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- 2/24/25: The Biggest Crypto Hack Ever 🇰🇵🥷💥
2/24/25: The Biggest Crypto Hack Ever 🇰🇵🥷💥


Top News
Bybit restores 1:1 asset backing after $1.4B hack
0xInfini hacked for $49.5M USDC, swapped to ETH
Su Zhu-backed Ox.Fun denies insolvency amid JefeDAO dispute

Specs’ Insights
1. Bybit restores 1:1 asset backing after $1.4B hack
Yesterday's $1.4 billion Bybit hack is the largest recorded cryptocurrency heist of all time.
— Watcher.Guru (@WatcherGuru)
2:19 PM • Feb 22, 2025
⌐◪-◪ → The biggest crypto hack in history just happened. $1.5B gone.
Bybit, one of the largest exchanges, just got drained for $1.5B in ETH—marking the biggest hack in crypto history. And the top suspect? North Korea’s Lazarus Group.
It started with a routine transfer. Bybit was moving ETH from cold storage to a warm wallet, but hackers intercepted the transaction and drained $1.5B. Panic ensued—350,000 users rushed to withdraw funds, causing major delays.
Fortunately, Bybit acted fast, leading a coordinated effort to freeze $42.9M in stolen funds, with Tether and Circle locking down over $40M. They also restored 1:1 backing by buying back ETH.
Investigators traced the funds, linking the attack to Lazarus Group’s top hacker, Park Jin—the same guy behind:
The 2014 Sony Pictures hack
The $81M Bangladesh Central Bank Heist
The hack used a "musking" attack, tricking Safe’s UI to manipulate multisig transactions. Meanwhile, ZachXBT is linking Bybit’s hack to Solana memecoin scams—showing stolen ETH being laundered through pump.fun. Zach has already flagged 920+ addresses connected to the ByBit hack.
The hunt isn’t over. More funds will be tracked and frozen. Crypto’s security arms race continues.
2. 0xInfini hacked for $49.5M USDC, swapped to ETH
🚨BREAKING $NEWS: @0xinfini APPEARS TO HAVE BEEN COMPROMISED AND LOST NEARLY $50M $USDC
— blockchaindaily.news (@blckchaindaily)
4:29 AM • Feb 24, 2025
⌐◪-◪ → Another day, another crypto heist.
Stablecoin bank 0xinfini just got hacked for $49.5M USDC.
The hacker immediately swapped the stolen funds for DAI, then bought 17,696 ETH. Classic obfuscation move.
The story is still unfolding, but 0xinfini claims they’ve identified critical information about the exploit and are actively monitoring hacker wallets. In the meantime, check out this thread for a full summary of what we know so far.
A stark reminder of our favorite saying — not your keys, not your crypto.
3. Su Zhu-backed Ox.Fun denies insolvency amid JefeDAO dispute
🚨BREAKING🚨
Several now-former employees are reporting that @OXFUNHQ is officially insolvent. After a mass exodus of funds, their remaining withdrawal liquidity sat at approximately $180,000 USD as of 23:00 UTC, as they were “triaging” funds. More details to come.
— Jimmy Clams (@stevie_ravioli)
11:42 PM • Feb 23, 2025
⌐◪-◪ → OX.FUN is in deep trouble.
OX.FUN, a crypto exchange backed by Su Zhu (3AC co-founder), is facing insolvency rumors after users—including NFT collective JefeDAO—reported they couldn’t withdraw funds.
JefeDAO deposited $1M USDC and now claims OX.FUN is holding it hostage, demanding social media promotion in exchange for releasing funds. Blackmail accusations are flying.
Meanwhile, OX.FUN is denying everything, saying JefeDAO violated their trading rules by attempting an oracle attack.
But Twitter’s community notes already debunked their claims—showing OX.FUN is clearly holding onto JefeDAO’s money. Not a good look for a platform run by the same guys behind 3AC’s $18B collapse.
Su Zhu and Kyle Davies have now blown up for the fourth time since 2022.
At this point, if you have funds on OX.FUN, pull them immediately

Everything Else
⛓️ Crypto & DeFi
Ethereum rollback proposal sparks criticism
Pump.Fun is allegedly working on their own AMM liquidity pools
Arkham Exchange to launch spot trading in 17 US states
Bitcoin staking protocol Babylon token generation event is near
Binance sells large amounts of Solana via Wintermute
SOL/BTC price falls to lowest price since December 2023
Solana whales increase bearish options plays amid SOL meltdown
Binance Founder CZ buys TST on BNB Chain, sparking a $500M market surge
Monad testnet launches with 10,000 TPS and 5,000 NFT whitelist spots
🏦 Wall Street & VC
Franklin Templeton files for a $1.46T Solana ETF
Global crypto funds see $508M in weekly outflows amid tariff uncertainty
Ethena stablecoin project raises $100M to fund TradFi push
WalletConnect secures $10M in token sales via Echo
Copper says Trump’s scrutiny of US gold reserves could drive BTC inflows
Apple plans to spend $500B in the U.S., hiring 20,000 employees
Canary Capital files for $HBAR spot ETF on NASDAQ
🏛️ Legal & Regulatory
Michael Saylor wants the US to buy 20% of the Bitcoin supply
Microstrategy Acquires $2B more Bitcoin, now holds 499k BTC
Montana rejects strategic Bitcoin reserve bill
Georgia Senate proposes unlimited Bitcoin investments
SEC ends OpenSea probe after SEA token airdrop
SEC agrees to dismiss case against Coinbase
SEC ends probe into Robinhood crypto operations
Florida woman accused of $850K Trump Solana meme coin theft
🌎 Rest Of The World
El Salvador halts daily Bitcoin purchases after removing BTC as legal tender
Costa Rica launches its first Bitcoin ETF
Binance survey shows 95% of LatAm users plan to buy more crypto in 2025
Germany's CDU/CSU secures most seats in EU election
Russia faces surge in crypto crime as Supreme Court prepares new legislation
Hong Kong Asia Holdings approved to buy more Bitcoin
🖼️ NFTs & Metaverse
Meebits surge +70% since IP sale from Yuga to MeebCo
Streamer kills himself on stream promoting memecoin
Kanye West claims he'll launch "Swasticoin" token next week
