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Today's Top Crypto Headlines:
CZ criticizes Safe | Bitcoin Decline Continues | Paradigm Hires ZachXBT and more...
King Fatrick Gil Añasco
February 28, 2025
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Safe’s Hack Report Criticized: Safe’s post-mortem on the $1.4B Bybit hack blamed a compromised developer machine. CZ called the report vague, demanding more details.
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Bitcoin Decline Continues: Bitcoin fell to $82,256 amid ETF outflows, liquidations, and Trump’s EU tariff plans. Analysts predict further downside, though some call it a buying opportunity.
💡Feature of the Day - Paradigm Hires ZachXBT: Paradigm appointed ZachXBT as an adviser for cybersecurity. His expertise aims to strengthen Paradigm’s Web3 investments.
All this and more in today’s headlines!
📰 News Highlights:
Safe released a post-mortem update on the $1.4 billion Bybit hack, attributing it to a compromised developer machine.
I usually try not to criticize other industry players, but I still do it once in a while. 😂
This update from Safe is not that great. It uses vague language to brush over the issues. I have more questions than answers after reading it.
1. What does "compromising a Safe… x.com/i/web/status/1…
— CZ 🔶 BNB (@cz_binance)
4:32 PM • Feb 26, 2025
The company clarified that no vulnerabilities were found in Safe smart contracts or its front-end code.
thank
1) The interface was compromised - there was no bug in the interface code but instead they got access to the server via a compromised developer machine.2) The interface was modified spcifically targeting the Bybit Safe. So when Bybit would do a transaction -… x.com/i/web/status/1…
— koeppelmann.eth 🦉💳 (@koeppelmann)
4:52 PM • Feb 26, 2025
However, Binance co-founder CZ criticized the response, calling it vague and requesting details on how the attacker tricked multiple signers and accessed Bybit’s systems.
Bybit 黑客在过去 24 小时洗走了 4.59 万枚 ETH ($1.13 亿)。目前他们一共已经洗走了 13.5 万枚 ETH ($3.35 亿)，接近三分之一了。
现在 Bybit 黑客地址里还有 36.39 万枚 ETH ($9 亿)。以目前的频率只需要再有 8~10 天就洗完了。
本文由 #Bitget｜@Bitget_zh 赞助
— 余烬 (@EmberCN)
1:35 AM • Feb 26, 2025
A forensic review by Sygnia and Verichains confirmed that a Safe developer’s credentials were compromised, allowing the hacker to deceive signers.
Onchain data shows the Lazarus Group has laundered over 135,000 ETH ($335 million).
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Bitcoin dropped to its lowest levels since November 2024 amid heavy liquidations, ETF outflows, and Trump’s proposed EU tariffs.
$BTC 4-HOUR
Bullish divergence with oversold RSI STILL very much in play. At the moment, RSI still is making a higher low. We need to see a clear "elbow up" on the next candle to confirm.
Nothing here yet.
— The Wolf Of All Streets (@scottmelker)
10:30 PM • Feb 26, 2025
The correction pushed BTC to $82,256 before some recovery, but analysts warn of further declines.
BTC set for worst 3 days since '22 as ETFs start to pull size for the first time
— Velo | @EthDenver (@velo_xyz)
8:12 PM • Feb 26, 2025
The Crypto Fear & Greed Index hit 21, signaling extreme fear, while Velo data reports Bitcoin’s worst three-day performance since 2022.
$71k-$73k is the next major Bitcoin support level
— Colin Talks Crypto 🪙 (@ColinTCrypto)
6:45 PM • Feb 26, 2025
Traders expect Bitcoin’s bottom between $71,000 and $80,000, though some see the sell-off as a "generational buying opportunity."
💡 Feature of the Day:
Venture capital firm Paradigm has appointed onchain investigator ZachXBT as an adviser.
Pleased to share I'll be working with @matthuang@paradigm as an incident response advisor to assist their portfolio companies.
It was an easy decision as this gives me the freedom to continue helping the community and publishing investigations like.
I’ve always respected how… x.com/i/web/status/1…
— ZachXBT (@zachxbt)
3:33 PM • Feb 26, 2025
He will serve as an "incident response advisor," continuing his independent investigations while assisting Paradigm’s portfolio companies in cybersecurity efforts.
.@zachxbt is a legend, using onchain forensics to keep bad actors accountable. He has returned over $350M to victims of hacks and scams. This is increasingly important as the industry grows.
We’re excited for zachxbt to be joining Paradigm as an advisor.
Nothing about his focus… x.com/i/web/status/1…
— Matt Huang (@matthuang)
3:31 PM • Feb 26, 2025
Paradigm, which has invested over $2 billion in Web3 startups, sees his expertise as crucial in mitigating future threats.
😂 Crypto Meme of the Day:
Meme of the day provided by @Benifty212
And that’s it for this today.
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See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com