Crypto Market Recap: Bybit Investigates Lazarus Hack, SEC Ends Uniswap Investigation

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$84,419.28, reflecting a decrease of 4.4 percent over the past 24 hours. The day’s trading range has seen a high of US$88,223.72 and a low of US$82,445.07.

“The price evolution in the coming days will largely depend on market sentiment and how major players respond to global economic conditions. While some see risk in the current situation, others view it as an opportunity to accumulate positions at lower prices, anticipating an eventual recovery.”

Ethereum (ETH) is priced at US$2,330.15, marking a loss of 6.6 percent over the same period. The cryptocurrency reached an intraday high of US$2,453.70 and a low of US$2,265.72.

Altcoin price update

• Solana (SOL) is currently valued at US$135.33, down 6.5 percent over the past 24 hours. The cryptocurrency recorded an intraday high of US$139.64 and a low of US$130.96.

• XRP is trading at US$2.22, reflecting a 3.4 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.29 and a low of US$2.17.

• Sui (SUI) is priced at US$2.88, showing a 2 percent decrease over the past 24 hours. It achieved a daily high of US$3.03 and a low of US$2.75.

• Cardano (ADA) is trading at US$0.6535, reflecting a 3.9 percent decrease over the past 24 hours. Its highest price on Wednesday was US$0.6831, with a low of US$0.6351.

Crypto news to know

Bybit investigates Lazarus hack, offers reward

Bybit has launched a public appeal and a new website to investigate and track wallet addresses following a hack last week. The attack saw the group Lazarus drain US$1.4 billion from the exchange’s hot wallet. The company’s CEO, Ben Zho, said Bybit is offering a 5 percent reward for information that helps recover stolen assets.

The Bybit hack led to a significant crypto market correction, with Bitcoin, Ethereum, Solana and meme coins all seeing substantial price declines. At the same time, US spot Bitcoin exchange traded funds saw outflows totaling US$937.9 million on Tuesday (February 25), their largest daily net outflow since inception.

Oklahoma advances bill proposing Bitcoin investment

Oklahoma House Bill 1203, known as the Strategic Bitcoin Reserve Act, passed a House Committee vote on Tuesday, advancing for consideration on the floor. The bill was introduced by Representative Cody Maynard (R) on January 15, and would allow the Oklahoma state treasurer to invest public funds in Bitcoin, as well as any digital asset, including stablecoins, with a market cap of US$500 billion or more over the previous calendar year.

South Dakota lawmakers reject Bitcoin reserve proposal

A proposal to add Bitcoin to South Dakota’s state reserves has failed to gain traction, as lawmakers voted to postpone the bill indefinitely during a legislative session on Monday (February 24).

The bill, which sought to make South Dakota the first US state to hold Bitcoin as a treasury asset, was seen as a potential breakthrough for state-level Bitcoin adoption. However, after deliberation, the state’s House Commerce and Energy Committee voted to delay the bill indefinitely, signaling that it will not be revisited this session.

Supporters of the bill had argued that Bitcoin could serve as a hedge against inflation and offer a decentralized alternative to traditional reserve assets. Critics, however, raised concerns over the cryptocurrency’s price volatility and regulatory uncertainty, questioning whether it is a suitable asset for state reserves. Some lawmakers also suggested that South Dakota should wait for more regulatory clarity before making such a move.

Despite the setback, analysts believe other states may still move forward with Bitcoin reserve proposals this year. According to the Bitcoin Reserve Monitor, at least 18 states are currently exploring the idea. Among them, Florida, Utah, Arizona and Texas remain the most likely to push for Bitcoin reserves in 2025.

SEC ends Uniswap investigation, boosting DeFi confidence

The US Securities and Exchange Commission (SEC) has officially closed its investigation into Uniswap Labs, marking a significant moment for the decentralized finance (DeFi) sector.

Uniswap, the leading decentralized exchange, had been under scrutiny since April 2024, when the SEC issued a Wells notice suggesting the platform may have been operating as an unregistered securities exchange.

However, the regulator has now decided against further enforcement, effectively clearing Uniswap of wrongdoing.

Following the news, Uniswap’s governance token UNI jumped 5 percent as investors welcomed the regulatory clarity. In a statement, Uniswap called the decision a “win for DeFi and decentralized technology,” emphasizing that DeFi platforms operate differently from centralized financial entities and should not be subject to the same regulations.

This development comes amid major shifts at the SEC, following Gary Gensler’s departure in early 2025.

Under Acting Chair Mark Uyeda and Commissioner Hester Peirce, the agency has been reevaluating its approach to crypto regulation, leading to the closure of multiple investigations, including those for Robinhood Crypto and OpenSea.

Bank of America eyes stablecoin launch

According to Fortune, Bank of America CEO Brian Moynihan told a group of investors gathered at the Economic Club of Washington, DC, that the bank is ready to launch a stablecoin if legislation to regulate the industry passes in both chambers of Congress. The Lummis-Gillibrand Payment Stablecoin Act, the Clarity for Payment Stablecoins Act of 2024 and the most recently introduced stablecoin bill, the GENIUS bill, are currently being considered.