Top 5 Crypto News of the Week! (03

Dear PointPay Family,

Seven days of the past week are behind us, leaving a trail of events, news, and updates. To ensure you don’t miss anything important, we’ve gathered the top five most interesting and significant highlights in one place.

SEC Drops Lawsuit Against Kraken in Regulatory Shift

Kraken has announced that the U.S. Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against the exchange, marking a pivotal moment for crypto regulation. The lawsuit, filed in November 2023, accused Kraken of operating as an unregistered securities exchange and mishandling customer funds. The decision to withdraw the case signals a potential shift in the regulatory landscape under the Trump administration.

Ethereum Falls Below $2,100 Amid Market Uncertainty

Ethereum has dropped to $2,063, marking its lowest price in 15 months as investor sentiment shifts. The decline follows Donald Trump’s announcement of new tariffs on China, Canada, and Mexico, raising concerns over economic stability. Just days earlier, Ethereum briefly surged above $2,500 after Trump introduced a U.S. Crypto Strategic Reserve. However, market uncertainty has led to a sharp reversal, with ETH futures open interest dropping by 10% in the last 24 hours.

Lazarus Group Launders $1.39B Stolen from Bybit

North Korean hacking group Lazarus has successfully laundered all 499,000 ETH stolen from Bybit, worth $1.39 billion. The process, completed within 10 days, contributed to a 23% drop in Ethereum’s price. Lazarus used THORChain and other services to move the funds, marking one of the largest crypto laundering operations in history. In response, Bybit has launched a $140 million bounty program and an industry-wide HackBounty platform to counter crypto theft.

Mt.Gox Moves $1.1B in Bitcoin, Market Remains Strong

Bankrupt exchange Mt.Gox has transferred 11,834 BTC (worth $1.1 billion) to an unknown wallet, its first major transaction since January. Additional smaller transfers were made to a cold wallet, bringing total tracked holdings to 36,008 BTC ($3.33 billion). Despite concerns over large BTC movements, Bitcoin’s price surged 4.8% in the past 24 hours to $91,683, lifting the broader crypto market.

White House Hosts First-Ever Crypto Summit

President Donald Trump is set to host the White House’s first-ever “crypto summit” on March 7, bringing together key industry leaders and policymakers. The event, led by AI and crypto czar David Sacks, aims to shape the future of digital asset regulation and innovation. Reports suggest Trump may unveil plans for a strategic Bitcoin reserve, further solidifying his pro-crypto stance after pledging to support blockchain technology during his campaign.

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