CoinPhoton

A trader on Polymarket lost a mid–six-figure amount after clicking a fraudulent ad impersonating Uniswap that appeared at the top of Google search results. The ad redirected to a convincing clone site where the victim connected a crypto wallet and approved a malicious transaction, unknowingly granting attackers permission to drain assets. Friends and associates later filled comment threads with condolences as the loss was described as potentially representing most of the trader’s net worth.
The case was amplified by the founder of DefiLlama and publicly acknowledged by Uniswap’s founder as part of a long-running wave of ad-based phishing attacks. The exploit reportedly used a scam-as-a-service wallet drainer called AngelFerno, which has also been tied to fake DeFi front ends and typosquatted domains, including Punycode-style URLs that look identical to legitimate sites. Researchers at Chainalysis have repeatedly warned that search ads are a major phishing vector, and on-chain investigator ZachXBT urged tougher consequences for platforms that fail to block malicious crypto ads.

A panel at ETH Denver highlighted growing concerns about how quantum computing could threaten Bitcoin’s cryptography. Experts explained that Bitcoin’s SHA-256 hashing is likely safe for now, as breaking it would require an unrealistically large quantum computer using Grover’s algorithm. The more immediate risk lies in digital signatures, which could be broken by Shor’s algorithm if sufficiently powerful quantum machines emerge, potentially allowing attackers to derive private keys from public keys and steal funds.
Security researchers noted that while current quantum hardware is not yet capable of this, rapid advances by major tech firms suggest progress is accelerating. Parts of the crypto industry are already preparing: the Ethereum Foundation has formed a post-quantum security team, and Coinbase has launched advisory efforts on quantum risk.
Estimates of the quantum resources needed to break Bitcoin signatures have dropped sharply, and millions of coins are already in addresses with exposed public keys, making them more vulnerable in a future quantum attack. Speakers stressed that beyond technical fixes, achieving community consensus on how to migrate or protect old coins — including possibly untouched early holdings — could be politically and operationally difficult, yet critical to avoiding a severe network shock.

Stablecoin supply — often treated as crypto’s version of deployable cash and an M2-style liquidity gauge — has stopped expanding, with total market cap around $307.92B and slightly down over the past 30 days. This shift signals that the pool of dollar-denominated tokens used to settle trades, post collateral, and fund positions is no longer growing, which changes how price moves propagate through the market.
When stablecoin supply rises, risk-taking is easier to finance, order books tend to be deeper, spreads tighter, and forced selling is absorbed faster. When supply flattens or contracts, the same amount of selling pressure can move prices further because there is less fresh collateral to cushion liquidations. In these thinner conditions, volatility increases and wicks become larger — with Bitcoin typically feeling the impact first since stablecoins are the dominant quote and collateral asset on major trading venues.
Supply changes are driven by mint and redemption flows from major issuers, whose reserves are generally held in short-term dollar instruments. A drop in total supply can reflect real capital leaving crypto via redemptions, or redistribution across issuers and blockchains rather than true outflows. Because of that, analysts compare supply trends with usage metrics such as transfer volume (velocity), exchange stablecoin balances, and leverage pricing in perpetual futures.
A higher-risk regime usually appears when three signals align: stablecoin supply declining for multiple weeks, transfer activity weakening, and leverage costs rising for long positions. Together, these indicate reduced liquidity slack. The key takeaway is that even a modest percentage decline in stablecoin supply can materially affect market microstructure — not by predicting direction, but by increasing the potential speed and severity of price moves.

Balaji Srinivasan argues that cryptocurrency was created to establish a “code-based order” as the traditional rules-based international system weakens. In response to critics who see crypto as mere speculation, he reframes blockchain as foundational infrastructure for a borderless economic and governance framework.
According to Srinivasan, blockchain networks can replicate and improve protections once handled by legal institutions, including property rights, contract enforcement, identity verification, privacy, and secure voting. Even in cases of debanking or loss of citizenship, individuals can retain their onchain assets and digital identities.
He acknowledges that crypto ecosystems are partly fueled by financial speculation, comparing them to state lotteries, but contends the real question is whether society ultimately gains a superior alternative. As nationalism and socialism expand, he argues that blockchain preserves open global capitalism by enabling cross-border transactions without regard to race, religion, or nationality.
Extending the thesis beyond finance, Srinivasan envisions a future where both digital and physical property are secured through cryptography — from tokenized financial assets to homes, vehicles, robots, and infrastructure controlled by cryptographic keys. In this model, public blockchains become more resilient backends than traditional institutions.
Ultimately, he presents blockchain as a “third path” between failing Western states and increasingly centralized Eastern powers — a neutral, internet-native system for safeguarding property and identity if governments falter or turn against their citizens.

Solana’s SOL token has fallen sharply from its all-time high, dropping about two-thirds in value, as the network faces security patch delays, validator upgrade issues, and infrastructure disruptions. These problems have raised concerns about network resilience and contributed to weaker market sentiment and price pressure.
However, on-chain data from Santiment shows that user activity has not collapsed. New wallet creation is rising and exchange outflows exceed inflows, suggesting continued participation and some accumulation. Funding rates are deeply negative, indicating heavy short positioning that could set up a short squeeze.
Overall, despite technical and operational headwinds and fading hype, network usage and developer activity suggest Solana’s ecosystem remains active beneath the price downturn.

A new report by Elliptic reveals that five cryptocurrency exchanges linked to Russia are helping entities bypass international sanctions through large-scale crypto transactions. Except for Bitpapa, which has been sanctioned by U.S. authorities, the platforms remain largely operational and provide financial channels outside traditional banking oversight.
The report highlights ABCeX, Exmo, Rapira, and Aifory Pro as key players filling the gap left by the shutdown of Garantex in March 2025. Blockchain analysis shows ongoing transactions between these exchanges and sanctioned entities, shared wallet infrastructure, and services designed to circumvent Western restrictions — including virtual payment cards funded by USDT.
The findings suggest that rather than eliminating sanctions evasion, the takedown of Garantex dispersed the activity across multiple platforms. Meanwhile, illicit crypto flows tied to sanctions have surged sharply in 2025, with analytics firms estimating over $150 billion in suspicious transaction volume during the year. Russia is also preparing a new domestic crypto regulatory framework expected to launch in July, aiming to formalize licensed trading platforms within the country.

XRP volatility drops to 2024 lows as negative MVRV hints at potential breakout
XRP’s volatility has fallen to levels last seen in 2024, prompting analysts to suggest that a major price move could be approaching.
Data from Santiment shows XRP’s 30-day MVRV at -4.1%, indicating the asset is slightly undervalued based on average trader returns. The broader large-cap crypto market also remains in negative MVRV territory heading into the weekend.
XRP is currently trading around $1.44, moving sideways in the short term. Technical analysts point to a volatility compression setup similar to the structure seen before a major 2024 rally. Key levels to watch include support at $1.39 and near-term resistance at $1.44. A sustained move above resistance could open the path toward the $1.50–$1.62 range.
Beyond price action, XRP Ledger is seeing expansion in real-world asset (RWA) tokenization, signaling accelerating institutional blockchain adoption. Meanwhile, RLUSD has surpassed $1 billion in issuance within months and recently achieved full integration on Binance.
Decentralized exchange activity on XRP Ledger has also strengthened, with daily transactions reaching a 13-month high at the start of 2026, reflecting improving on-chain liquidity and participation.

Robert Kiyosaki buys 1 more BTC, doubles down on bitcoin over gold
“Rich Dad, Poor Dad” author Robert Kiyosaki revealed he purchased one more bitcoin at $67,000, reiterating his belief that BTC is — or will eventually become — a better investment than gold.
Posting on X, Kiyosaki cited two main reasons for the buy. First, he warned of a coming wave of large-scale money printing if U.S. debt weakens the dollar and the Federal Reserve injects trillions in liquidity. Second, he pointed to bitcoin’s capped supply, noting that the network is approaching its maximum limit of 21 million coins.
Kiyosaki argued that once the final bitcoin is mined, the asset will become “better than gold.” However, due to Bitcoin’s built-in halving mechanism — which cuts mining rewards roughly every four years — the issuance of new BTC slows over time. Current estimates suggest the last bitcoin will not be mined until around 2140.
Some of Kiyosaki’s recent comments have drawn criticism over inconsistencies. Weeks ago, he said he would choose BTC over gold because of its fixed 21 million supply, without mentioning the final mining milestone. Earlier this year, he also claimed he stopped buying BTC at $6,000, despite previously stating he had accumulated more at prices above $100,000.
The discrepancies sparked backlash within the crypto community, though the investor has not publicly addressed the criticism.

SBI Holdings launches blockchain security token bond with XRP rewards
SBI Holdings has officially launched a blockchain-based security token bond for retail investors worth about $64.6 million, with investor rewards paid in XRP.
According to the announcement, the bonds are digitally registered and managed on blockchain infrastructure, enabling electronic issuance, administration, and redemption. Eligible bondholders will receive XRP rewards based on their subscription amounts, distributed on scheduled interest payment dates in 2027, 2028, and at final maturity in 2029.
The bonds carry an indicative annual interest rate of 1.85%–2.45%, with the final rate set before issuance. They have a three-year term, pay interest twice per year, and mature in March 2029.
The issuance runs on the ibet for Fin blockchain platform developed by Boostry and reflects SBI’s continued push into tokenized securities and on-chain financial products. Distribution is handled through SBI Securities, while Mizuho Bank serves as bond administrator.

U.S. spot bitcoin ETFs see fifth straight week of net outflows
U.S. spot bitcoin ETFs recorded about $316 million in net outflows during the Presidents’ Day–shortened trading week, according to data from SoSoValue, marking the fifth consecutive week of withdrawals — the longest streak since February–March 2025.
The first three sessions of the week all showed net redemptions, before a partial rebound on Friday with $88 million in inflows. The late recovery was led by funds from BlackRock and Fidelity, but was not enough to offset earlier selling. Roughly $3.8 billion has exited spot bitcoin ETFs over the past five weeks.
Spot ether ETFs also posted their fifth straight weekly net outflow, losing about $123 million. In contrast, spot SOL and XRP ETFs continued to attract modest inflows of approximately $14.3 million and $1.8 million, respectively, signaling rotation within crypto ETF products rather than broad capital exit.

MegaETH confirms mainnet incentives campaign with 2.5% MEGA supply
MegaETH will launch a mainnet incentives campaign soon, allocating 2.5% of total MEGA token supply as rewards, according to builder Bread.
The program is designed to support multi-step incentive strategies, allowing users to stack and compound actions across the ecosystem. A dedicated dashboard is also being built so participants can track and manage their points weekly. Early users active in ecosystem apps and games are expected to receive priority rewards.
The team said incentives will go live once more integrations are active, noting that several DeFi apps, vaults, and games are only now entering live or tournament phases.
MegaETH is a Layer 2 network focused on high-speed, low-latency Ethereum scaling. The project previously raised $20 million from major crypto investors and an additional $50 million through a token sale at a $999 million fully diluted valuation.
On Binance pre-market, MEGA is trading around $0.13, implying an FDV near $1.3 billion.

Bitcoin may face a key test this year as its long-followed Power Law price model approaches a potential “floor catch-up” point.
The Power Law model is a time-based regression that maps Bitcoin’s long-term price trend as a power curve, with rising upper and lower bands. The lower band (the “floor”) increases every day regardless of market price. If Bitcoin trades sideways or declines for several more months, this floor could catch up to price by late Q4 2026, creating the first historical break below the model’s support band.
As of mid-February 2026, price sits well above the projected floor but far below the central trendline. However, the cushion shrinks over time because the floor rises steadily. By October–December, only a modest pullback of roughly 4–6% from current levels could trigger a headline “model break.”
A break would not invalidate Bitcoin itself, but it would challenge this specific Power Law parameterization and suggest slower long-term growth than the curve implies. Critics argue these log-log power regressions are statistically fragile and sensitive to sample windows, while newer research still finds power-law behavior but with different slope estimates.
Key factors that could push price toward the floor include weaker ETF flows and macro risk-off shocks. The next several months are effectively a real-time test of whether the Power Law model has predictive strength or is mainly a curve-fit of historical data.

CME Group is moving its crypto derivatives market into a fully always-on model by launching 24/7 trading for cryptocurrency futures and options on the CME Globex starting May 29, pending regulatory approval. This marks a structural shift from its traditional schedule, where Bitcoin futures paused over the weekend.
Because Bitcoin trades continuously while CME futures previously closed from Friday to Sunday, price moves during the weekend created chart gaps known as “CME gaps.” These gaps became a popular trading narrative, with many traders expecting them to eventually be filled. With round-the-clock trading, the classic weekend gap setup largely disappears.
However, gaps will not vanish entirely. CME will still maintain a short weekly maintenance window of about two hours, which could still produce smaller, more technical price discontinuities if volatility and low liquidity coincide.
CME says the change is driven by strong institutional demand, citing multi-trillion-dollar notional crypto derivatives volume and rising average daily contracts and open interest. Continuous trading should allow institutions to hedge and adjust risk in real time rather than waiting for market reopenings, tightening the link between crypto and broader macro markets.
Mainstream financial coverage, including from Bloomberg, views the move as a meaningful market structure upgrade. Overall, the shift signals that crypto derivatives are becoming a normalized part of global financial infrastructure, while the famous CME gap narrative evolves rather than fully disappears.

South Korean lawmakers intensify scrutiny after Bithumb’s $43B Bitcoin credit error
South Korean lawmakers are increasing oversight of financial regulators after a system error at crypto exchange Bithumb mistakenly credited users with about $43 billion worth of Bitcoin earlier this month.
The glitch credited 695 users with up to 2,000 BTC each instead of a 2,000 won promotional reward. Although the exchange fixed the issue within minutes and recovered roughly 99.7% of the funds, about 0.3% remained missing and had to be covered with company assets. The incident triggered a flash crash in Bitcoin’s price on the platform and caused losses exceeding $100 million.
Lawmakers criticized both the Financial Services Commission and the Financial Supervisory Service for failing to detect structural system risks despite multiple prior inspections. A formal investigation is ongoing, with regulators warning that the event exposed major supervisory and regulatory blind spots in the crypto market.

Malaysian authorities have detained 12 police officers accused of extorting roughly 200,000 ringgit (about $51,000) in crypto assets from a group of Chinese nationals during a midnight raid on a residence near Kuala Lumpur. The case began after one of eight alleged victims filed a complaint on Feb. 6, claiming officers stormed a bungalow, confiscated phones and laptops, and coerced a victim into transferring digital assets to a specified crypto wallet.
Selangor police chief Shazeli Kahar said immediate action was taken following the report, and the suspects were arrested to assist with an internal investigation. Authorities are treating the incident as a gang robbery case involving a foreign national’s crypto holdings and emphasized that no officers involved in criminal conduct will be shielded from prosecution.
The arrests come amid heightened anti-corruption scrutiny across Malaysia’s public sector. King Sultan Ibrahim Sultan Iskandar recently warned that corrupt actors within government agencies — including law enforcement — are under close watch, stating that independent intelligence channels are monitoring misconduct. Since taking office, Prime Minister Anwar Ibrahim has led a broader anti-corruption push, with multiple senior officials and public figures charged in recent months as part of efforts to curb abuse of power.

Ethereum Foundation has introduced its 2026 roadmap focused on three pillars: scaling the network, improving user experience, and strengthening Layer 1 security. The plan aims to raise gas limits beyond 100 million, improve block building neutrality, advance zk-based verification, and make smart wallets more native and easier to use.
These upgrades are designed to lower structural risk, reduce user friction, and keep Ethereum competitive as a long-term settlement layer for tokenized and on-chain assets. If successful, they could lower ETH’s perceived risk premium among institutional investors.
However, despite strong technical progress, current on-chain metrics remain weak — especially fee revenue and burn. Low transaction fees and reduced ETH burn mean network usage is not translating into strong value capture. Much activity has shifted to layer-2 networks, raising questions about how much value flows back to ETH.
Bottom line: the roadmap improves Ethereum’s long-term fundamentals, but ETH price recovery likely depends on one key shift — a rebound in fees/burn or a stronger economic link between layer-2 growth and mainnet value capture.

Vitalik Buterin said he is working to build a more “cypherpunk, principled, and non-ugly” version of Ethereum as an integrated extension to the current system, rather than replacing it entirely. His goal is to strengthen Ethereum’s core properties—such as censorship resistance, zero-knowledge (ZK) friendliness, and robust consensus—while keeping the network interoperable and cohesive.
A key step is the planned inclusion of FOCIL (EIP-7805) in the 2026 Hegota hard fork. FOCIL would enforce transaction inclusion at the protocol level, helping guarantee censorship resistance by requiring validators to include valid public-mempool transactions or risk being forked off the chain. Though controversial due to legal and complexity concerns, it aligns with Buterin’s vision of a “harder” Ethereum.
FOCIL is expected to work alongside EIP-8141 (account abstraction), enabling native smart wallets, multisig, quantum-resistant keys, and gas-sponsored privacy transactions without intermediaries. Together, these upgrades support the Ethereum Foundation’s goals of scaling, hardening, and simplifying the base layer.
Longer term, Buterin is also advocating for a “lean Ethereum,” including deeper architectural changes such as integrating ZK proofs directly into Layer 1 (Beam Chain concept) and potentially replacing the Ethereum Virtual Machine with RISC-V for better language support and ZK efficiency.
Amid growing competition from other Layer 1 blockchains, Buterin has signaled a willingness to pursue bold structural upgrades—arguing that Ethereum has successfully made major in-flight changes before and can do so again.

Two spot Sui ETFs launched in the U.S. on Feb. 18, with Canary’s SUIS listing on Nasdaq and Grayscale’s GSUI on NYSE Arca. Despite offering staking-enabled exposure to the Sui layer-1 blockchain, the products drew extremely weak demand. Combined first-day trading volume was under $150,000 — far below other recent altcoin ETF debuts.
By comparison, Solana’s BSOL and XRP’s XRPC each recorded over $55 million in opening-day volume, highlighting a sharp liquidity gap between top-tier crypto assets and those further down the market-cap rankings. Historical launch data shows a clear pattern: as market cap rank declines, debut-day trading volume drops dramatically, often by multiples.
The article argues that ETF structure and regulatory approval alone do not guarantee liquidity. Distribution, institutional comfort, hedging efficiency, advisor adoption, and retail visibility are the true drivers of trading activity. While top assets like Solana and XRP benefit from deep markets and strong brand recognition, lower-ranked tokens such as Sui struggle to generate sustained flow.
The broader implication is that only a small number of altcoin ETFs are likely to achieve meaningful liquidity and institutional adoption. The rest may remain thinly traded, face widening spreads, and potentially risk closure if trading activity fails to build over time. Ultimately, distribution — not infrastructure — determines success in the crypto ETF market.

Christine Lagarde — President of the European Central Bank — is facing a sensitive moment as leadership questions and the digital euro roadmap enter critical phases at the same time.

According to Financial Times, Lagarde is reportedly expected to step down before her term ends in October 2027, with the timing linked to France’s presidential election in April 2027. However, the European Central Bank has said she has made no decision and remains committed to completing her mandate.

This leadership storyline is unfolding alongside the digital euro project moving into its next stage. The European Central Bank said it plans to publish a call for expressions of interest for payment service providers in March 2026, expected to run for about six weeks. A pilot phase could begin in the second half of 2027 and last 12 months, involving real-world transactions in a controlled environment.

The institution estimates total development costs for the digital euro at about €1.3 billion, with annual operating costs around €320 million starting in 2029. Meanwhile, euro banknotes in circulation stand at roughly €1.6 trillion as of January 2026, and euro area M2 money supply is about €16.07 trillion as of December 2025.

The European Central Bank says potential readiness for issuance in 2029 depends on related legislation being adopted in 2026. If the legislative process is delayed, the launch timeline could shift toward 2030.

With the deposit facility rate held at 2.00% and inflation easing to 1.7% in January 2026, any leadership transition is more likely to affect messaging and communication tone than trigger abrupt policy shifts.

The overlap between the leadership clock and the project clock marks a key hinge moment, as Europe shapes the future of digital payments and the role of digital assets in its financial system.

BNP Paribas Asset Management has launched a new blockchain pilot, issuing a tokenized share class of a French-domiciled money market fund on Ethereum.
The tokenized shares were issued via the AssetFoundry platform of BNP Paribas using a permissioned access model on Ethereum, restricting holdings and transfers to eligible and authorized participants in line with regulatory requirements.
The initiative was conducted as a limited intra-group experiment designed to test end-to-end processes — from issuance and transfer agency to tokenization and connectivity with a public blockchain — within a controlled and regulated framework. BNP Paribas Asset Management acted as the fund issuer, while BNP Paribas Securities Services served as transfer agent and dealer.
The move follows earlier experiments, including a prior tokenized money market fund issuance in collaboration with Allfunds Blockchain. The bank has also reportedly participated in initiatives exploring the integration of the global financial messaging network SWIFT with blockchain infrastructure, as well as joint projects among major banks to assess stablecoin issuance.