Bybit Hack, SEC taps out, $BTC falls down

What a wild week in the crypto world. Whew, OK, let's sit down for a minute and congratulate ourselves for not completely losing it. See? Nice job!

Oh, before we continue! Welcome to the first newsletter release from Wen Moon! Let's get'r'done.

Bybit Hack

I mean...whoa. 1.4 BILLION DOLLAR HACK!?!? That the largest in crypto history, right? The breach occurred when a hacker targeted one of ByBit's $ETH cold wallets resulting in a 401,347 ETH steal. Bybit assured users that the exchange remains solvent, and client funds are safe with 1:1 backing. This caused $ETH to drop over 8% and really freaked everyone out.

SEC taps out

They must have been tired or something. They have dropped/settled suits on a ton of companies. Why? This is most likely centered around the shift in pollical leadership and policy. The SEC hasn't performed any slam dunks on these companies. Maybe it's time they work together? Now keep in mind, it's not like these companies won, the SEC just decided to step back. Time will tell what will happen here. Oh, and Gary Gensler is out.

Here is just a short list, there are many more though...

1. Coinbase
2. Robinhood
3. Uniswap
4. Consensys

Oh btw, the SEC has classified meme coins as "collectibles". Maybe next week, we can dig into that more.

$BTC is going the other way

BTC has dipped below 80k, a significant decline from its recent highs. This comes after Bitcoin hit an all-time high of $109k this January. A good buying opportunity? I would think so. However, I can't tell you to buy, you have to determine that yourself! This marks the first time it has breached this level since November 2024, reflecting a notable shift in market dynamics. Keep an ear/eye out regarding macroeconomics. Big word I know!

Oh, also you can use $BTC and pay for things via PayPal. Kinda cool eh?

Let's talk about Apps

Metamask - ya, this app looks and acts really old. BUT, they are doing a lot of work to correct that. They are going to add $BTC and $SOL to its offerings and a lot of new UI changes are going to be rolled out. Nice ya? Check out their official X account for more deets.

Trust Wallet - They have expanded their cross-chain swapping to BNB chain from 15 different blockchains.

Final Words

Thank you for reading our first newsletter. That wasn't so bad! Until next time...