Why President Trump’s Meme Coin Is Raising Alarm Bells
https://m.youtube.com/watch?v=vrENPDN9ZMI
Bybit, a major cryptocurrency exchange, has been hit by the largest crypto heist in history.
Hackers drained approximately $1.5 billion in digital assets, far surpassing previous thefts in the sector, according to blockchain analytics firm Elliptic.
The attack compromised Bybit's cold wallet, an offline storage system designed for security.
Nasdaq 100 Index down about 7% from its last record on Feb 19.
This tanking can be viewed as a response to macro fears on Trump’s tariffs and geopolitical uncertainty.
The losses that took bitcoin to multi-month lows this week, occurred after the Feb 21 hack of the Bybit exchange.
Targeted a type of crypto custody known as a “cold wallet” that had been considered highly safe because it involves hardware not connected to the internet.
The slump in bitcoin in February corresponded with the largest monthly net outflow for the group of spot-bitcoin ETFs since they were launched in January 2024, with an exodus of about US$3.3 billion.
Senator Cynthia Lummis of Wyoming, followed up with a bill requiring the government to make purchases to build a stockpile of up to one million bitcoin over five years.
Lawmakers in Montana, North Dakota, South Dakota and Wyoming . have all voted against establishing state-level crypto reserves in the last few weeks, citing conc
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