The crypto world is still reeling from the Bybit Heist, one of the largest hacks in history, where over $1.5 billion was stolen. Yet, that’s not the only major news in the space lately. Let’s dive into some key developments that have kept the crypto community busy.
1) Bybit Heist Update
On February 18th, Bybit, one of the leading cryptocurrency exchanges, was hit by a hack that stole a massive $1.5 billion. However, Bybit has handled the situation remarkably well. The exchange confirmed that all users who withdrew their funds have been paid. Despite the scale of the hack, Bybit processed over 350,000 withdrawal requests within 12 hours.
The hacker group behind the breach, known as the Lazarus Group, began swapping stolen Ethereum (ETH) for Bitcoin (BTC) almost immediately. In a dramatic turn of events, Bybit received support from other exchanges such as Binance, Bitget, and MEXC, which provided bridge loans to help cover some of the stolen ETH. Over $400 million has already been transferred to Bybit in the past 24 hours.
While all of this is unfolding, the crypto world is still eagerly awaiting updates on how the hack took place. For more details, check out our previous blog on the Bybit Heist here.
Even tho, this is the largest hack in history. The Bybit team has absorbed the blow and survived a bank run. Its shown the world that funds on the exchange are not at risk as their treasury is publicly audited and backed by assets. We continue to use Bybit and support them.
2) Airdrop Claims and Mainnet Launch
It’s a busy time for airdrop hunters with several new opportunities popping up.
- Kaito Yappers can claim their airdrops now. The Kaito token is tradable on platforms like Hyperliquid and Binance, with its price rising steadily.
- Monad Mainnet went live on February 19th. The network’s testnet airdrop was a major success, and the mainnet launch is creating buzz. You can check the airdrop details here.
- Sahara AI has introduced daily 100-point Discord tasks for users. Don’t miss out on the airdrop! More details can be found here.
- Trump Website Airdrop: If you bought Trump products before February 15th, you can claim a $TRUMP airdrop. However, the claim page is not live yet, so stay tuned for updates.
3) The $PAIN Token Boom
Memecoins have seen a resurgence despite the broader crypto market’s slow recovery. One of the most talked-about tokens recently is $PAIN. Based on a popular meme, the token launched with a starting price of $13.7. As expected, Solana snipers were quick to scoop up the token, pushing its price up to $25.48 within hours.
This quick spike shows the immense power of initial hype in the crypto space, but the big question is whether $PAIN can maintain momentum as the market stabilizes.
This presale prevented snipers from making bank. And it didn’t have the regular insider pump and dump as we often see today. One of the better meme coin launches of 2025.
It’s tradable on Kucoin already.
4) FTX Starts Paying Out Refunds
In more positive news, FTX has started distributing funds to its customers. The liquidation estate confirmed that users should start receiving their funds within one to three business days. This comes after the exchange’s catastrophic collapse in November 2022, which caused massive losses for customers.
The first distribution is taking place via crypto firms BitGo and Kraken. The next payout will occur on April 11, with additional payouts scheduled for May 30.
FTX’s founder, Sam Bankman-Fried, was arrested and convicted of fraud and money laundering. The collapse of FTX had widespread effects on the crypto market, but now, users are finally seeing some relief.
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5) Suicide on Stream Sparks Meme Coins
In one of the most shocking and disturbing stories in recent crypto news, MistaFuccYou, a crypto influencer, died by suicide on livestream after losing his last $500 in a memecoin rug pull. Before the tragic event, he made a final statement, requesting his name be used to create a meme coin.
Shortly after his death, new meme coins using his name and likeness flooded the market. This has sparked a larger debate within the crypto community about the ethical boundaries of such actions. Many wonder if this is taking meme culture too far.
Rug pulls are a common occurrence in the meme coin world, whether involving influencers, celebrities, political figures, or anonymous developers. Any coin can rug at any moment, making it a highly stressful environment. Recently, popular sports influencer Dave Portnoy rugged 2 coins in 1 day.
6) SEC Drops Investigation on OpenSea
In a big win for the NFT space, the SEC has dropped its investigation into OpenSea. The platform had faced potential enforcement action after being accused of operating as an unregistered securities marketplace.
OpenSea’s founder, Devin Finzer, celebrated the news, stating that this decision was a victory for NFT creators. He emphasized that classifying NFTs as securities would have set a bad precedent and hindered innovation in the space.
This development comes as the SEC is finalizing a deal with Coinbase to drop its lawsuit against the exchange, further easing regulatory pressure on the industry.
Study details about the upcoming $SEA token airdrop here.
Final Words
The crypto space continues to evolve rapidly. From the Bybit Heist to new airdrop opportunities and the rise of meme coins like $PAIN, there’s always something happening. As always, stay tuned for more updates and continue making informed decisions in this exciting and volatile market!
If you enjoyed this blog, you may want to check our other crypto news updates.
As always, don’t forget to claim your bonus below on Bybit, yes we still support them, and See you next time!
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