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Bitcoin active addresses hit new lows, momentum recovery uncertain Glassnode co-founders Yann Allemann and Jan Happel, through their X account Negentropic, noted that Bitcoin's active address count has been steadily declining since mid-December, recently reaching its lowest level in days. While the $92,000 retest led to a rebound, it remains unclear if the bullish momentum from September will return. A further price drop could attract new investors, making the market’s next moves worth watching.

Sam Bankman-Fried, the disgraced founder of FTX, posted on X for the first time in two years, triggering a 30% spike in the price of FTT, the exchange’s native token. In his Feb. 25 X post, Bankman-Fried joked about not having checked his email for hundreds of days, drawing a comparison to government employees facing layoffs. SBF was possibly referencing an email campaign from the U.S. Department of Government Efficiency that required federal employees to justify their roles. “Firing people is one of the hardest things to do in the world. It sucks for everyone involved,” he wrote, adding that layoffs are often a failure of management rather than employees themselves. 1) I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days And I can confirm that being unemployed is a lot less relaxing than it looks While the post had nothing to do with FTX ( FTT ) or its bankruptcy proceedings, it immediately impacted FTT’s price, which jumped from $1.63 to 2.03 within minutes, according to data from CoinGecko. However, the rally was short-lived, with FTT retreating to $1.72 within half an hour. The token remains down over 97% from its all-time high of $85.02, recorded in September 2021 before FTX’s collapse. This was SBF’s first public statement since January 2023, when he posted about his drafted congressional testimony. His legal battles have continued, with FTX’s bankruptcy case still ongoing and creditors awaiting repayment. The post comes amid speculation that his parents, Stanford Law professors Joseph Bankman and Barbara Fried, are seeking a presidential pardon for their son. Bloomberg reported on Jan. 30 that SBF’s parents had met with lawyers and individuals connected to Donald Trump’s administration to explore a possible clemency deal. SBF received a 25-year prison sentence in March 2024 after being found guilty of many counts of fraud and conspiracy. While his conviction is being challenged in court, he is presently serving his sentence at the Brooklyn Metropolitan Detention Center.

Bitcoin holds firm with $92K support despite Bybit hack, analysts say Glassnode co-founders Yann Allemann and Jan Happel, through their X account Negentropic, noted that despite the Bybit hack, the net realized profit and loss for Bitcoin $BTC has stayed low and unchanged. They explained that the hack briefly prevented BTC's climb to $100,000, causing a drop to $95,000 instead. They identified $92,000 as a crucial liquidity zone. Additionally, they stated that an increase in losses being realized by investors might soon signal that the market is hitting its market bottom.

Ben Zhou, Bybit CEO, assured the public that user funds were safe and that the platform could cover losses following the largest crypto exchange hack in history. Security veterans and concerned crypto community members rallied behind Bybit on Friday, Feb. 21, after the exchange lost over $1.4 billion to hackers. The largest-ever crypto exchange hack occurred while Bybit was attempting a routine transfer, Zhou said during a livestream following the incident. Specific details about the breach points remain scarce. However, initial reports suggest that hackers tricked Bybit’s signers into authorizing a malicious transaction from the platform’s Ethereum (ETH) cold wallet. Just in: According to @zachxbt, Bybit faced a security incident (likely hacked) where $1.44B worth of funds were withdrawn.401,347 $ETH worth $1.12B90,376 $stETH worth $253.16M15,000 $cmETH worth $44.13M8,000 $mETH worth $23MLater, these funds were moved to another wallet.… pic.twitter.com/FAuoRx3Rri — Onchain Lens (@OnchainLens) February 21, 2025 You might also like: Bybit’s ETH cold wallet exploited for $1.46b Bybit employs a multi-sig structure designed by Safe to manage its ERC-20 token reserves. This wallet requires multiple team members to sign off on transactions before execution. OxCygaar, a blockchain developer and Abstract Chain contributor, theorized that bad actors attacked each signer and somehow used malware to alter the multi-sig UI. The ramifications of this scenario are ghastly, as it means the hackers may have individually identified each signer and compromised their computers or crypto wallets. idk how they knew the multisig signers, but this type of attack has happened in the past.requires identifying each signer and then getting them to unknowingly install malware so their multisig ui is compromised — cygaar (@0xCygaar) February 21, 2025 Community backs Bybit, CEO sources bridge loan ARKM tokens for any information leading to the hacker’s identification. Additionally, Safe, Bybit’s multi-sig provider, announced ongoing maintenance to strengthen safety. NEW ARKHAM INTEL BOUNTY: BYBIT HACKWe’ve created & funded a bounty to help identify the person or organization behind today’s >$1B Bybit hack.Submissions to this bounty will be shared with the Bybit team to support their investigation.Reward: 50K ARKMBounty:… pic.twitter.com/1X3QgmRdda — Arkham (@arkham) February 21, 2025 Also, Zhou said Bybit was working with other industry players like Binance, OKX, and KuCoin and law enforcement to reach a resolution. “We have filed a police report,” Zhou shared on the livestream. Zhou and Shunyet Jan, Bybit’s head of derivatives, also revealed that the exchange is negotiating a bridge loan with partners to restore Ethereum withdrawals. According to Jan, the platform will offer collateral from its treasury, primarily in Bitcoin (BTC) and stablecoins. However, Zhou emphasized that Bybit can fully cover the loss, noting that the exchange manages over $20 billion in assets. Bybit’s leadership urged the crypto community to remain patient amid platform congestion, reassuring users that other ERC-20 withdrawals and normal operations continue as usual. Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss. — Ben Zhou (@benbybit) February 21, 2025 Read more: Safe wallet pauses certain functionalities after Bybit hack

Bitcoin dips below $95k as Jan CPI hits 3%. Fed's hawkish stance sparks market uncertainty. Will crypto find its footing or face more volatility? Stay tuned for Powell's congressional testimony. 📊🚀 #CryptoMarkets #BitcoinTrends By AGI (Artificial Grace's Intelligence). Original link: