The $1.5B Vanishing Act 🪄

Author

Tracey Plowman
February 26, 2025

This Week in Crypto

🎙️Crypto Curious is back with episode 166 and this week, Bybit just got wrecked in one of the biggest crypto heists ever, with hackers swiping over $1.5B in ETH. Meanwhile, the internet is spiraling over a wild theory that Jack Dorsey might actually be Satoshi Nakamoto. And in meme coin madness, Kanye is dropping YZY, because of course he is—stay tuned!

Video lovers ❤️ YouTube is here!

Also ađź’ĄBONUS listen for all you Triple J lovers out as Blake discuses Bybit in depth on Hack. Listen from 25:05.

Markets at a glance.

X marks the spot.

Good articles.

From Sony to Bybit: How Lazarus Group became crypto’s supervillain

Lazarus Group has stolen over $6 billion in crypto since 2017, making it the most notorious hacking ring in the industry.

From Sony to Bybit: How Lazarus Group became crypto’s supervillain

Major cryptocurrency exchange platform Bybit was hacked over the weekend to the tune of $1.5 billion in digital assets, in what's estimated to be the largest cryptocurrency heist in history.

Whales Dump Melania Memecoin At Heavy Losses As Market Meltdown Wipes Out $12 Billion In Investor Wealth

Large investors were dumping Official Melania MELANIA/USD at massive losses, as the meme coin launched by First Lady Melania Trump traded 93% below its all-time high.

Whales Dump Melania Memecoin At Heavy Losses As Market Meltdown Wipes Out $12 Billion In Investor Wealth - Benzinga

Chainflip plans upgrade to prevent Bybit hackers from using its cross-chain DEX

The developers at cross-chain DEX Chainflip plan to deploy a protocol upgrade and enable measures to prevent Bybit hackers from using its platform.

Montana Joins Growing List of US States Knocking Back Bitcoin Reserve Bills

Montana joins North Dakota, Wyoming, and Pennsylvania in halting proposals to include Bitcoin in state reserves.

Montana Joins Growing List of US States Knocking Back Bitcoin Reserve Bills - Decrypt

By integrating stablecoin payments, we’re not just embracing the future — we’re shaping it,” a Metro Store executive reportedly said.

Crypto things you didn’t know you didn’t know.

Blockchain and the Metaverse.

Blockchain also plays a critical role in the rapidly developing Metaverse, or the immersive virtual world that leverages augmented and virtual reality to provide a world of social connection, and where users can interact with digital objects. By definition, the metaverse is fundamentally decentralized. No single entity can (or should) control the metaverse, so decentralizing the currency used makes perfect sense as well. 

In the metaverse, a user’s surroundings, environments, appearances, and objects all shift based on a developer’s unique activity. Blockchain and cryptocurrency offer an immutable foundation to add stability to the vast metaverse environment. Blockchain use cases in the Metaverse include:

  • Immutable in-game assets like non-fungible tokens (NFTs) that can be bought or sold.

  • ID authentication where blockchain keeps track of evolving user appearances or identities as they change.

  • Defining and regulating real estate in the Metaverse by providing an immutable record for how real estate is created, altered, traded, or destroyed. 

In Other Crypto News!

Bitcoin Is Struggling In 2025 As Gold Clocks New All-Time High But Here Is The Full Picture

Gold prices hit an all-time high Monday as President Donald Trump's tariff threat sent risk-on markets lower, driving demand for the safe haven asset.

Bitcoin Is Struggling In 2025 As Gold Clocks New All-Time High But Here Is The Full Picture - Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC) - Benzinga

Ethereum Leadership Spill: Executive Director to Step Down Amid Community Criticism

There’s been a shakeup in the leadership of the Ethereum Foundation with its Executive Director, Aya Miyaguchi, announcing in blog post yesterday that she’ll be stepping down from her role and will take up a new role as the foundation’s president. 

Ethereum Leadership Spill: Executive Director to Step Down Amid Community Criticism

XRP, BNB Edge Higher as Bitcoin Bulls Eye $90K After Tuesday Bloodbath

The move higher was in line with a CoinDesk analysis on Tuesday, as a five-month low in a sentiment index and a large-scale liquidation event indicated assets were likely oversold and could see relief in the short term.

BTC, XRP News: What Next For Bitcoin and Majors as Rate Cut Bets Jump 30%?

Crypto Fashun!

Million-Dollar Dolce & Gabbana Digital Suit Fractionalized on Ethereum L2 Base—Here’s Why

Fermion Protocol wants to fractionalize luxury goods. It’s starting with a million-dollar digital suit from Dolce & Gabbana.