Bitcoin

<h2 id="header-0">Top Stories:</h2><ul><li>ZachXBT Recovers Most Stolen NFT Funds</li><li>MicroStrategy&#39;s Account Hit by Phishing Scam</li><li>GBTC Sees Lowest Outflow Amid Positive <a href="https://tradedog.io/weekly-crypto-news-in-review-25th-feb-1st-mar/" rel="noopener noreferrer nofollow">Market Sentiment</a></li><li>Gemini to Refund $1.1B to Earn Customers in NYDFS Settlement</li><li>Blast Launches Ethereum L2 Mainnet, Releases $2.3B in Staked Crypto</li></ul><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4ceaadecee5d4a39a4c87f14da0b4a82.png" /><p>On February 25, 2024, ZachXBT, an anonymous on-chain researcher, disclosed the successful recovery of a significant portion of funds from the sale of a stolen DeGods non-fungible token (NFT). The NFT was stolen in May 2023 due to the original holder falling prey to a phishing scam. Following a rigorous nine-month investigation, ZachXBT was able to track down and reclaim the majority of the proceeds from the stolen DeGods NFT. The NFT had been sold for 99 Ether (ETH), valued at approximately $177,000 at the time. The recuperated funds have since been returned to the rightful owner.</p><h2 id="header-1">MicroStrategy’s X Account Falls Victim to Phishing Scam</h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/c32afb66d5b144ba8b8b0d15aeee7357.png" /><p>On February 26, 2024, MicroStrategy&#39;s X account fell victim to an advanced phishing scam. The perpetrators shared malicious links promoting a fake airdrop of an alleged &#34;official&#34; Ethereum-based &#34;MSTR&#34; token. Those who clicked on the link were led to a counterfeit MicroStrategy webpage, urging them to link a wallet and claim the bogus $MSTR airdrop. By granting a series of permissions in their Web3 wallet, users unwittingly allowed the attackers to siphon tokens from their wallets automatically. This scam led to losses exceeding approximately $440,000.</p><h2 id="header-2">GBTC Records Lowest Ever Outflow Amid Market Optimism</h2><h2 id="header-3"></h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/8a28d33c538344479c016aaf0bcd63f0.png" /><p>On February 27, 2024, GBTC, Grayscale&#39;s Bitcoin Trust, a significant Bitcoin fund globally, witnessed a notable slowdown in its net outflows over three consecutive days, reaching an unprecedented low. This trend suggests that investors may be holding onto their Bitcoin investments, signaling positive market sentiment. Despite its transition to a spot Bitcoin exchange-traded fund (ETF), GBTC has experienced 31 consecutive days of outflows since the conversion, totaling $7.47 billion leaving the ETF.</p><h2 id="header-4">Gemini to return at least $1.1B to Earn customers in settlement with NYDFS</h2><p>February 28, 2024: Gemini cryptocurrency exchange and the New York State Department of Financial Services have settled, resulting in Gemini returning over $1.1 billion to Gemini Earn program customers affected by the Genesis bankruptcy. Gemini will also pay a $37 million penalty for compliance lapses. Pending court approval, users are expected to receive 100% of their cryptocurrency assets plus appreciation.</p><p>March 1, 2024: Blast, an Ethereum layer-2 network, launched its mainnet, releasing nearly $2.3 billion in staked crypto previously locked on the network. Despite some launch controversies, Blast has experienced significant growth, reaching a total value locked (TVL) of $2.27 billion on the mainnet launch day. Blast aims to address high gas fees for NFT transactions on Ethereum and enable passive appreciation of funds in the Blur bid pool, utilizing the Optimistic Rollup mechanism.</p>

Weekly Recap: Crypto News (Feb 25th - Mar 1st)

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