The blockchain platform linked to United States President Donald Trump took the crypto market downturn as an funding alternative, tripling its Ether holdings in per week forward of the White Home’s first Crypto Summit on March 7.
In the meantime, Solana was hit by almost half a billion {dollars} price of outflows in February as cryptocurrency buyers sought safer investments following a wave of memecoin scams and rug pulls.
Trump’s WLFI tripled Ether holdings in per week amid market downturn
The decentralized finance (DeFi) platform linked to US President Donald Trump considerably elevated its Ether holdings over the previous week because the cryptocurrency’s worth briefly dipped beneath $2,000.
Trump’s World Liberty Financial (WLFI) DeFi platform tripled its Ether (ETH) holdings over the previous seven days as ETH dipped beneath the $2,000 psychological mark, Cointelegraph Markets Professional knowledge reveals.
ETH/USD, 1-month chart. Supply: Cointelegraph
Information provided by Arkham Intelligence reveals WLFI now holds about $10 million extra in Ether than per week earlier. Its newest acquisitions additionally embody an extra $10 million in Wrapped Bitcoin (WBTC) and $1.5 million in Movement Network (MOVE) tokens.
WLFI token balances historical past. Supply: Arkham Intelligence
Trump’s DeFi platform is presently sitting on a complete unrealized lack of over $89 million throughout the 9 tokens it invested in, Lookonchain knowledge reveals.
Supply: Lookonchain
The dip shopping for got here throughout a interval of heightened market volatility and investor issues, pushed by each macroeconomic issues and crypto-specific occasions, together with the $1.4 billion Bybit hack on Feb. 21, the largest exploit in crypto history.
Solana sees $485 million outflows in February as crypto capital flees to “security”
Solana noticed almost half a billion {dollars} in outflows final month as buyers shifted to what had been perceived to be safer digital property, reflecting rising uncertainty within the cryptocurrency market.
Solana (SOL) was hit by over $485 million price of outflows over the previous 30 days, with investor capital primarily flowing to Ethereum, Arbitrum and the BNB Chain.
The capital exodus got here amid a wider flight to “security” amongst crypto market contributors, in response to a Binance Analysis report shared with Cointelegraph.
Solana outflows. Supply: deBridge, Binance Analysis
“Total, there’s a broader flight in direction of security in crypto markets, with Bitcoin dominance growing 1% previously month to 59.6%,” the report said.
”Among the capital flowed into BNB Chain memecoins, pushed partially by CZ’s tweets about his canine, Brocolli,” it added.
Past Solana, whole cryptocurrency market capitalization dropped by 20% in February, pushed by rising detrimental sentiment, Binance Analysis famous.
Alongside macroeconomic issues, the crypto investor sentiment drop was primarily because of the $1.4 billion Bybit hack on Feb. 21, the largest exploit in crypto history.
Disappointment in Solana-based memecoin launches has additionally curbed investor urge for food, significantly after the launch of the Libra token, which was endorsed by Argentine President Javier Milei.
Trump to host first White Home crypto summit on March 7
US President Donald Trump will host the primary White Home Crypto Summit on March 7, bringing collectively trade leaders to debate regulatory insurance policies, stablecoin oversight and the potential position of Bitcoin within the US monetary system.
The attendees will embody “outstanding founders, CEOs, and buyers from the crypto trade,” together with members of the President’s Working Group on Digital Belongings, in response to an announcement shared by the White Home “AI and crypto czar,” David Sacks, in a March 1 X post.
The summit will probably be chaired by Sacks and administered by Bo Hines, the chief director of the Working Group.
Supply: David Sacks
Sacks was appointed White House crypto and AI czar on Dec. 6, 2024, to “work on a authorized framework so the Crypto trade has the readability it has been asking for, and may thrive within the U.S.,” Trump wrote within the announcement.
A part of Sacks’ position will probably be to “safeguard” on-line speech and “steer us away from Huge Tech bias and censorship,” Trump added.
Supply: Donald Trump
Trump has beforehand signaled that he intends to make crypto policy a national priority and make the US a worldwide hub for blockchain innovation. The upcoming summit might set the tone for crypto rules over the subsequent 4 years.
Crypto VC offers high $1.1 billion in February as DeFi curiosity surges — The TIE
Enterprise capital funding into blockchain and cryptocurrency startups accelerated in February, with decentralized finance (DeFi) tasks attracting vital funding flows, signaling that demand for blockchain builders remained sturdy amid unstable market circumstances.
In response to knowledge from The TIE, 137 crypto firms raised a mixed $1.11 billion in funding in February.
DeFi secured almost $176 million in whole funding throughout 20 tasks. In the meantime, eight enterprise service suppliers raised a complete of $230.7 million. Startups specializing in safety providers, funds and synthetic intelligence additionally drew vital curiosity.
Enterprise service suppliers and DeFi tasks attracted the most important investments in February. Supply: The TIE
The largest enterprise capital buyers focused “a number of sectors, together with key narratives comparable to AI, Developer Instruments, DeFi, DePIN, Funds, and Funds,” The TIE stated.
The information is in step with Cointelegraph’s recent reporting, which confirmed a big uptick in decentralized bodily infrastructure community (DePIN) offers.
Bybit hacker launders 100% of stolen $1.4 billion crypto in 10 days
The Bybit exploiter has laundered 100% of the stolen funds after staging the most important hack in crypto historical past, however among the loot should still be recoverable by blockchain safety specialists.
On Feb. 21, Bybit was hacked for over $1.4 billion price of liquid-staked Ether (STETH), Mantle Staked ETH (mETH) and different ERC-20 tokens, ensuing within the largest crypto theft in history.
The hacker has since moved all 500,000 stolen Ether (ETH), primarily via the decentralized crosschain protocol THORChain, blockchain safety agency Lookonchain reported in a March 4 publish on X:
“The #Bybit hacker has laundered all of the stolen 499,395 $ETH($1.04B presently), primarily via #THORChain.”
Supply: Lookonchain
North Korea’s Lazarus Group has transformed the stolen proceeds regardless of being recognized as the principle wrongdoer behind the assault by a number of blockchain analytics companies, together with Arkham Intelligence.
The information comes over two months after South Korean authorities sanctioned 15 North Koreans for allegedly producing funds for North Korea’s nuclear weapons improvement program via cryptocurrency heists and cyber theft.
DeFi market overview
In response to knowledge from Cointelegraph Markets Pro and TradingView, a lot of the 100 largest cryptocurrencies by market capitalization ended the week within the inexperienced.
Of the highest 100, the Cardano (ADA) token rose over 46% as the larger gainer within the high 100, pushed by the token’s inclusion in Trump’s upcoming Digital Asset Stockpile. Bitcoin Money (BCH) rose over 40% because the second-biggest gainer over the previous week.
Complete worth locked in DeFi. Supply: DefiLlama
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and training relating to this dynamically advancing area.
