PA Daily | Infini was hacked, and about $49.5 million was stolen; Pump.fun is suspected to be internally testing the AMM liquidity pool

Today's news tips:

1. Montana House of Representatives vetoes "Strategic Bitcoin Reserve" bill

2. eXch Exchange denies allegations of helping Lazarus Group hacker team launder money

3. Pump.fun is suspected of internally testing the AMM liquidity pool and adding a new Swap section

4. Bybit hacker has sold 50,700 ETH, Bybit is suspected to have bought 157,600 ETH in the past two days

5. Bybit has acquired approximately 446,870 ETH through loans, whale deposits, and purchases, worth approximately $1.23 billion

6.Bybit CEO: ETH gap has been fully filled

7. PeckShield: Infini hackers have exchanged 49.5 million DAI for about 17,700 ETH

8. Data: SUI, OP, ZETA and other tokens will be unlocked in large amounts this week, of which SUI unlocked value is about 77.6 million US dollars

Regulatory/Macro

Montana House of Representatives rejects 'Strategic Bitcoin Reserve' bill

According to Cointelegraph, the Montana House of Representatives in the United States rejected the "Strategic Bitcoin Reserve" bill by 41 votes to 59, with many lawmakers worried that the investment committee would use taxpayers' money for excessive speculation.

Earlier news , the "Strategic Bitcoin Reserve" bill in Montana, USA passed the committee review and entered the voting stage in the House of Representatives.

Georgia proposes second Bitcoin reserve bill

According to Cointelegraph, the U.S. state of Georgia has proposed a second Bitcoin reserve bill (SB 228), allowing the state to invest in Bitcoin without any investment restrictions.

Earlier news , the U.S. state of Georgia proposed a bill to allow the state treasurer to invest in Bitcoin. According to the screenshots attached by the media, the bill involves state deposit institutions in order to stipulate that the state deposit board allows the state treasurer to invest in Bitcoin; stipulate limits on such investments; stipulate requirements for the safe handling of such assets; stipulate the lending of such assets; and repeal laws that conflict with it.

Project News

Bybit hackers have used the cross-chain exchange platform to exchange 37,900 ETH into other assets

According to on-chain analyst Yu Jin, in the nearly 30 hours since the Bybit hacker started laundering coins yesterday afternoon, he has used a large number of addresses to use cross-chain exchange platforms such as Chainflip, THORChain, LiFi, DLN, and eXch to exchange 37,900 ETH (US$106 million) for other assets (BTC, etc.). The Bybit hacker address currently has 461,491 ETH (US$1.29 billion), and the total number of ETH they stole from Bybit is 499,395 (US$1.4 billion).

Michael Saylor releases Bitcoin Tracker information again, suspected to disclose increased holdings

MicroStrategy founder Michael Saylor once again released information related to Bitcoin Tracker, saying: “I don’t think this reflects what I did last week.” According to previous rules, MicroStrategy always discloses information about its increased holdings of Bitcoin the day after the relevant news is released.

Pumpfun frontend removes Lazarus-related meme coins

According to Aggr News, the front-end of Pumpfun has deleted the Meme coin related to the North Korean hacker group Lazarus Group. Previously, the Bybit attacker was suspected of issuing Meme tokens on Pumpfun for money laundering. The attacker transferred SOL tokens to a certain address and then launched Meme coins.

Bybit: With the assistance of multiple parties, $42.89 million of stolen funds have been successfully frozen

Bybit tweeted that through the coordinated efforts of multiple parties, it successfully froze $42.89 million of stolen funds in one day. The institutions that provided assistance included Tether, THORChain, ChangeNOW, FixedFloat, Avalanche Ecosystem, CoinEx, Bitget, Circle, etc.

eXch Exchange Denies Allegations of Helping Lazarus Group Hackers Launder Money

According to Theblock, non-KYC centralized exchange eXch denied allegations that it laundered money on behalf of the Lazarus Group in a post on the forum. “To hold a contrary opinion is just the opinion of some people who want the fungibility and on-chain privacy of decentralized currencies to disappear… These people have long hated decentralized cryptocurrencies.”

“Exch[.]cx, a non-KYC exchange, has seen an unusual spike in ETH volume — 20,000 ETH in the last 24 hours compared to 800 ETH normally,” analyst Vxdb noted . “Their Bitcoin reserves are also empty, but their ETH reserves have increased by 900%.”

The eXch team acknowledged that “a small portion of the funds from the ByBit hack ended up in our addresses,” but called the transfer “an isolated case and the only portion processed by our exchange.” Later, the eXch team pledged to donate the proceeds of the funds to “various open-source initiatives dedicated to privacy and security within and outside the crypto space.”

In another post, the eXch team published a screenshot showing an email from a Bybit employee asking eXch to block certain wallet addresses that were flagged as receiving stolen funds. The team apparently rejected the request and accused Bybit of damaging its reputation by marking deposits from eXch addresses as “high risk.”

Safe Wallet will gradually restore services and add additional security measures over the next 24 hours.

Safe Wallet tweeted that its team is working hard to restore services and will begin to gradually restore services within the next 24 hours. After the restoration, Safe Wallet will add additional security measures:

• Verification of transaction hashes, data, and signatures
• Enhanced monitoring alerts
• And temporarily remove native Ledger integration, as Ledger is the signing device/method used in the Bybit attack.

After the recovery, users may experience longer transaction times or performance issues due to the additional checks being run. As always, users are advised to remain vigilant when signing transactions and verify that the correct transaction data is being signed.

Pump.fun is suspected of internally testing the AMM liquidity pool and adding a new Swap section

According to Aggr News, Pump.fun is suspected to be testing the AMM liquidity pool internally and adding a new Swap section, which may replace Raydium as a third-party supplier.

Bybit hacker has sold 50,700 ETH, Bybit is suspected to have bought 157,600 ETH in the past two days

According to on-chain analyst Yu Jin, the Bybit hacker has sold 50,700 ETH (US$142 million) in exchange for DAI and other on-chain assets (BTC, etc.), and currently holds 448,600 ETH (US$1.26 billion). In addition, an address suspected to belong to Bybit or its affiliates (0x2E4...b77) bought a total of 157,600 ETH (US$441 million) through three brokers, Galaxy Digital, FalconX, and Wintermute, in the past two days and then transferred them to Bybit.

Bybit bought 266,694 ETH worth about $742 million after being suspected of being hacked

According to Lookonchain monitoring, Bybit has purchased 266,694 ETH ($742 million) after being suspected of being hacked:

• 0x2E45...1b77 (related to Bybit) purchased 157,660 ETH ($437.82 million) from Galaxy Digital, FalconX, and Wintermute via OTC
• 0xd7CF...A995 (likely associated with Bybit) bought 109,033 ETH ($304.12 million) from DEXs and CEXs

Bybit has acquired approximately 446,870 ETH worth approximately $1.23 billion through loans, whale deposits, and purchases

According to Lookonchain monitoring, since the hack, Bybit has obtained about 446,870 ETH (US$1.23 billion) through loans, whale deposits and ETH purchases. Currently, Bybit is close to making up for the funding gap caused by the hack.

Bybit CEO: ETH gap has been fully filled

Bybit CEO stated that Bybit has fully filled the ETH gap and a new audited POR (Proof of Reserves) report will be released soon.

PeckShield: Infini hackers have exchanged 49.5 million DAI for about 17,700 ETH

According to PeckShield monitoring, the Infini hacker has exchanged 49.5 million DAI for about 17,700 ETH and transferred it to the new address 0xfcc8a...6e49.

Infini founder: My private key was not leaked, I was negligent when I transferred the authority

Infini founder Christian tweeted: "Some friends joked that I had been so smooth sailing. I said I was always ready for the first disaster, but I didn't expect that I would be the next to get into trouble after bybit. My personal private key was not leaked. I was negligent when transferring the authority before. It is ultimately my own responsibility. This time it sounded the alarm. There is no problem with liquidity at present. We can pay the full amount and are tracing the funds."

Market: Raydium (RAY) fell 24.7% in 24 hours

Perhaps affected by the news that Pump.fun added a new Swap section, the market shows that Raydium (RAY) fell 24.7% in 24 hours and is now trading at US$3.21.

According to previous news , Pump.fun is suspected to be internally testing the AMM liquidity pool and adding a new Swap section, which may replace Raydium as a third-party supplier.

Binance will adjust the settlement frequency of BANUSDT U-margin perpetual contract funding rate at 16:00 today

According to the official announcement, Binance will adjust the funding rate settlement frequency of BANUSDT U-margin perpetual contract at 16:00 (ET) on February 24. The funding rate settlement frequency will be adjusted from once every four hours to once every two hours. The maximum funding rate range remains unchanged between +3.00% and -3.00%.

Bybit: mETH Protocol team successfully recovered 15,000 cmETH tokens worth approximately $43 million

Bybit tweeted that the mETH Protocol team provided crucial assistance in the recent security incident. Through quick action and effective coordination, the mETH Protocol team successfully recovered 15,000 cmETH tokens, worth approximately $43 million.

Infini founder: From the theft to now, the total withdrawal application has reached 500,000 US dollars, and all have been responded to

Infini founder Christian tweeted that since the theft, the total withdrawal application has reached 500,000 US dollars, all of which have been responded to, and even many wallets continue to deposit money. At present, all consumption and withdrawals of the product are normal. The only thing affected is the financial management part (because the contract has been suspended and funds have not been transferred to prevent secondary risks). It will take some time to propose and implement a more appropriate plan.

Viewpoint

Matrixport: Hidden buying in Bybit theft may boost ETH rebound

Matrixport analysis pointed out that hidden buying in the Bybit theft may boost ETH's rebound. The market's focus is on the theft of nearly 500,000 ETH from Bybit, but what is really worth paying attention to is its impact on the market. Bybit needs to buy back ETH to replenish its wallet funds, and the hacker needs to be cautious in subsequent operations.

Based on past experience, stolen funds are usually not sold immediately, that is, short-term selling pressure may be limited. At the same time, the market has added 500,000 ETH of potential buying demand, while currently only about 100,000 ETH are reportedly repurchased. The imbalance between supply and demand may push ETH prices up. Given that the price has shown signs of stabilization, we are optimistic about the current trend.

Important data

Ethereum spot ETFs had a net inflow of $1.61 million last week, with only Fidelity Ethereum ETF FETH achieving weekly net inflows

Bitcoin spot ETFs had a net outflow of $559 million last week, with only VanEck Bitcoin ETF HODL achieving weekly net inflows

Data: SUI, OP, ZETA and other tokens will be unlocked in large amounts this week, of which SUI unlocks about $77.6 million

Token Unlocks data shows that SUI, OP, ZETA and other tokens will be unlocked in large amounts this week, including:

• Sui (SUI) will unlock approximately 22.97 million tokens at 8:00 a.m. Beijing time on March 1, accounting for 0.74% of the current circulation, with a value of approximately US$77.6 million;
• Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 a.m. Beijing time on February 28, accounting for 1.93% of the current circulation, with a value of approximately US$36.7 million;
• ZetaChain (ZETA) will unlock approximately 44.26 million tokens at 8:00 am Beijing time on March 1, accounting for 6.48% of the current circulation and worth approximately US$15 million;
• AltLayer (ALT) will unlock approximately 240 million tokens at 6:00 pm Beijing time on February 25, accounting for 9.41% of the current circulation, with a value of approximately US$11.6 million;
• DYDX (DYDX) will unlock approximately 8.33 million tokens at 8:00 am Beijing time on March 1, accounting for 1.14% of the current circulation, with a value of approximately US$6.7 million;
• Sleepless AI (AI) will unlock approximately 18.21 million tokens at 8:00 a.m. Beijing time on March 1, accounting for 14.01% of the current circulation and worth approximately US$5.1 million.

Crypto companies and sports organizations have reached 22 partnerships by 2025, with an average value of $4.3 million

According to Theblock, collaborations between cryptocurrency companies and sports organizations are increasing, from Formula One team sponsorships to football, mixed martial arts and even snooker. Cryptocurrency exchanges such as Coinbase, Gate.io and XBO.com, stablecoin issuer Tether, and cryptocurrency betting sites Sportsbet.io and Cloudbet have all recently signed major partnerships with sports organizations.

According to data from marketing agency SportQuake cited by the Financial Times, 22 deals have been concluded so far in 2025, with an average value of $4.3 million, compared with 18 deals with an average value of $2.6 million in the same period last year.

Notable collaborations include Tether’s acquisition of a minority stake in Italian soccer team Juventus, valued at approximately $50 million.

Coinbase recently entered into a partnership with Aston Martin’s Formula One racing team, Aston Martin Aramco, in a deal that was paid entirely in stablecoins. The value of the transaction was not disclosed. Coinbase’s logo appeared on the team’s recently unveiled AMR25 race car.

Gate.io has also signed a deal with Oracle Red Bull Racing that will see its logo appear on the team’s cars, racing suits and the helmet of four-time world champion Max Verstappen.

Cryptocurrency exchange XBO.com recently signed a partnership to become the official global sponsor of the Argentina national football team through 2025. XBO will launch special promotions, rewards, and marketing campaigns featuring the team’s athletes.

Other notable partnerships include Sportsbet.io’s title deal with snooker’s Players Championship, and a multi-year agreement between crypto casino Cloudbet and mixed martial arts organization the Professional Fighters League.

Data: Circle has minted 8 billion USDC on the Solana chain so far in 2025

According to Spot On Chain monitoring, Circle has minted a total of 1 billion USDC in the last 7 days. So far in 2025, Circle has minted 8 billion USDC on Solana, including 6 billion in January and 2 billion in February.

Earlier news revealed that USDC Treasury minted an additional 250 million USDC on the Solana chain.

A wallet suspected to belong to Sandbox deposited 8 million SAND to Binance about 10 minutes ago

According to The Data Nerd, 10 minutes ago, wallet 0xx73f (probably belonging to Sandbox) deposited 8 million SAND (about $2.7 million) to Binance. Last month, the wallet also deposited 8 million tokens to Binance, and then the price fell by 33%. Currently, the wallet still has 8 million SAND (about $2.7 million).