Is XRP on its way to $3.20? SEC drops Coinbase lawsuit, and more: Hodler’s Digest, Feb. 16 – 22

Top Stories of The WeekBybit exchange hacked, over $1.4 billion in ETH-related tokens drainedCryptocurrency exchange Bybit has been hacked for over $1.4 billion in liquid-staked Ether, Mantle Staked ETH and other ERC-20 tokens, according to pseudonymous onchain security analyst ZachXBT, who spotted the incident shortly after it occurred.Following the exploit, the onchain sleuth warned users to blacklist addresses associated with the hack. Bybit co-founder and CEO Ben Zhou confirmed the incident and provided an update on the security breach.Zhou confirmed that a transfer was made from the exchanges multisignature wallet to a warm wallet approximately one hour prior. The CEO also said the specific transaction was masked to appear legitimate but contained malicious source code designed to alter the smart contract logic of the wallet and siphon funds. SEC agrees to drop enforcement case against CoinbaseThe US Securities and Exchange Commission has agreed to dismiss its lawsuit against centralized exchange firm Coinbase, which had accused the company of operating as an unregistered securities broker.According to an announcement from Coinbase, the dismissal is still subject to approval by an SEC commissioner before the suit is officially withdrawn. Coinbase CEO Brian Armstrong said:If this goes through, its a really big deal, not just for us, but for the whole crypto industry, the 50 million Americans who hold crypto, and I think for the rest of the world because this is an important signal about where things are going.Ross Ulbricht calls for Bitcoin Jesus Roger Ver to be freed nextPardoned Silk Road creator Ross Ulbricht is asking for clemency for Roger Ver, also known as Bitcoin Jesus, who is facing a possible decades-long prison sentence for alleged tax evasion.In a Feb. 20 statement to X, the recently freed Ulbricht said Ver advocated for him while he was imprisoned, and now he wants to return the favor.Roger Ver was there for me when I was down and needed help. Now Roger needs our support, he said. No one should spend the rest of their life in prison over taxes. Let him pay the tax (if any) and be done with it.SBF cozies up to Republican Party amid clemency pushFormer FTX CEO Sam SBF Bankman-Fried has spoken out from prison about his political donations, citing a political shift following high-profile contributions during the 2020 United States elections.In an interview with The New York Sun, SBF said he gave money to the Democratic Party in the 2020 election to prevent the political faction from becoming the party of Bernie Sanders a Democrat senator from Vermont famous for his socialist views.The former FTX executive briefly outlined his rightward political shift over the last several years. SBF told the interviewer:I would say that I viewed myself at the time as sort of center-left. And that is not how I feel myself anymore. It is not how I came to view myself by 2022. Read also Features This is your brain on crypto: Substance abuse grows among crypto traders Features How Shibtoshi gambled 37 ETH and became a Shiba Inu billionaire Nigeria files $81.5B lawsuit against Binance exchange: ReportThe government of Nigeria has filed an $81.5 billion lawsuit against Binance, the worlds largest centralized exchange by trading volume, for $2 billion in back taxes and $79 billion in economic damages for allegedly crashing Nigerias local fiat currency.According to Reuters, Nigerias Federal Inland Revenue Service (FIRS) said Binance has a significant economic presence inside Nigeria and unpaid taxes from 2022 and 2023.FIRS is also reportedly demanding a 26.75% interest payment on the back taxes allegedly owed by the company and continues to claim that the exchange was instrumental in lowering the value of the Nigerian naira in foreign exchange markets.The West African country previously charged and detained two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, alleging tax fraud and money laundering. FIRS later dropped the tax charges against both executives.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $95,770, Ether (ETH) at $2,646 and XRP at $2.56. The total market cap is at $3.14 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Story (IP) at 160.53%, Sonic (prev. FTM) (S) at 55.42% and Maker (MKR) at 44.09%.The top three altcoin losers of the week are Raydium (RAY) at 22.96%, Official Trump (TRUMP) at 22.44% and Jupiter (JUP) at 19.45%. For more info on crypto prices, make sure to read Cointelegraphs market analysis.Most Memorable QuotationsI would say that I viewed myself at the time as sort of center-left. And that is not how I feel myself anymore. It is not how I came to view myself by 2022.Sam Bankman-Fried, former CEO of FTXThe honeymoon phase [for Bitcoin L2s] is a little bit over.Muneeb Ali, co-founder of StacksMemecoins are cooked.Nic Carter, founding partner at Castle Island VenturesDeFi summer, in peoples minds, is like three months of crazy parties. I think this short period is behind us. I think it will be a very long party for months and months.Charles dHaussy, CEO of the dYdX FoundationWe want to make ICOs great again.Zak Folkman, co-founder of World Liberty FinancialWe central bankers should study it and explore the technology it is built on. Studying Bitcoin wont harm uson the contrary, it will strengthen us.Ale Michl, governor of the Czech National BankTop Prediction Of The WeekXRP price will see $3.20 next if key support level is reclaimed AnalystXRP continued to trade sideways between $2.85 and $2.30 even as the US Securities and Exchange Commission acknowledged a slew of XRP exchange-traded fund filings. XRPs price rebounded above $2.60, with several analysts highlighting the importance of breaking the $2.75-$2.80 area next. Egrag Crypto, a pseudonymous XRP market analyst, highlighted that XRP was trading within an ascending triangle in the 12-hour timeframe.According to the analyst, the price needs to close above the apex of the prevailing chart pattern at $2.75 to continue the upward trajectory. Closing above this level will provide bullish confirmation to continue the upward trajectory, with a measured target of $3.20, Egrag Crypto said.Top FUD of The WeekWoman who defrauded Bybit of $5.7M gets 10 years in prison: ReportA woman who falsely amended payrolls and defrauded $5.7 million from the crypto exchange Bybit has been sentenced to nearly 10 years in prison by a Singapore court.The Straits Times reported on Feb. 20 that Ho Kai Xin was handed a nine-year, 11-month sentence after she pleaded guilty to 44 charges, including five cheating charges along with eight counts of dealing with the benefits of criminal conduct.Ho committed the offenses while working at the crypto networking platform WeChain, which handled payroll for Bybit. Ho led the payroll team.She was sentenced to six weeks behind bars late last month for contempt of court after she spent the ill-gotten funds despite the court ordering her otherwise. Hos nearly 10-year sentence will start after she completes her current sentence, which started on Jan. 27.Argentine President Milei arrives in US amid fallout from LIBRA scandalArgentine President Javier Milei arrived in the United States on Feb. 20 for a trip of diplomacy and deal-making, and perhaps seeking a rebound from the unfolding LIBRA memecoin scandal that threatens his administration.According to Bloomberg, his itinerary includes a meeting with supporter Elon Musk and a session with Kristalina Georgieva, the chief of the International Monetary Fund. Milei will also speak at the Conservative Political Action Conference, a Trump-friendly event. Read also Features Are You Independent Yet? Financial Self-Sovereignty and the Decentralized Exchange Features Wild, Wild East: Why the ICO Boom in China Refuses to Die The trip may serve to reshape the image and narrative surrounding Milei, both of which have taken hits following the memecoin scandal that local Argentine publications have dubbed Cryptogate.Pig butchering scams stole $5.5B from crypto investors in 2024 CyversPig butchering scams have emerged as one of the most pervasive threats to cryptocurrency investors, with losses in the billions of dollars across 200,000 identified cases in 2024, according to a report from onchain security firm Cyvers, shared exclusively with Cointelegraph.Pig butchering is a type of phishing scheme that involves prolonged and complex manipulation tactics to trick investors into willingly sending their assets to fraudulent crypto addresses. Pig butchering schemes on the Ethereum network cost the industry over $5.5 billion across 200,000 identified cases in 2024, according to the report.Among the top 10 most affected platforms, Cyvers identified three of the five largest centralized exchanges, a crypto-friendly bank and an institutional trading platform.Top Magazine Stories of The WeekETH whales wild $6.8M mind control claims, Bitcoin power thefts: Asia ExpressMalaysian Bitcoin miners drown landlords in debt, cryptic Ethereum messages claim mind control tech, and more.Trump-Biden bet led to obsession with idiotic NFTs Batsoupyum, NFT CollectorA DM from Polymarket’s CEO led a really unhealthy addiction to NFTs for batsoupyum.MegaETH launch could save Ethereum but at what cost?MegaETH is sacrificing some decentralization for Web2 like speed. Are the trade-offs worth the cost? Subscribe The most engaging reads in blockchain. Delivered once a week. Email addressSUBSCRIBE