Centralized crypto exchange Bybit was hacked for over $1.4 billion worth of crypto on Feb. 21, marking the largest hack in crypto history

The Bybit exploiter has already laundered over $605 million worth of Ether (ETH), or over 54% of the total stolen funds, according to Lookonchain. The crypto intelligence platform wrote in a Feb. 28 X post:

“So far, the #Bybit hacker has laundered 270K $ETH($605M, 54% of the stolen funds) and still holds 229,395 $ETH($514M).”

North Korea’s Lazarus Group was identified as the main culprit behind the Bybit exploit, according to blockchain analytics firms, including Arkham Intelligence.

The exploiters have used the crosschain asset swap protocol THORChain to launder the funds. THORChain’s swap volume rose past the $1 billion record high after the Bybit hack, Cointelegraph reported on Feb. 27.

However, the protocol was hit by significant controversy after the growing flow of illicit North Korean funds.

Related: Can Ether recover above $3K after Bybit’s massive $1.4B hack?

THORChain dev quits amid controversy surrounding Bybit’s hacked funds

Some industry watchers have criticized THORChain’s privacy-preserving features for enabling the laundering of illicit funds by North Korean agents.

After a vote to block North Korean hacker-linked transactions was reverted to the protocol, one of the leading THORChain developers announced his exit.

“Effectively immediately, I will no longer be contributing to THORChain,” the crosschain swap protocol’s core developer, only known as “Pluto,” wrote in a Feb. 27 X post. 

Pluto said they would remain available “as long as I am needed and to ensure an orderly hand-off of my responsibilities.”

Pluto’s exit comes after THORChain validator “TCB” said on X that they were one of three validators that voted to stop Ether trading on the protocol to cut off the Lazarus Group.

TCB later wrote on X that they’d also exit “if we don’t rapidly adopt a solution to stop NK [North Korean] flows.”

Related: Bybit hack, withdrawals top $5.3B, but ‘reserves exceed liabilities’ — Hacken

Meanwhile, the FBI has urged crypto validators and exchanges to cut off the Lazarus Group and confirmed earlier reports that North Korea was behind the record Bybit hack. 

THORChain founder John-Paul Thorbjornsen told Cointelegraph he has no involvement with THORChain but said that none of the sanctioned wallet addresses listed by the FBI and the US Treasury’s Office of Foreign Assets Control “has ever interacted with the protocol.”

“The actor is simply moving funds faster than any screening service can catch. It is unrealistic to expect these blockchains to censor, including THORChain,” he added.

Magazine: THORChain founder and his plan to ‘vampire attack’ all of DeFi

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Two key indicators on SOL’s daily chart are on track to complete a bearish crossover, and if this happens, new lows under $100 could be in the cards.

The 50-day and 200-day exponential moving averages are on the verge of a “death cross,” which historically has been an ominous sign for most cryptocurrencies.

Will traders buy Solana under $130?

Based on the Fibonacci retracement analysis, SOL is currently between the 0.5 and 0.618 levels, which is considered the “golden zone.” The $130 level also acted as a strong support during the six-month consolidation period in 2024, near the 0.618 level. 

As a result, the crypto asset might consolidate and form a bottom between $130 and $150 over the next few weeks, considering the level’s historical and technical relevance.

A daily close below $130 will open the possibility of retesting the liquidity pocket between $120-$110, as identified in the chart.

The relative strength index (RSI) dropped below the 30 level for the first time since June 2023. On the previous two occasions when the RSI was this deeply oversold, it marked a trend bottom, suggesting that a price reversal or oversold bounce could occur in the short term.

Related: 3 reasons why Solana (SOL) price is 50% down from its all-time high

Is a mean reversion in play for Solana?

Due to the recent price action, Solana’s market sentiment and mindshare have taken a massive hit. Miles Deutscher, a crypto commentator, recently pointed out that the altcoin’s sentiment is at a 1-year low and that SOL is having its “capitulation moment.” 

Similarly, Santiment, a data analytics platform, signaled that most investors are currently bearish on most crypto assets, including Bitcoin, Ethereum XRP, and Solana. 

This opens the possibility of mean reversion for Solana. After a 50% correction, the likelihood of a deeper correction could be limited for the altcoin. The upcoming SOL token unlocks are well known among investors, and it’s possible that the event is already priced in. 

Related: Bitcoin price ‘top is not in’ as Wyckoff model hints at $100K retest

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Litecoin has “one of the best charts in crypto”

Litecoin’s current performance implies it is on an asymmetric rally versus the wider crypto market, and most LTC futures traders maintain a clear directional bias. Data highlights a clear trend where LTC’s open interest has consistently peaked at $140.

During LTC’s recent correction, its open interest dropped from $885 million to $525 million, which is a 40% drop between Feb. 20 and Feb. 26. However, a majority of the OI declined within the first three days. It remained flat during LTC’s drawdown in the past two days.

In the past 24 hours, a flash OI spike of 10% was observed alongside a price rise, which might imply fresh long positions from traders. The rise in the funding rate further confirmed that more longs were currently active than shorts.

In light of that, Tyler, an anonymous crypto trader, said that the altcoin presented “one of the best charts in crypto.”

The sentiment was followed up by Poseidon, a crypto analyst who predicted that Litecoin is targeting a new all-time high at $300.

However, a technical analyst, Mihir, believed the long-term target could be even higher.

The analyst said,

“LTC hit $350 USD during 2017 — a 310x move. It retested the 2017 high during the 2020 bull run but failed to make a new ATH. In the current (2023-2025) bull run, it hasn’t moved much yet, but it is indicating an upside move this year. If it breaks above $250 USD, then $1,000 is feasible.”

Related: M2 money supply could trigger a ‘parabolic’ Bitcoin rally — Analyst

Overhead resistance hangs at $140

As illustrated in the chart below, Litecoin’s weekly price action is exhibiting strength, and a candle close above $133 will mark its highest level since January 2022. However, the altcoin has failed to break above its overhead resistance at $140 over the past three months.

With supply-side liquidity (yellow box) available on the upside, LTC needs a weekly close above $133 to invalidate its resistance range.

Related: Bitcoin sets new 3-month low as analyst eyes $93.5K reclaim ‘this week’

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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At the same time, open interest in XRP futures fell to its lowest level in 2025, indicating that traders have been unwinding leveraged positions. While this shift does not necessarily signal a broader bearish sentiment, it raises concerns about whether XRP’s bullish momentum has weakened.

The aggregate open interest in XRP futures dropped to XRP 1.33 billion, marking an 8% decline from the previous week. In comparison, SOL open interest fell 4% over the same period, while the aggregate futures market for DOGE remained flat. 

To determine whether traders are losing interest in XRP, it is essential to analyze the funding rate of perpetual contracts (inverse swaps). This rate, charged by exchanges to balance leverage demand, turns positive when long (buy) positions pay to hold, signaling bullish sentiment. Conversely, a negative rate suggests a bearish outlook.

XRP’s 8-hour funding rate has remained near zero since Dec. 9, indicating a balanced leverage demand between bulls and bears. The last brief surge in leverage demand occurred on Dec. 4, 2024, following a 140% rally in XRP’s price over two weeks. Notably, this peak in buying pressure preceded a sharp 22% correction in less than three days.

On Dec. 3, 2024, the funding rate remained below 0.05% per 8-hour period, equivalent to 0.45% per month. This suggests that leverage buyers had already positioned themselves aggressively before the correction.

Reduced XRP demand shows uncertainty over spot ETF approval and SEC case resolution

Current market conditions differ significantly from those in December 2024. XRP’s last rally took place between Feb. 12 and Feb. 15, when its price surged 17% from $2.41 to $2.83. However, funding rate data shows no increase in leveraged demand. This suggests that either XRP holders became overly optimistic after the strong gains in late 2024 or shifted their focus to other cryptocurrencies.

One factor dampening enthusiasm among XRP traders is the ongoing US Securities and Exchange Commission (SEC) lawsuit against Ripple. While the SEC has withdrawn cases against Coinbase, OpenSea, Robinhood, and Uniswap, Ripple remains an exception. This presents a double-edged sword for XRP where prolonged uncertainty weakens investor conviction, but a surprise positive resolution could trigger a sharp rally.

Related: XRP Ledger unveils institutional DeFi roadmap

John Reed Stark,  the former Chief of the SEC’s Office of Internet Enforcement, has previously accused the cryptocurrency industry of spreading myths to mask its lack of transparency and accountability, commented on the “demolition of the SEC Crypto-Enforcement Program” on X. Using a meme, Stark expressed frustration over recent developments.

Another source of concern for XRP holders is the reportedly failed attempt by Ripple CEO Brad Garlinghouse to persuade the US government to adopt a Strategic Digital Asset Reserve instead of focusing solely on Bitcoin. Pierre Rochard, vice president of Research at Riot Platforms, highlighted this setback, noting that Trump’s administration has signaled it will no longer form a crypto council, further downplaying the urgency of such initiatives.

The declining demand for XRP futures is ultimately a bearish signal, as it suggests traders are shifting focus to other opportunities or staying on the sidelines. 

This reluctance may stem from uncertainty surrounding the potential approval of a spot XRP exchange-traded fund (ETF) in the US and the eventual dismissal of the SEC’s charges against Ripple.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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In contrast, the crypto market’s combined valuation has dropped by 3% amid a sour risk-on mood led by underwhelming Nvidia earnings and US President Donald Trump’s latest tariff announcements.

Key drivers behind Litecoin’s gains include:

• Announcement of Litecoin’s own domain, “.ltc“

• LTC’s rising strength against Bitcoin (BTC).

• Strengthening chart technicals.

Litecoin announces official domain extension “.ltc“

Litecoin’s price gains today appear after the cryptocurrency’s official X handle announced the launch of its own domain extension.

What to know:

• On Feb. 25, 2025, Litecoin announced the launch of its official domain extension, “.ltc,” in collaboration with Unstoppable Domains.

• Litecoin’s move mirrors Ethereum’s .eth domains, which have gained popularity as an essential part of Web3 identity solutions.

• With .ltc domains, users can register personalized blockchain-based addresses instead of relying on long alphanumeric wallet addresses.

• Domain extension should ideally make sending and receiving LTC payments seamless by reducing the chances of errors in transactions.

• LTC’s price has risen by approximately 22% since the domain extension announcement.

LTC’s strength against Bitcoin is improving

Litecoin’s gains today are also due to its consistently strong performance against Bitcoin, which controls about 60% of the entire crypto market valuation.

Key points:

• The LTC/BTC pair has climbed approximately 40% year-to-date.

• In comparison, Ether (ETH) and Solana (SOL) have plunged by over 24.45% and 20.50% against Bitcoin, respectively.

• Litecoin’s crypto market dominance has improved due to the ongoing exchange-traded fund (ETF) buzz.

• Ether and Bitcoin saw similar uptrends ahead of their spot ETF approvals in 2024.

• Earlier in February, Eric Balchunas, Bloomberg’s senior ETF analyst, noted that there is a 90% likelihood of a Litecoin ETF being approved in 2025.

• On the Polymarket betting platform, the odds for a spot Litecoin ETF approval by 2025’s end was 75% as of Feb. 27.

• On Feb. 19, the US Securities and Exchange Commission acknowledged CoinShares spot Litecoin filings ETF.

Litecoin hashrate is rising

Litecoin is bucking the market downtrend as network fundamentals strengthen, with miners accumulating and hashrate reaching new highs.

Notably:

Related: Litecoin txs surge 243% in 5 months amid ETF hype: Santiment

• Reduced miner selling, rising network strength, and sustained demand position LTC for further upside potential.

LTC is eyeing $360 next

Litecoin’s gains today are part of its prevailing inverse head and shoulders (IH&S) pattern, a classic bullish reversal setup signaling a potential breakout.

Key takeaways:

• An IH&S is a technical pattern that forms after a downtrend and consists of three key troughs: a left shoulder, a lower head, and a right shoulder, forming underneath a neckline resistance.

• The pattern resolves when the price decisively breaks above the neckline and rises by as much as the maximum distance between the head’s trough and neckline.

• As of Feb. 27, Litecoin was forming the pattern’s right shoulder while eyeing the breakout above its neckline resistance of around $130.

• The resulting target is around $160, suggesting a potential rally by March if the breakout sustains.

• Failure to hold above $130 could lead to a retest of lower support levels near the 50-4H EMA ($123.80) and approaching the 200-4H EMA ($120.41).

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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“TradFi stablecoins will find it harder than they think to win market share,” Hougan said in an X post on Feb. 26.

Hougan referred to the newly announced stablecoin plans by Bank of America (BofA) CEO Brian Moynihan, who on Feb. 25 said BofA would likely launch a US dollar-pegged stablecoin once regulators came up with relevant legislation.

The news came shortly after Jeremy Allaire, co-founder of Circle — issuer of the second-largest stablecoin, USDC (USDC) — argued that all USD stablecoin issuers should be registered in the US.

Stablecoins as new CBDCs?

The BofA stablecoin news triggered mixed reactions from the community, with many seeing the news as a good sign for crypto adoption, while others viewed bank-issued stablecoins as a new version of central bank digital currencies (CBDC).

“So are they going to just ‘rebrand’ CBDC’s and just call them ‘stablecoins’?” one commentator wrote on X.

“Sounds CBDCish,” another industry observer said.

Other community members disagreed, highlighting fundamental differences between a potential BofA-issued stablecoin and a CBDC.

“There’s a fundamental difference. A CBDC is a direct liability of the central bank while a stablecoin is a liability of the issuer. This has huge consequences,” digital asset researcher Anderson wrote.

Community concerns over the US CBDC “rebrand” to centralized US dollar-pegged stablecoins may align with the new US strategy of boosting the US dollar with the help of stablecoins.

On Jan. 23, US President Donald Trump signed an executive order that pledged to promote the US dollar’s sovereignty, “including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.” On the other hand, the order banned the development of CBDCs in the US.

The community is worried that Tether will be outlawed

Amid the BofA news, some in the community expressed concerns over potential implications for Tether, which issues the eponymous USDt (USDT) stablecoin, the largest stablecoin by market capitalization.

“So Tether will likely be outlawed or treated differently compared to other US stablecoins. They are lobbying for this,” one commentator wrote.

Related: Paolo Ardoino: Competitors and politicians intend to ‘kill Tether’

Tether CEO Paolo Ardoino took to X on Feb. 26 to describe the new legal stablecoin developments in the US as “very troubling,” referring to a tweet by Rumble founder and CEO Chris Pavlovski.

“I’m getting a strong feeling that this toxic stablecoin legislation is negatively impacting Bitcoin price and hurting confidence in crypto,” Pavlovski wrote. He also suggested that the draft legislation is “designed to kill competition in the stablecoin market.”

Ardoino previously told Cointelegraph that Tether encourages competition in the stablecoin market but doesn’t aim to compete with stablecoin issuers in the US and Europe.

“Our focus has to be where we are needed the most,” he said, adding that Tether’s biggest demand comes from developing countries like Argentina, Turkey and Vietnam.

Magazine: Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express

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The partnership, announced on Feb. 26, will enable BDACS to integrate Ripple Custody, the company’s institutional crypto and digital asset custody solution, to safeguard XRP (XRP), Ripple USD (RLUSD) and other crypto assets for financial institutions in South Korea.

Ripple president Monica Long highlighted the importance of institutional-grade custody amid growing enterprise interest in crypto.

“South Korea is gearing up for a wave of institutional crypto adoption — very excited for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD,” Long said in a statement.

Ripple aligns with South Korean regulatory requirement

According to Ripple, the partnership aligns with the roadmap for regulatory approval of institutional participation set by South Korea’s Financial Services Commission (FSC). The company stated:

“This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone.”

BDACS CEO Harry Ryoo said his firm is committed to ensuring a secure infrastructure for institutional crypto adoption.

“BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem,” Ryoo said.

Ripple Custody said it expects the total amount of custodied cryptocurrencies to reach $16 trillion by 2030.

Related: South Korea sanctions Upbit with 3-month ban on servicing new clients

Working on a future-ready infrastructure

Alongside the partnership with the South Korean crypto custodian, Ripple Labs unveiled a new roadmap for building an institutional decentralized finance (DeFi) ecosystem on the XRP Ledger blockchain network.

The proposal roadmap includes a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol and a new token standard, multi-purpose token (MPT), as shown in the graph above.

XRP Ledger’s roadmap builds on top of existing infrastructure, including price oracles and an automated market maker.

Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

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On Feb. 26, the protocol processed $859.61 million in swaps, marking its highest-ever daily volume, according to data from THORChain Explorer. The momentum continued on Feb. 27, adding $210 million (and counting), pushing total swap volume past $1 billion in under 48 hours.

THORChain enables direct asset swaps across different blockchains, such as exchanging Ether (ETH) for Bitcoin (BTC).

Swapping stolen funds for Bitcoin has been a common tactic of the North Korean state-sponsored hacking group Lazarus. Blockchain analysts have previously reported that Lazarus often converts illicitly obtained digital assets into BTC to obscure their trail.

Related: THORChain approves plan to restructure $200M debt

THORChain’s chain of criticism

The surge comes amid ongoing controversy for THORChain. In January, it paused Bitcoin and Ether lending after accumulating about $200 million in liabilities, triggering a debt restructuring plan. While lending was frozen, swaps have remained active.

THORChain core dev Nine Realms engineer “Pluto” came to the defense while advocating for responsible measures to address illicit activity. Pluto acknowledged that illicit funds have flowed through THORChain but added that the team has taken steps to help wallet and integration partners implement screening services.

THORChain’s (RUNE) cryptocurrency has climbed 36.6% in the past week, CoinGecko data shows.

Bybit hacks good actors and bad actors

Bybit has launched a website to track the laundering of its stolen funds while offering a bounty to exchanges and entities that assist in freezing them. On Feb. 27, the site listed seven good actors and one bad actor, eXch.

No-Know Your Customer (KYC) swap service eXch has drawn criticism for refusing to freeze funds tied to the Bybit hack. EXch has denied laundering funds for North Korea.

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

The record-breaking Bybit exploit on Feb. 21 was attributed to North Korean state-sponsored hacking group Lazarus by ZachXBT, and later confirmed by the US Federal Bureau of Investigation.

Third-party forensic investigations found that Lazarus Group stole Ether from Bybit by compromising SafeWallet credentials. Reports from Sygnia and Verichains revealed that a Safe developer’s credentials were breached, allowing attackers to deceive signers into approving a malicious transaction. 

According to Sygnia, the attack stemmed from malicious JavaScript injected into SafeWallet’s AWS infrastructure. In response, SafeWallet developers rebuilt and reconfigured their infrastructure, implemented new security measures and rotated all credentials to prevent future attacks.

Magazine: THORChain founder and his plan to ‘vampire attack’ all of DeFi

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The US Congress is reportedly set to consider legislation that would ban the issuance of memecoins like President Donald Trump’s Official Trump (TRUMP) token.

House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would prohibit public officials from profiting from digital assets, California Representative Sam Liccardo told ABC News on Feb. 27.

The draft legislation would prohibit a broad range of public officials and related persons from issuing, sponsoring or endorsing any security, commodity or digital asset.

“Let’s make corruption criminal again,” Liccardo said, adding that US public offices belong to the public and that officials should not be allowed to leverage their political authority for financial gain.

Bill would apply to Melania Trump’s memecoin

The MEME Act, which is expected to be introduced on Feb. 27, will concern the president, vice president, Congress members, senior executive branch officials and their spouses and dependent children.

Liccardo said the bill has a dozen Democratic sponsors who are working to build bipartisan support.

“The Trumps’ issuance of memecoins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the executive branch,” he stated.

This is a developing story, and further information will be added as it becomes available.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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This has left market participants wondering whether XRP’s price could drop further in the coming days.

XRP price levels to watch under $2.40

XRP’s latest price crash saw it lose key support levels, including the 100-day simple moving average (SMA) at $2.43 and the $2.40 psychological level.

Related: XRP open interest drops to 2025 low — Are altcoin traders giving up?

Traders are now focused on key areas below this level, which XRP might revisit if the ongoing bearishness persists.

Notably:

• XRP’s first area of interest remains between its previous range low at $1.90 (formed on Dec. 9, 2024) and the recent range low at $2.06 (reached on Feb. 25).

• XRP will potentially target the liquidity cluster inside this range if support at $2.15 is lost.

• An immediate reprieve for the bulls would be a sharp reversal from this range, which will indicate buying interest below $2.40.

• Otherwise, XRP could drop lower to retest the fair value cap between $1.51 and $1.82, formed during the rally between November and December 2024.

• Note that the 200-day SMA sits just below this range, suggesting a strong demand zone just above $1.50.

The area above $2.00 represents a strong support zone for XRP, according to pseudonymous analyst Cvotrades, who says losing this will lead to a drop to $1.70.

“Watch the weekly close. If it’s below $2.09, then it sweeps $1.77.”

XRP price bear flag hints at $1.73

From a technical perspective, XRP trades within a bearish continuation pattern that indicates more downside ahead despite the ongoing consolidation.

Key points:

• XRP is trading within a bear flag pattern in the four-hour timeframe, indicating the possibility of continuing with the downward momentum if key support levels don’t hold.

• The bear flag developed after XRP’s drop from $2.60 to a local low of $2.06 between Feb. 24 and Feb. 25.

• The consolidation within the bear flag has XRP trading in an ascending parallel channel, with the price testing critical support levels today, including the lower boundary of the flag at $2.20.

• A breakdown of this level could trigger another price crash.

• The bear flag’s downside target, derived from the height of the previous drop, is approximately $1.73, representing a 22% downtick from the current price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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