Today's news tips:

1. South Korea’s Financial Intelligence Agency restricts new users of Upbit from trading crypto assets for 3 months

2. The US SEC accepted the Cardano spot ETF application submitted by Grayscale

3. RedStone (RED) listed on Binance Launchpool

4. Babylon Foundation opens airdrop registration

5. Data: In the past 24 hours, the total network contract liquidation was US$1.23 billion, mainly long orders

6. Analysis: Bybit hackers have laundered 100,000 ETH

7. Binance Pre Market launches price limit mechanism

8. Citadel Securities, a large Wall Street market maker, plans to enter the field of cryptocurrency market making.

Regulatory/Macro

South Korea’s Financial Intelligence Agency restricts new users of Upbit from trading crypto assets for three months

According to Yonhap News Agency, the South Korean Financial Intelligence Unit (FIU) announced on February 25 that it would implement regulatory measures on Upbit, South Korea's largest cryptocurrency exchange. According to the regulations, Upbit will be restricted from cryptocurrency deposits and withdrawals for newly registered users in the next three months.

US SEC accepts Cardano spot ETF application submitted by Grayscale

The SEC accepted the Cardano (ADA) spot ETF application submitted by New York Stock Exchange Arca on behalf of Grayscale. Previously, the SEC has accepted a large number of cryptocurrency ETFs, including Cboe's XRP ETF, Grayscale's spot XRP and DOGE ETF.

Trump officially announced that the tariff plan on Mexico and Canada will be implemented as scheduled

U.S. President Donald Trump said plans to impose tariffs on Mexico and Canada will "go ahead as planned" after a one-month "pause" expires next week.

Project News

Binance Launchpool Lists RedStone (RED)

Binance Launchpool has launched the 64th project RedStone (RED), a multi-chain oracle across EVM and non-EVM chains. The webpage is expected to be online within 12 hours before the launch of the new coin pool.

Binance Pre Market launches price limit mechanism

Binance announced that in order to continue to innovate and improve the user's trading experience, Binance will launch an enhanced feature for Binance Pre Market - the price limit mechanism. The upward circuit breaker mechanism will limit the maximum increase in the trading price of the Pre Market to a certain percentage of the initial opening price within 72 hours after the first opening.

Babylon Foundation opens airdrop registration

Babylon Foundation announced the opening of the airdrop registration page, which will end on March 15. The airdrop targets the first phase pledgers, the first phase finality providers, and eligible Github repository contributors.

Time.fun founder: We will consider issuing platform tokens in the future, but at this stage we will focus on the market fit of the product

Time.fun founder Kawz said that in the future, the platform will consider issuing its own tokens. If other platforms are built on tokenized time, then a platform-based token can connect them all together. But Kawz also admitted that it is too early to discuss the Time.fun token at this stage, because the platform must first find the market fit of the product, and the key goal of the platform is to make tokenized time composable.

Bybit has transferred 40,000 ETH back to Bitget to repay the previous loan

According to Lookonchain monitoring, Bybit has transferred 40,000 ETH back to Bitget to repay the previous loan.

Chainflip: Protocol upgrade to stop Bybit hacker funds flow

Chainflip officially announced that after discussions with the team, community, liquidity providers, major interfaces using Chainflip, and most validator providers, it decided to prevent the illegal flow of Bybit hacker funds within the protocol through a protocol upgrade.

Citadel Securities, a large Wall Street market maker, plans to enter the cryptocurrency market making field

Securities plans to enter the cryptocurrency market making space and become a liquidity provider for major exchanges such as Coinbase, Binance and Crypto.com. Previously, the company remained cautious about the market due to the unclear US crypto regulation.

Ethereum Pectra Upgrade Activated on Holesky Testnet but Failed to Confirm, Developers Are Investigating

Ethereum’s Pectra upgrade was activated on the Holesky testnet at 5:55 a.m., but was not initially finalized, according to blockchain data. Finalization refers to the state in which once a transaction is confirmed and added to a block, it is immutable and cannot be reversed. It is not entirely clear why the testnet failed to complete. Ethereum developers are investigating.

YZi Labs invests in crypto AI startup Vana

YZi Labs announced an investment in crypto artificial intelligence startup Vana for an undisclosed amount. As part of the investment, Binance co-founder Changpeng “CZ” Zhao has joined Vana as an advisor, having been actively involved in YZi Labs after it was renamed from Binance Labs.

Kraken announces partnership with Paxos and others to support stablecoin USDG

Kraken announced that it has partnered with Paxos, Robinhood and Anchorage to support the stablecoin USDG. USDG has a 1:1 exchange rate with the US dollar, is built on the Ethereum blockchain (ERC-20) and is supported by Paxos, the global leader in stablecoins. It aims to become a trustworthy and transparent stablecoin for transactions and hedging, providing global users with seamless access to digital dollars.

Analyst: Strategy's market value premium to its Bitcoin holdings has dropped from 3.4 times to 1.6 times

Crypto analyst Miles Deutscher wrote that the premium rate of Strategy (formerly MicroStrategy)'s market value relative to its Bitcoin holdings has dropped from 3.4 times in November last year to 1.6 times at present.

He noted that the lower the number, the more difficult it will be for the company's CEO Michael Saylor to raise more funds to buy Bitcoin, which means the pace of its purchases may slow down.

Important data

A large Bitcoin long contract holder sold his position at an average price of $89,138, with a total value of $159 million.

According to @ai_9684xtpa, the Bitcoin long contract holder with the address named "First set 10 big targets" sold 1,783.48 BTC at an average price of $89,138, with a total value of $159 million. The average opening price was $100,320.8.

Data: In the past 24 hours, the total network contract liquidation was US$1.23 billion, mainly long orders

Coinglass data shows that in the past 24 hours, the cryptocurrency market's total network contract liquidation was US$1.231 billion, of which long positions were liquidated for US$1.154 billion and short positions were liquidated for US$77.2416 million.

Most tokens have fallen by 30% to 80% since mid-December last year, and the market value of SOL has shrunk by about US$50 billion in a single month.

Data from digital asset management firm Arca shows that most tokens have lost between 30% and 80% of their value since mid-December last year, with Solana's market value losing about $50 billion in the past month, partly due to the recent scandal of a meme coin called Libra. In addition, Solana is also facing selling pressure because about $1.72 billion of Solana tokens are scheduled to be "unlocked" (lifted trading restrictions) on March 1.

Analysis: Bybit hackers have laundered 100,000 ETH

According to Spotonchain, the Bybit hacker has cleaned 100,000 ETH (about $250 million), accounting for 20% of the 499,000 ETH stolen. The hacker is actively dispersing the funds to multiple addresses and using THORChain for cross-chain exchange for BTC, DAI and other assets. The Bybit hacker still holds 399,000 ETH, which is more than Ethereum founder Vitalik Buterin or the Ethereum Foundation.