In partnership with

Good Morning Crypto Enthusiasts!

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

1. Venus Protocol $3.7M Exploit: Attackers manipulated the market for the Thena (THE) token, inflating its value and using it as collateral to borrow assets worth $3.7M. The Venus team paused borrowing and withdrawals tied to THE and CAKE after the exploit.

2. BlockFills Files Chapter 11: Crypto trading firm BlockFills filed for bankruptcy with liabilities estimated between $100M and $500M.

3. Boris Johnson Slams Bitcoin: Former UK Prime Minister Boris Johnson called Bitcoin a “giant Ponzi scheme,” suggesting collectibles like Pokémon cards may be safer.

4. 💡Feature of the Day - Strategy Buys More Bitcoin: Strategy purchased another 22,337 BTC for about $1.57B, increasing its holdings to 761,068 Bitcoin.

   
   All this and more in today’s headlines!

Every headline satisfies an opinion. Except ours.

Remember when the news was about what happened, not how to feel about it? 1440's Daily Digest is bringing that back. Every morning, they sift through 100+ sources to deliver a concise, unbiased briefing — no pundits, no paywalls, no politics. Just the facts, all in five minutes. For free.

Read the newsletter trusted by 4.5 million fact-seekers.

📰 News Highlights:

Venus Protocol Exploit [Source][Source][Source][Source]

Venus Protocol suffered a $3.7 million exploit after attackers manipulated the market for the Thena (THE) token. The attacker first accumulated around 84% of THE’s market cap, allowing them to artificially inflate its value and use it as collateral.

By exploiting this inflated collateral, they bypassed protocol supply limits and borrowed assets including 20 Bitcoin, 2,801 BNB, and large amounts of CAKE and USDC. Following the incident, the Venus team quickly paused borrowing and withdrawals involving THE and CAKE to prevent further damage. THE’s price dropped more than 17% as the exploit became public.

Despite the attack, the broader crypto security landscape has seen an unusual slowdown in smart contract hacks. Security firm PeckShield reported February losses of roughly $26.5 million, marking a near one-year low.

Experts warn, however, that hackers are shifting tactics rather than disappearing. Instead of targeting code vulnerabilities, many attackers now focus on phishing schemes, fake websites, and social engineering to trick users into handing over wallet access.

BlockFills Bankruptcy Filing [Source][Source][Source]

Crypto trading firm BlockFills has filed for Chapter 11 bankruptcy through its operating entity Reliz LTD in Delaware. Court filings reveal a severe financial imbalance, with liabilities estimated between $100 million and $500 million while assets remain below $100 million.

The collapse follows a brutal market downturn that liquidated many of the firm’s positions. A U.S. court has also frozen 70.6 BTC connected to the company amid allegations of fund commingling.

The crisis escalated earlier this year when BlockFills suddenly froze customer accounts, claiming it needed time to stabilize during market volatility. However, new legal claims from Dominion Capital allege company executives admitted to mixing customer funds to cover financial losses.

With users locked out of their assets for weeks, the bankruptcy case now leaves investors waiting for a Delaware judge to determine whether any funds can be recovered.

Bitcoin Ponzi Debate [Source][Source][Source][Source]

Former UK Prime Minister Boris Johnson sparked controversy after calling Bitcoin a “giant Ponzi scheme” in a Daily Mail opinion column. Johnson argued that traditional collectibles like Pokémon cards may be safer investments than digital currencies.

His criticism was influenced by a friend who reportedly lost more than £20,000 in a crypto-related scam, which Johnson cited as evidence of the risks surrounding the industry.

The remarks drew swift pushback from crypto advocates. Michael Saylor, co-founder of Strategy, argued that Bitcoin cannot be a Ponzi scheme because it lacks a central operator promising returns.

Other industry voices echoed that scams involving Bitcoin are not the same as the decentralized network itself. Supporters say Johnson is confusing fraudulent schemes around crypto with the technology powering the asset.

💡 Feature of the Day: 

Strategy Bitcoin Buying [Source][Source][Source]

Strategy has purchased another 22,337 BTC for roughly $1.57 billion, pushing its total holdings to 761,068 Bitcoin. The acquisition moves the company closer to owning 1 million BTC, nearly 5% of the total supply mined so far. The purchase was executed at an average price of about $70,194 per coin, bringing the firm’s total investment in Bitcoin to over $57 billion.

To finance the purchases, the company has increasingly relied on its preferred stock product known as STRC. Led by Bitcoin advocate Michael Saylor, Strategy raised about $1.18 billion by selling 11.9 million shares during the week, covering most of the latest acquisition.

Analysts say this approach effectively converts investor demand for the company’s stock into direct Bitcoin accumulation, reinforcing Strategy’s position as the largest institutional BTC holder.

😂 Crypto Meme of the Day: 

Meme of the day provided by @coinsauce

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