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Daily Brief

BTC's Bloodletting

gm Bankless Nation, it's a red day in the markets as the industry buzzes with new details on the Bybit hack and Bank of America’s stablecoin plans!
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Feb 26, 2025 • 2 min read
BTC's Bloodletting
Published on Feb 26, 2025
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NEED TO KNOW
The Bybit Post-Mortem
  1. 🔐 Bybit’s $1.4B Hack Tied to Safe Attack. Hackers swapped malicious code into the Safe frontend to target Bybit's multisig cold wallet, fueling calls for stronger security measures.
  2. 💵 Bank of America Eyes Stablecoin Launch. CEO Brian Moynihan says the bank is prepared once federal lawmakers clarify rules for bank-issued tokens.
  3. 🏛️ Ex-Congressman McHenry Joins a16z. The pro-crypto lawmaker will help steer tech policy after championing the Financial Innovation Act in Congress.
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Daily Market Snapshot: Bitcoin kept crashing on Wednesday, dropping below $83,000 before recovering slightly, while new alts like $IP, $KAITO, and $BERA showed surprising strength.
Prices as of 5pm ET 24hr 7d
Crypto $2.77T ↘ 4.9% ↘ 12.4%
BTC $84,084 ↘ 5.1% ↘ 12.7%
ETH $2,320 ↘ 6.9% ↘ 14.6%
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ANALYSIS
Trump's Dual Tokens Plots Crypto's Future
Bankless Author: Jack Inabinet

Donald Trump is the biggest celebrity to ever launch a crypto token. Alongside an NFT trading card collection, America’s 47th president has unleashed not just one, but two distinct tickers for crypto degens to ape.

While regulators have released limited information on how they intend to police the crypto industry, careful examination of the unique facts and circumstances surrounding Trump’s two tokens could yield important insights on how his administration will apply policy to digital assets.

Today, we’re unpacking the notable distinctions between WLFI and TRUMP in an attempt to understand how the Trump Administration might regulate crypto tokens! 👇

Read on Bankless
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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