Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Bybit Repays 40K ETH Loan: Bybit quickly repaid a 40,000 ETH loan from Bitget after a $1.4B hack linked to North Korea’s Lazarus Group.

2. 🪂Airdrop Essentials🎁: Get the latest airdrop now! Read UseTheBitcoin’s “Earn SILKAI AIRDROP for FREE! | Airdrop Guide” to learn more on how to qualify and participate in the SilkAi ($SILKAI) airdrop!

3. Bitcoin Could Drop to $70K: Arthur Hayes warns BTC may fall as hedge funds unwind ETF positions.

4. 💡Feature of the Day - FTX Token Jumps on SBF Post: FTT spiked 30% after Sam Bankman-Fried’s first X post in two years but quickly retraced.

   
   All this and more in today’s headlines!

📰 News Highlights:

Bybit Repays 40,000 ETH Loan [Source][Source][Source][Source]

Bybit swiftly repaid a 40,000 ETH loan from Bitget just days after a $1.4 billion hack linked to North Korea’s Lazarus Group.

Despite the massive exploit, Bybit replenished stolen funds and ensured smooth withdrawals.

The exchange borrowed 40,000 ETH ($104 million) from Bitget to maintain operations, returning it within three days.

Bitget CEO Gracy Chen confirmed the repayment, stating it was an interest-free, collateral-free loan to support a peer.

Bybit also restored nearly 88% of the stolen assets through loans, whale deposits, and purchases.

The hack prompted over $5 billion in investor withdrawals on Feb. 22, but Bybit’s reserves remained fully backed, according to auditor Hacken.

🪂Airdrop Essentials🎁:

Earn SILKAI AIRDROP for FREE! | Airdrop Guide

Key Takeaways

• Airdrop Allocation: 10,000,000 $SILKAI tokens ($120,000) will be distributed across 3 epochs.

• Participation: Users must register to join.

• Earning Rewards: Rewards are based on task completion and point accumulation.

What Is SILKAI?

SilkAI is an AI-powered Web3 ecosystem bringing artificial intelligence to the blockchain space. Ahead of its token generation event, SilkAI is launching an airdrop to reward early supporters with 10,000,000 $SILKAI tokens.

How To Qualify for the Airdrop?

1️⃣ Visit the website: Click here to register
2️⃣ Sign up by entering your personal details.
3️⃣ Complete tasks to earn points. New tasks may be added, so check back regularly.
4️⃣ Track your points to monitor progress and potential rewards.
5️⃣ Earn your share: At the end of each epoch, your points will determine your share of the airdrop.

Have an airdrop you want us to cover? Join the conversation on our Telegram channel! 🚀

Today’s Sponsor:

Crypto tax reports in under 20 minutes!

Koinly calculates your cryptocurrency taxes and helps you reduce them for next year. Simple & Reliable.

• Available in 20+ countries

• Free report preview

• Form 8949 & Schedule D

• TurboTax & TaxAct

• HMRC / ATO / CRA Report

Bitcoin May Drop to $70K [Source][Source]

BitMEX co-founder Arthur Hayes warns that Bitcoin could fall to $70,000 due to hedge funds unwinding their positions in BTC ETFs.

Many ETF investors used an arbitrage strategy—going long on spot ETFs while shorting CME futures to earn yields higher than U.S. Treasury rates.

If the basis spread narrows, these funds may sell ETFs and buy back futures, increasing selling pressure.

🎁Freebie:

Download your free ebook now and take the first step toward mastering CRYPTO IN UNDER 60 MINS!

💡 Feature of the Day: 

FTX Token Surges After SBF Post [Source]

FTX Token (FTT) briefly spiked 30% after former FTX CEO Sam Bankman-Fried posted on X for the first time in two years.

SBF, currently serving a 25-year sentence, joked about not checking his emails for hundreds of days.

FTT remains down 97% from its all-time high of $85.02 before FTX’s collapse in November 2022.

😂 Crypto Meme of the Day: 

Meme of the day provided by @milkroad

And that’s it for this today.

Buy, sell, store, and convert crypto with today’s sponsor Gemini, full-reserve and highly-regulated cryptocurrency exchange and custodian!

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com