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2025-02-27 13:50:26
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Bitcoiner News Bytes
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Bitcoiner Post with your Bitcoiner News Bytes for Thursday, February 27, 2025. We’re diving into a whirlwind of stories today—heists, Bitcoin battles, and seismic shifts in digital finance. Buckle up, because we’ve got a lot to cover. Let’s get started.
First up: FBI points the finger at North Korea for a $1.5 billion ByBit hack:
Big news out of Washington this morning—the FBI has pinned the blame on North Korean hackers for a jaw-dropping $1.5 billion heist from exchange ByBit. The agency dropped a public service announcement yesterday, calling it the largest single crypto theft in history. It all went down on February 21st, when hackers breached ByBit’s Ethereum cold wallet, siphoning off digital assets. The FBI says state-sponsored actors—linked to Pyongyang’s infamous Lazarus group—are behind it, and they’re urging exchanges and DeFi platforms to freeze 6,338 wallet addresses tied to the loot. ByBit’s set up a public tracking site to follow the money, but with North Korea’s track record of funding its regime through cybercrime, experts say this cash could already be slipping through the cracks. A wake-up call for security—stay tuned as authorities chase this one down.
Next: Oklahoma pushes forward with a Bitcoin reserve bill while others hit the brakes:
Over in Oklahoma, lawmakers are charging ahead with a bold plan to stash state funds in Bitcoin. The Oklahoma Bitcoin Reserve Bill cleared a key House committee yesterday with an 8-4 vote, aiming to allocate up to 5% of the state’s investment portfolio—about $300 million. Supporters say it’s a hedge against inflation and a nod to the future, but critics are waving red flags about volatility. Meanwhile, other states aren’t buying it—South Dakota, Montana, and Wyoming all shot down similar measures this week, citing Bitcoin’s wild price swings and lack of tangible value. Oklahoma’s bill heads to the full House next, and if it passes, it could make the Sooner State a Bitcoin pioneer. We’ll keep you posted.
In corporate news: Fold stacks another 10 Bitcoin into its treasury.
Sticking with the Bitcoin beat, fintech firm Fold just beefed up its corporate treasury with 10 more BTC, bringing its total holdings to 1,010 coins—worth about $89 million at today’s prices. The Nashville-based company, known for its Bitcoin rewards debit card, made the buy late Tuesday as part of its “Bitcoin-first” strategy. CEO Will Reeves called it a no-brainer, saying the firm’s riding the wave of digital adoption. Investors seem to like it—Fold’s stock ticked up 3% in after-hours trading. With Bitcoin dipping below $83,000 this week, Fold’s betting big on a rebound. Could this spark a trend among smaller firms? Time will tell.
Now to a digital danger zone: GitHub repositories turn into Bitcoin wallet attack vectors:
A chilling alert for crypto users—hackers are weaponizing GitHub repositories to target wallets. Cybersecurity firm SlowMist flagged the scheme yesterday, saying malicious code’s been slipped into open-source projects hosted on the platform. Unsuspecting developers download the files, and bam—malware siphons private keys straight to the attackers. At least 15 wallet breaches have been linked to this trick in the past month, with losses topping $2 million. GitHub’s scrambling to yank the tainted repos, but experts say this is a wake-up call for coders to double-check their sources.
Back to the states: South Dakota kills its Bitcoin reserve bill dead in committee:
Switching gears to South Dakota, lawmakers there just slammed the door on a Bitcoin reserve bill. The House Commerce Committee voted 9-3 yesterday to axe HB1202, which would’ve funneled 10% of state funds—roughly $200 million—into BTC. The state’s investment officer testified that Bitcoin’s rollercoaster prices and lack of intrinsic value made it too risky for taxpayers. Bill sponsor Representative Mike Manhart vowed to fight another day, but for now, South Dakota’s joining a growing list of states saying “no thanks” to Bitcoin reserves. Risk aversion’s the name of the game here.
On Capitol Hill: Senator Lummis gears up for a digital asset hearing:
Mark your calendars—Wyoming Senator Cynthia Lummis is set to chair her first Senate hearing on digital assets this Wednesday, March 5th. As a vocal Bitcoin backer, Lummis plans to grill regulators and industry leaders on how to balance innovation with oversight. On the docket: clarifying digital asset tax rules, tackling illicit finance, and—get this—pushing for a national Bitcoin stockpile. With the SEC and Treasury in the hot seat, this could shape the future of U.S. policy. Expect fireworks—we’ll bring you the highlights.
In retail: GameStop faces calls to flip $5 billion in cash into Bitcoin:
Over at GameStop, the meme-stock darling’s getting an earful from shareholders. At yesterday’s annual meeting, a vocal group urged CEO Ryan Cohen to convert the company’s $5 billion cash pile into Bitcoin, arguing it’d juice returns and signal a bold pivot. Cohen didn’t commit, but he didn’t shut it down either, saying all options are on the table. With Bitcoin’s price wobbling, the idea’s splitting investors—some see genius, others see gamble. GameStop’s stock dipped 2% on the news, but the Bitcoin crowd’s buzzing. Could this be the next big corporate BTC play? Stay tuned.
From Japan: Metaplanet boosts its Bitcoin stash with $12.9 million more:
Across the Pacific, Japanese firm Metaplanet’s doubling down on Bitcoin, snapping up $12.9 million worth yesterday. That’s 145 BTC, pushing their total holdings to 2,235 coins—about $198 million at current rates. The Tokyo-based investment company’s been on a buying spree since last summer, calling Bitcoin a shield against Japan’s yen woes. Analysts say it’s paying off—Metaplanet’s stock jumped 8% this week. With firms like MicroStrategy as their playbook, they’re betting big on Bitcoin's long game.
Market watch: Bitcoin ETFs bleed $516 million amid a price slump:
Rough seas for Bitcoin ETFs—$516 million flowed out of U.S.-based funds this week as Bitcoin slid below $83,000. BlackRock’s IBIT and Grayscale’s GBTC took the biggest hits, with investors pulling back after a 5% market drop since Monday. Analysts blame profit-taking and jitters over that ByBit hack, but some see it as a blip in a bullish year. Total ETF holdings are still up 300% since January, so the big picture’s holding strong—for now.
More state rejections: Three U.S. states nix Bitcoin reserve bills:
Quick update on that state reserve trend—Montana, Wyoming, and Idaho joined South Dakota this week in rejecting Bitcoin reserve bills. Lawmakers in all three cited the same worries: too much risk, not enough reward. That’s four states down, with Oklahoma now the lone ranger still in the fight. Looks like Bitcoin’s got a tough road ahead in statehouses.
And finally: Michael Saylor meets with the SEC on Bitcoin rules:
Closing out today, MicroStrategy’s Michael Saylor sat down with SEC brass yesterday to hash out Bitcoin and digital asset regulations. Details are scarce, but sources say Saylor pushed for clearer guidelines on corporate holdings and ETF oversight. The SEC’s been tight-lipped, but with Senator Lummis’s hearing looming, this could be the start of a regulatory thaw. We’ll dig deeper as info trickles out.
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