From: IE Cryptocurrency Club MC Date: February 24 Subject: Your Weekly Dose of Crypto
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Your favorite weekly Newsletter!
Hello Crypto Enthusiasts,
Welcome to this week’s edition of the IE Crypto Club Newsletter, your trusted source for the latest developments, trends, and insights in the ever-evolving world of cryptocurrencies. Today we'll explore significant market movements and important news that we consider might be of interest to you. Enjoy!
🔥 Bybit Just Got Hacked for $1.5 Billion - One of the Biggest Crypto Heists Ever
Crypto exchange Bybit is reeling from a jaw-dropping $1.5 billion hack, one of the largest in history.
The attack happened while the exchange was moving funds from a cold wallet to a warm wallet, which should’ve been a routine process. Instead, hackers found a way to intercept the transaction and drain a huge chunk of Ethereum.
What’s worse? Most of the stolen ETH has already been sent through Tornado Cash, a crypto mixing service that makes it nearly impossible to trace.
Bybit has promised that users won’t lose their funds, saying everything is backed 1:1. They’ve also put up a 10% bounty for anyone who can help recover the money. But let’s be real—once hackers start laundering funds like this, getting them back is nearly impossible.
This is yet another reminder: Centralized exchanges are still prime targets for hackers. If you’re holding a lot of crypto, self-custody is the safest bet.
🏛️ Coinbase Wins Big - SEC Drops Its Lawsuit
For months, the SEC has been going after Coinbase, accusing it of running an unregistered securities exchange. This week, they dropped the case—a huge win for crypto in the U.S.
Coinbase has been fighting this battle since 2023. The SEC claimed that several of the assets listed on the platform were actually securities, meaning Coinbase should’ve registered with them. But instead of taking this fight to court, the SEC suddenly backed down.
So, what changed? A new administration is in office, and Trump’s stance on crypto is much more relaxed. This could be the start of a friendlier regulatory environment, and it might mean fewer lawsuits against other exchanges like Kraken and Binance.
Coinbase’s legal team called the decision a step toward common-sense regulation. But let’s not get too excited—we still don’t have clear crypto laws in the U.S., and the SEC isn’t done with the industry yet.
🎭 Meme Coins: Fun Until They’re Worthless
Even coins tied to entire governments, like the Central African Republic’s crypto project, have collapsed by 98%.
Why Do They Keep Failing?
No real purpose – Unlike Bitcoin or Ethereum, most meme coins exist purely for hype. There’s no innovation, no utility—just vibes.
Pump and dump – Celebrities and influencers promote these tokens, price shoots up, then early holders cash out, leaving everyone else stuck with worthless bags.
Wild market manipulation – Because these coins have low liquidity, it’s easy for a few big players to pump up the price, dump their holdings, and walk away rich.
No regulation, no protection – When these coins inevitably tank, there’s no safety net. Regulators might step in after the damage is done, but by then, it’s too late.
🔗 Ethereum Developers Say ‘No Way’ to a Blockchain Rollback
After Bybit got hacked, some people suggested doing something drastic: rolling back the Ethereum blockchain to undo the stolen transactions.
Sounds wild, right? Ethereum actually did this once before—back in 2016, after the DAO hack. That rollback created Ethereum as we know it today, while the original chain became Ethereum Classic (ETC).
But this time, developers shut down the idea immediately. Ethereum’s core devs, including Tim Beiko, called it “technically intractable.” Vitalik Buterin also chimed in, saying that Ethereum is committed to immutability, meaning transactions can’t just be reversed when something bad happens.
It’s a tough situation. On one hand, a rollback could’ve helped recover stolen funds. But on the other, it would’ve completely destroyed trust in Ethereum’s decentralization.
At the end of the day, the crypto community is sticking to its principles: Code is law, even when it sucks.
🏴☠️ Texas Wants to Start a State-Backed Bitcoin Reserve
Imagine a world where governments start holding Bitcoin like gold. Well, Texas is trying to make that happen.
A new bill, Senate Bill 21, proposes that Texas use taxpayer money to buy and hold Bitcoin as part of its reserves. The idea is that BTC, with its fixed supply, could act as a hedge against inflation and economic uncertainty.
Texas is already home to some of the largest Bitcoin mining operations in the world, so this move isn’t totally out of left field. Lt. Governor Dan Patrick, a longtime Bitcoin supporter, is behind the bill, arguing that Texas should be the first U.S. state to make a serious bet on BTC.
Not everyone is on board. Critics say Bitcoin is too volatile to be used as a state asset, and some worry that this move could put Texas in conflict with federal regulators.
If this passes, Texas could set off a domino effect, with other states (or even countries) following suit. Governments holding Bitcoin? That’s a game-changer.
🏦 BlackRock’s Bitcoin ETF Is Exploding
It’s no secret that institutions are piling into Bitcoin, but the numbers this week are staggering.
BlackRock’s iShares Bitcoin Trust (IBIT) just hit $20 billion in assets under management. That’s right—$20 billion in just a few months.
This week alone, more than $1 billion flowed into the ETF, outpacing gold ETFs.
Other ETFs, like Fidelity’s Wise Origin Bitcoin Trust (FBTC), are also seeing massive growth.
Analysts predict that institutions could end up holding 10% of Bitcoin’s total supply by 2026.
This is massive. If institutions keep buying at this pace, it’s only a matter of time before Bitcoin supply dries up, potentially sending prices skyrocketing.
🌎 Japan & UAE Are Moving Fast on Crypto, While the U.S. Lags Behind
While the U.S. still can’t decide how it feels about crypto, Japan and the UAE are going all in.
Japan’s Financial Services Agency (FSA) is now allowing banks to issue stablecoins, integrating crypto into traditional finance.
The UAE is expanding its pro-crypto policies, attracting Web3 companies from all over the world.
Meanwhile, the U.S. is still stuck in regulatory uncertainty. If lawmakers don’t act fast, they risk falling behind while other countries take the lead in crypto adoption.
We hope you enjoyed reading!
As always, invest with calculated risk and fundamentals, never for the hype. Share this with your crypto friends & stay ahead of the game! 🚀
