFs reached $2.14 billion on February 11, up from $1.84 billion the previous day.

Ethereum ETFs See Inflows Amid Bitcoin ETF Outflows

While Bitcoin ETFs faced continued outflows, demand for Ethereum ETFs rebounded on February 11. These funds saw a net $12.58 million in inflows, all of which came from BlackRock’s ETHA ETF. Other Ethereum ETFs reported no change in inflows or outflows.

Ethereum ETF trading volume stood at $267.66 million on Tuesday, an increase from the previous day’s $210.99 million.

Investment Managers Expand Exposure

The contrasting demand for Bitcoin and Ethereum ETFs coincides with growing interest from institutional investors. For example, Goldman Sachs recently revealed a 2,000% increase in its holdings of spot Ethereum ETFs during the fourth quarter of 2024, alongside a boost in its Bitcoin ETF holdings, which now exceed $1.5 billion.

At press time, Bitcoin was trading at $95,834, down 2.5% over the past 24 hours after briefly dipping below $95K earlier in the day. Ethereum, on the other hand, faced steeper losses, dropping 3.7% to $2,604.

The Road Ahead for Bitcoin and Ethereum ETFs

The mixed demand for Bitcoin and Ethereum ETFs highlights ongoing volatility and investor sentiment in the cryptocurrency market. As institutional players continue to ramp up their positions in these assets, all eyes will be on the market’s next moves, particularly with growing regulatory scrutiny and the overall economic landscape potentially impacting the demand for digital asset investments.

The post Bitcoin ETFs Struggle with Outflows as BTC Falls Below $95K appeared first on Koinreport.

Industry leaders and cryptocurrency advocates are calling for a comprehensive regulatory overhaul to ensure the United States remains competitive in the global digital asset market. At a hearing on February 11, 2025, the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee of the House Financial Services Committee will discuss the future of cryptocurrency regulations under a potential Donald Trump administration, following the current regulatory challenges under President Biden.

The hearing, titled “A Golden Age of Digital Assets: Charting a Path Forward,” will feature testimonies from prominent figures in the cryptocurrency industry, including Jose Fernandez da Ponte from PayPal, Jonathan Jachym from Kraken, and Timothy Massad from Harvard University. The session will focus on the need for clearer and more effective digital asset policies to maintain the US’s global leadership in the space.

A Call for Federal Clarity

Ji Hun Kim, president and acting CEO of the Crypto Council for Innovation (CCI), emphasized in his written testimony the urgency of establishing clear federal regulations for digital assets. Kim pointed out that the US is at risk of falling behind as international competitors, including the European Union, the United Kingdom, Japan, and Singapore, move ahead with clearer regulatory frameworks. He urged Congress to prioritize several legislative measures to safeguard the US’s competitive edge:

Market Structure Legislation: Establishing a clear framework for the digital asset market.

Stablecoin Regulation: Addressing the regulatory needs surrounding stablecoins.

SEC-CFTC Coordination: Enhancing coordination between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to avoid jurisdictional confusion.

Decentralized Finance (DeFi) Support: Promoting decentralized finance and individual empowerment through legal backing.

Support for Regulatory Reform Under Trump

Coy Garrison, partner at the Steptoe law firm, echoed these sentiments, urging regulatory reform under the potential Trump administration. Garrison noted that federal agencies like the SEC, CFTC, and the Federal Deposit Insurance Corporation (FDIC) are already working to reverse the restrictive policies of the Biden administration to bring crypto businesses back to the US. He stressed that Congress must take action to provide oversight of spot market digital asset trading, complementing the SEC’s existing jurisdiction.

Garrison also called for a shift in the government’s approach to legal actions against major crypto exchanges such as Coinbase, Binance, and Kraken. Rather than pursuing lawsuits, he recommended that the government create clear registration pathways for digital asset businesses, fostering a more supportive regulatory environment.

A Pivotal Moment for Crypto Regulations

The hearing highlights the growing urgency among crypto industry leaders to create a regulatory framework that balances innovation with security. With increasing competition from international markets, industry stakeholders argue that the US must act swiftly to establish a clear, fair, and comprehensive approach to digital asset regulation to avoid losing its leadership position in the burgeoning crypto economy.

As Congress continues to grapple with the complexities of cryptocurrency regulation, industry leaders hope that the momentum for change will lead to more favorable policies that encourage innovation while ensuring consumer protection and market integrity.

The post Calls Grow for Post-Biden Clarity on Crypto Regulations appeared first on Koinreport.

Binance Smart Chain (BSC) has reached a significant milestone, surpassing 500 million unique active addresses, coinciding with the unexpected frenzy surrounding the launch of its TST meme coin.

This achievement, reported by Whale Insider in a recent X post, comes shortly after the release of TST, a test token initially created by the BNB Chain team for a tutorial on how to launch a meme coin on the Four.Meme platform. Intended for educational purposes only, TST quickly gained traction, soaring 1,100% in its first three days. The token hit an all-time high of $0.52 before plummeting to $0.20, a 62% drop from its peak, according to CoinMarketCap.

The TST rally can be traced back to a brief appearance of the token’s name in a single frame of the tutorial video. The video was briefly removed after this was noticed, but Binance co-founder Changpeng “CZ” Zhao later instructed the team to re-upload it. In his X post, CZ clarified that TST was not an official token and had no ties to BNB Chain beyond its role in the tutorial.

Although the token was intended as a demonstration, its unintended rise fueled speculation, which likely contributed to the surge in active addresses on the BNB Chain network.

As the number of active addresses continues to climb, the issue of Maximal Extractable Value (MEV) on BSC has also gained attention. MEV refers to the extra profits validators earn by manipulating transaction orders, often through tactics like front-running and sandwich attacks. These exploits have become a notorious issue on BNB Chain, leading to millions in losses for users. In 2024 alone, BNB Chain users lost around $1.5 billion to such attacks, drawing attention to the vulnerabilities in the network as trading volume increases.

Recently, CZ raised the issue of MEV on X, conducting a poll asking whether BNB Chain should take stronger measures to reduce or eliminate MEV-related problems.

The post BNB Chain Hits 500M Addresses Amid TST Boom and MEV Fears appeared first on Koinreport.