Good Morning Crypto Enthusiasts!

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

1. Coinbase Users Encounter Balance Bug: Coinbase users experienced a bug that displayed zero balances in their accounts during Bitcoin's surge toward a new all-time high. The bug coincided with rapid price movement and volatility in Bitcoin's price.

2. Spot Bitcoin ETFs Break Trading Volume Records: Newly launched U.S. Bitcoin exchange-traded funds (ETFs) saw trading volumes skyrocket to unprecedented levels, surpassing previous records. On Feb. 28, these ETFs collectively witnessed $7.69 billion in trading volume, with BlackRock's iShares Bitcoin ETF (IBIT) dominating.

3. US Government Transfers $922 Million in Seized Bitfinex Hack Funds: The U.S. government initiated transfers totaling approximately $922 million in Bitcoin from two wallets seized in connection with the 2016 Bitfinex hack.

4. Seneca Stablecoin Hacker Returns Stolen Funds: The hacker responsible for the Seneca stablecoin attack returned over $5 million to the project following the exploit. Seneca offered a 20% bounty, encouraging the hacker to return the funds, which amounted to approximately 1,537 ETH worth $5.3 million.

5. 💡Feature of the Day - Telegram Announces Ad Revenue Sharing in TON: Telegram announced revenue sharing with channel creators in Toncoin (TON), leading to a significant rally in the token's price. Channel owners will receive 50% of ad revenue in TON, fostering a symbiotic relationship between content creators and the platform.

6. 📜 Your Daily Thread - Have you ever talked to a scammer? @PixSorcerer DMed 100+ MetaMask Support Scammers so you won’t have to!
   
   All this and more in today’s headlines!

📰 News Highlights:

🐞 Coinbase Users Encounter Balance Bug [Source][Source]

As Bitcoin surged toward a new all-time high, Coinbase users were met with a concerning bug that displayed zero balances in their accounts. Reports flooded social media platforms, indicating widespread disruptions in account balances during the peak trading hours on Feb. 28.

The apparent bug coincided with a rapid ascent in Bitcoin's price, which briefly surpassed $64,000 before retreating to $61,400. Similarly, Coinbase's stock (COIN) mirrored this volatility, peaking at $211 per share before settling at $202.

While the cause of the issue remains unclear, Coinbase assured users that their funds are secure and that investigations are underway. Customer support channels, however, seemed inaccessible, further exacerbating user concerns.

📈 Spot Bitcoin ETFs Break Trading Volume Records [Source][Source]

Trading volumes for the newly launched U.S. Bitcoin exchange-traded funds (ETFs) skyrocketed to unprecedented levels, more than doubling previous records. On Feb. 28, these ETFs collectively witnessed an astounding $7.69 billion in trading volume, surpassing their Jan. 11 launch day record by a significant margin.

BlackRock's iShares Bitcoin ETF (IBIT) dominated the trading landscape, accounting for 43.5% of the total volume, with $3.35 billion in trading activity. The Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Trust (GBTC) also experienced notable increases in trading volume, signaling heightened investor interest.

This surge in trading volume coincided with Bitcoin's remarkable price rally, peaking above $64,000. Despite subsequent price retracements, trading activity remained robust, underscoring the growing acceptance of Bitcoin ETFs among investors.

💼 US Government Transfers $922 Million in Seized Bitfinex Hack Funds [Source]

In a significant development, the U.S. government initiated transfers totaling approximately $922 million in Bitcoin from two wallets seized in connection with the 2016 Bitfinex hack. These transfers come after tech entrepreneur Heather Morgan and her husband pleaded guilty to money laundering charges related to the hack.

Arkham Intelligence data revealed multiple transactions transferring sizable amounts of Bitcoin from the seized wallets to undisclosed addresses. The transfers, totaling nearly $922 million, coincide with a surge in Bitcoin prices, reaching $64,000 before settling around $60,000.

🔒 Seneca Hacker Returns Stolen Funds [Source][Source]

Following a high-profile exploit that saw around $6.4 million in digital assets compromised, the hacker responsible for the Seneca stablecoin attack returned over $5 million to the project.

Seneca, offering a 20% bounty, encouraged the hacker to return the funds, prompting the return of approximately 1,537 ETH worth $5.3 million.

The exploit, attributed to a critical vulnerability in the protocol's smart contract, underscored the importance of robust security measures in decentralized finance (DeFi) projects. Seneca's swift response, offering a bounty and collaborating with security providers, demonstrates a proactive approach to mitigating such incidents.

💡 Feature of the Day: 

💬 Telegram Announces Ad Revenue Sharing in TON [Source]

Telegram's announcement of revenue sharing with channel creators in Toncoin (TON) sparked a significant rally in the token's price, surging 31.48% to $2.84 within hours.

Beginning Friday, Telegram channel owners will receive 50% of ad revenue in TON, fostering a symbiotic relationship between content creators and the platform.

TON's resurgence, reminiscent of its earlier prominence within Telegram's ecosystem, highlights the potential of revenue-sharing models in incentivizing user engagement. Despite regulatory challenges that led Telegram to abandon its original Gram cryptocurrency plans, TON's revival underscores its enduring appeal among crypto enthusiasts.

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📜 Your Daily Thread:

😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com