Category: Cryptocurrency News

Societe Generale-Forge (SG-FORGE) has chosen the Stellar blockchain to launch its MiCA-compliant euro stablecoin (EURCV). Stellar Network to Host Societe Generale-Forge’s Euro-Backed Stablecoin Societe Generale-Forge (SG-FORGE) has expanded its multichain strategy by launching its EUR-backed stablecoin (EURCV) on the Stellar network. This marks a major step in Europe’s regulated digital asset landscape, combining compliance with […]

Newly launched funds holding Bitcoin and Ether have so far seen scant interest from investors.

HK Asia purchased just one Bitcoin and saw its share price spike nearly 93% as a result.

When it comes to crypto, value is determined by price, utility and users. Based on these metrics, is Solana or Ethereum winning the battle to be the best blockchain?

Prior to the 16th Amendment, which was ratified in 1913, the United States did not have a permanent income tax levied on citizens.

In a significant blow to the cryptocurrency industry, Bybit, one of the leading crypto exchanges, has confirmed a major security breach involving its Ethereum cold wallet.  The incident, reported on Friday by Bitcoinist, marks one of the largest cryptocurrency hacks in history, with losses estimated at over $1.5 billion. Bybit Hack Linked To North Korea’s Lazarus Group According to Bybit, the breach occurred during a transfer from their ETH multisig cold wallet to a warm wallet. The exchange revealed on social media platform X (formerly Twitter) that the attack was executed through a “sophisticated manipulation” of the transaction process.  This manipulation allowed the hacker to mask the signing interface, which displayed the correct wallet address while altering the underlying smart contract logic.  Related Reading: Coinbase CEO’s Hot Take: Bitcoin Is Basically A ‘Meme Coin’ Subsequently, on-chain market intelligence firm Arkham Intelligence revealed that crypto sleuth ZachXBT has provided compelling evidence linking the hack to the notorious Lazarus Group, a North Korea-backed hacker organization.  In his detailed analysis, ZachXBT reportedly submitted findings that included test transactions, associated wallets, forensic charts, and timing analyses. This information has been shared with Bybit to assist in its ongoing investigation. $1.44 Billion In Misappropriated Assets The scale of the breach is staggering. Estimates suggest that approximately 401,347 ETH, valued at around $1.12 billion, were withdrawn.  Additionally, other assets lost in the hack include 90,376 stETH worth $253.16 million, 15,000 cmETH valued at $44.13 million, and 8,000 mETH totaling $23 million. The total estimated loss stands at approximately $1.44 billion. In light of this incident, Bybit has activated its security team and is collaborating with leading blockchain forensic experts to conduct a thorough investigation.  Related Reading: Ethereum Price Prediction: Extremely Strong Support And Monthly 55 EMA Says ETH Is Headed For $4,867 The exchange has also reached out to other teams with expertise in blockchain analytics and fund recovery, inviting them to assist in tracing the misappropriated assets. It remains to be seen what further action Bybit will take with the information provided by ZachXBT and how the case will unfold regarding the misappropriated customer funds.  As for ETH’s price, the second largest cryptocurrency on the market has seen a 4% retracement towards $2,640 just hours after the security breach.  Featured image from DALL-E, chart from TradingView.com

The Bybit hack is more than twice as large as the second-largest crypto exploit, which belongs to Ronin Network.

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Brian Armstrong, the CEO of Coinbase, has recently made an audacious statement regarding Bitcoin that has caused quite a stir in the crypto industry. He recently proposed that Bitcoin could be regarded as “somewhat of a meme coin,” which sparked a debate among enthusiasts, analysts, and investors. Related Reading: XRP Bulls Return—Will This Be the Breakout to $3? The Power Of Collective Belief Like meme currencies, Armstrong pointed out that the value of Bitcoin is essentially derived from popular or collective belief. He explained that unlike conventional assets, Bitcoin lacks inherent value connected with actual objects or direct use. Instead, its value is swayed by societal trust and the shared perception of its significance. He also likened Bitcoin to the US dollar, noting that although the dollar’s value has persisted mostly due to mass acceptance and faith in its purchasing power, and it is not connected to the gold standard. This comparison highlights Bitcoin’s status as a store of value rather than a commodity with inherent worth. The Emergence Of Meme Coins Armstrong did not intend to undermine Bitcoin’s credibility; however, his statements underscored the expanding influence of meme coins. Shiba Inu (SHIB) and Dogecoin (DOGE) are two cryptocurrencies that have amassed substantial followings despite possessing minimal fundamental utility. On memecoins… Memecoins have generated a lot of buzz recently, and I’ve gotten some questions on how I think about them. I am personally not a memecoin trader (beyond a few test trades), but they’ve become hugely popular. Arguably, they’ve been with us since the beginning –… — Brian Armstrong (@brian_armstrong) February 19, 2025 For example, Dogecoin, which originated as a joke, experienced a price increase of over 15,000% in 2021 as a result of social media publicity and endorsements from prominent figures such as Elon Musk. Shiba Inu reached an all-time market cap of around $40 billion. This trend is a reflection of how sentiment and viral appeal can push asset valuation up, much like what Armstrong suggests applies to Bitcoin. Bitcoin’s Status Remains Unchallenged Armstrong agreed that, in spite of the comparison, Bitcoin is still the most well-known cryptocurrency. The crypto continues to dominate institutional adoption, regulatory discussions, and long-term investment strategies. Meanwhile, the legitimacy of Bitcoin has been strengthened even more by the trust big financial firms like BlackRock and Fidelity have in the crypto asset. Its limited supply of 21 million coins and decentralized nature also sets it apart from the typical meme coin phenomenon. Related Reading: Solana Faces Double Trouble: 55% Network Drop And Price Woes A Conversation Far From Over Armstrong’s statement has fueled discussions about how cryptocurrencies derive their value. Some critics argue that equating Bitcoin to a meme coin undermines its role as “digital gold,” while others believe it accurately describes the evolving nature of financial assets in the internet era. Featured image from PC World, chart from TradingView