PA Daily | Infini is hacked and about $49.5 million was stolen; Pump.fun is suspected to be testing AMM liquidity pool internally
Reprinted from panewslab
02/24/2025·2MToday's news tips:
1. The Montana House of Representatives rejects the "Strategic Bitcoin Reserve" bill
2. Exchange eXch denies allegations of helping Lazarus Group hacker team launder money
3.Pump.fun is suspected of internal testing of AMM liquidity pool, adding a new Swap section
4. Bybit hackers have sold 50,700 ETH, and Bybit is suspected to have bought 157,600 ETH in the past two days
5. Bybit has obtained approximately 446,870 ETH through loans, whale deposits and purchases, worth approximately US$1.23 billion
6.Bybit CEO: Completely fills the ETH gap
7. PeckShield: Infini hackers have replaced 49.5 million DAIs with about 17,700 ETH
8. Data: SUI, OP, ZETA and other tokens will be unlocked this week, with SUI unlocking value of approximately US$77.6 million
Regulatory/Macro
Montana House of Representatives rejects "Strategic Bitcoin Reserve" bill
According to Cointelegraph, the Montana House of Representatives voted 41 to 59 to veto the "Strategic Bitcoin Reserve" bill, and many lawmakers fear that the investment committee will use taxpayer money for excessive speculation.
Previous news , the "Strategic Bitcoin Reserve" bill in Montana, the United States, passed the committee's review and entered the House of Representatives voting stage.
Georgia proposes second Bitcoin reserve bill
According to Cointelegraph, Georgia, the United States, introduced a second Bitcoin Reserve Act (SB 228), allowing the state to invest in Bitcoin without any investment restrictions.
Previous news , Georgia, the United States, introduced a bill that allows state treasurers to invest in Bitcoin. According to screenshots attached to the media, the bill involves state deposit institutions in order to provide that the state deposit board allows state treasurers to invest in bitcoin; stipulate limits for such investments; stipulate requirements for safe handling of such assets; stipulate Borrowing; abolishing laws that conflict with them, etc.
Project News
According to the monitoring of Embers of the chain analyst, Bybit hackers have used a large number of addresses to use cross-chain exchange platforms such as Chainflip, THORChain, LiFi, DLN, eXch, etc. in almost 30 hours since they started washing coins yesterday afternoon and now. (US$106 million) has been exchanged across chains for other assets (BTC, etc.), and the Bybit hacker address currently has 461,491 ETH (US$1.29 billion). The total number of ETH they stole from Bybit is 499,395 (US$1.4 billion).
MicroStrategy founder Michael Saylor once again released information about Bitcoin Tracker, saying: "I don't think this reflects what I did last week." According to previous rules, MicroStrategy always discloses information on increasing its holdings of Bitcoin the day after the relevant news is released.
Pumpfun front-end deletes Lazarus-related Meme coins
According to Aggr News, the front-end of Pumpfun has deleted Meme coins related to the North Korean hacker group Lazarus Group. Previously, Bybit attackers were suspected of issuing Meme tokens on Pumpfun for money laundering. The attacker transferred SOL tokens to a certain address and launched Meme coins.
Bybit tweeted that through coordinated efforts by multiple parties, $42.89 million of stolen funds were successfully frozen in one day. The institutions that provide assistance include Tether, THORChain, ChangeNOW, FixedFloat, Avalanche Ecosystem, CoinEx, Bitget, Circle, etc.
Exchange eXch denies allegations of helping Lazarus Group hacker team launder money
According to Theblock, non-KYC centralized exchange eXch denied allegations about its money laundering on behalf of Lazarus Group in a post on the forum. “Having the opposite view is just the point of view of some people who want the interchangeability and on-chain privacy of decentralized currencies to disappear… These people have long hated decentralized cryptocurrencies.”
"Exch[.]cx is a KYC-free exchange with abnormal surge in ETH trading volumes -the volume in the past 24 hours was 20,000 ETH, compared with 800 ETH normally," analyst Vxdb said . "Their bits The currency 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 address” but called the transfer “an isolated case and the only part of our exchange processing.” Later, the eXch team promised to earn money. Donate to “various open source programs dedicated to privacy and security inside and outside the crypto space.”
In another post, the eXch team posted a screenshot showing an email from a Bybit employee asking eXch to block certain wallet addresses marked 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 tweeted that its team is working to restore services and will start gradually recovery within the next 24 hours, with additional security measures added to the restored Safe Walle:
- Verification of transaction hash, data and signatures
- Enhanced monitoring alerts
- And temporarily remove native Ledger integration because Ledger is the signature device/method used in Bybit attacks.
After recovery, users may experience longer transaction time or performance issues due to running additional checks. As always, users are advised to remain vigilant when signing transactions and verify that the correct transaction data has been signed.
Pump.fun is suspected of internal testing of AMM liquidity pool, adding a new Swap section
According to Aggr News, Pump.fun is suspected to be testing the AMM liquidity pool internally, adding a new Swap sector, which may replace Raydium as a third-party supplier.
According to on-chain analyst Ember Monitor, Bybit hackers have sold 50,700 ETH ($142 million) to DAI and other assets on-chain (BTC, etc.), and currently holds 448,600 ETH ($1.26 billion). In addition, the address (0x2E4...b77) that is suspected to belong to Bybit or its affiliates (0x2E4...b77) has bought a total of 1.57,600 ETH (US$441 million) in the past two days and transferred to Bybit.
Bybit is suspected to have bought 266,694 ETH after being hacked, worth approximately $742 million
According to Lookonchain monitoring, Bybit has suspected to have purchased 266,694 ETH ($742 million) after being hacked:
- 0x2E45...1b77 (related to Bybit) purchased 157,660 ETH (USD 437,82 million) from Galaxy Digital, FalconX, Wintermute via OTC
- 0xd7CF...A995 (maybe related to Bybit) Purchased 109,033 ETH from DEX and CEX ($304.12 million)
According to Lookonchain monitoring, Bybit has obtained approximately 446,870 ETH ($1.23 billion) through loans, whale deposits and ETH purchases since the hack. Bybit is currently close to filling the funding gap caused by hacker attacks.
Bybit CEO: Completely fills the ETH gap
Bybit CEO said Bybit has completely filled the ETH gap and a new audited POR (Certificate of Reserves) report will be released soon.
PeckShield: Infini hackers have replaced 49.5 million DAIs with about 17,700 ETH
According to PeckShield monitoring, Infini hackers have replaced 49.5 million DAIs with about 17,700 ETH and transferred to the new address 0xfcc8a...6e49.
Christian, founder of Infini, tweeted: "A friend joked that my journey was so smooth. I said I was always ready to face the first disaster. I didn't expect that the person who happened to be in trouble immediately after bybit. The personal private key was not leaked, and it was negligence when transferring permissions before. In the final analysis, it was my own responsibility. This time I woke up the alarm. There is no problem with liquidity at present, and I can pay the full amount and the funds are being investigated."
Market: Raydium (RAY) fell 24.7% in 24 hours
Perhaps affected by the news of the new Swap sector added by Pump.fun, the market shows that Raydium (RAY) fell 24.7% in 24 hours and is now at US$3.21.
Previous news , Pump.fun is suspected to be testing the AMM liquidity pool internally, adding a new Swap sector, which may replace Raydium as a third-party supplier.
According to the official announcement, Binance will adjust the settlement frequency of BANUSDT U solid perpetual contract fund rate at 16:00 on February 24 (East Eighth District time). The settlement frequency of fund rate will be adjusted from once every four hours to once every two hours. The maximum funding rate range remains unchanged from +3.00% to -3.00%.
Bybit tweeted that the mETH Protocol team has provided crucial assistance in recent security incidents. Through quick action and effective coordination, the mETH Protocol team successfully recovered 15,000 cmETH tokens worth approximately US$43 million.
Christian, founder of Infini, tweeted that from the stolen to the present, the withdrawal application has accumulated a total of 500,000 US dollars, and all of them have been responded, and there are even many wallets that continue to save money. At present, all consumption and withdrawals of products are as usual. The only thing affected is the financial management part (because the contract has been suspended and the funds have not been transferred to prevent secondary risks), which takes a certain amount of time to propose and implement more appropriate plans.
Viewpoint
Matrixport: Hidden buying may boost ETH rebound during Bybit stolen incident
Matrixport analysis pointed out that in the stolen incident of Bybit, hiding buying may boost ETH rebound. The focus of the market is on the stolen nearly 500,000 ETHs on Bybit, but what is really worth paying attention to is its impact on the market. Bybit needs to repurchase ETH to supplement wallet funds, while hackers need to be cautious about subsequent operations.
Judging from past experience, stolen funds are usually not sold immediately, that is, short-term selling pressure or limited. At the same time, the market has added a potential purchase of 500,000 ETH, and currently it is reported that only about 100,000 ETH is repurchased. The imbalance in supply and demand may drive ETH prices to rise. Given that prices have shown signs of stabilization, we are optimistic about the current trend.
Important data
Token Unlocks data shows that tokens such as SUI, OP, ZETA will be unlocked this week, including:
- Sui (SUI) will unlock approximately 22.97 million tokens at 8 a.m. Beijing time on March 1, Beijing time, with a ratio of 0.74% to the current circulation, worth approximately US$77.6 million;
- Optimism (OP) will unlock approximately 31.34 million tokens at 8 a.m. Beijing time on February 28, with a ratio of 1.93% to the current circulation and a value of approximately US$36.7 million;
- ZetaChain (ZETA) will unlock approximately 44.26 million tokens at 8 a.m. Beijing time on March 1, Beijing time, with a ratio of 6.48% to the current circulation, and a value of approximately US$15 million;
- AltLayer (ALT) will unlock approximately 240 million tokens at 6 pm Beijing time on February 25, with a ratio of 9.41% to the current circulation, worth approximately US$11.6 million;
- dydx (DYDX) will unlock approximately 8.33 million tokens at 8 a.m. Beijing time on March 1, Beijing time, with a ratio of 1.14% to the current circulation and a value of approximately US$6.7 million;
- Sleepless AI (AI) will unlock approximately 18.21 million tokens at 8 a.m. Beijing time on March 1, with a ratio of 14.01% to the current circulation and a value of approximately US$5.1 million.
Cooperation between cryptocurrency companies and sports organizations is increasing, from Formula One team sponsorship to football, mixed martial arts and even snooker, Theblock reports. Cryptocurrency exchanges such as Coinbase, Gate.io and XBO.com, stablecoin issuer Tether, and cryptocurrency betting sites Sportsbet.io and Cloudbet have recently signed key partnerships with sports organizations.
According to the Financial Times, citing marketing agency SportQuake, 22 transactions have been reached so far in 2025, with an average value of $4.3 million, compared with 18 transactions in the same period last year, with an average value of $2.6 million.
Notable collaborations include Tether's acquisition of a minority stake in Italian football team Juventus, worth approximately $50 million.
Coinbase recently entered into a partnership with Aston Martin’s Formula 1 team Aston Martin Aramco, which is paid entirely in stablecoins. The transaction value has not been disclosed. The Coinbase logo appears on the team's recently launched AMR25 car.
Gate.io also signed an agreement with Oracle Red Bull, whose logo will appear on the team’s racing cars, racing suits and the helmet of four-time world champion Max Verstappen.
Cryptocurrency exchange XBO.com recently signed a partnership agreement to become the official global sponsor of the 2025 Argentina national football team. XBO will launch special promotions, rewards and marketing campaigns featuring the team’s athletes.
Other notable partnerships include a naming agreement between Sportsbet.io and the Snooker Player Championship, and a multi-year agreement between Crypto Casino Cloudbet and the Hybrid Martial Arts Organization Pro Fighting League.
Data: Circle has cast 8 billion USDCs on the Solana chain so far in 2025
According to Spot On Chain, Circle's total casting volume in the last seven days reached USDC. So far in 2025, Circle has cast 8 billion USDCs in Solana, of which 6 billion were cast in January and 2 billion were cast in February.
Previous news , USDC Treasury added 250 million USDCs to the Solana chain.
According to The Data Nerd monitoring, 10 minutes ago, the wallet 0xx73f (probably Sandbox) deposited 8 million SANDs (about $2.7 million) to Binance. Last month, the wallet also deposited 8 million tokens into Binance, and then the price fell 33%. Currently, the wallet still has 8 million SANDs (about 2.7 million US dollars).
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