SoSo Daily Feb 23 | Bybit officially launches the "Bounty Recovery Program," offering rewards of up to 10% of the stolen funds.

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on February 22, 2025, according to sosovalue, the total market cap of the crypto market stands at 3.32 trillion US dollars, witnessing an increase of 0.0899% compared to yesterday; the total trading volume is 95.03 billion US dollars, marking a decline of 40.7% from the previous day.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Neiro on ETH. As of 23:50 today, its market cap is 10.67K, with a coin price of 0.000010670 USD, witnessing a 24-hour increase of 522%.
The second is Comedian. As of 23:50 today, its coin price is 0.15239 USD, with a 24-hour increase of 104%.
The third is Pi Network. As of 23:50 today, its coin price is 1.2967 USD, showing a 24-hour increase of 81.8%.
In fourth place is swarms. As of 23:50 today, its coin price is 0.071880 USD, with a 24-hour rise of 73%.
In fifth place is Test. As of 23:50 today, its coin price is 0.12880 USD, increasing by 61.6% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:

Bybit has officially launched the "Bounty Recovery Program," calling on elites in the global cybersecurity and crypto analysis sectors to jointly track down the perpetrators of the largest theft in crypto history. Contributors who successfully recover funds will receive a 10% reward, with the total bounty amount calculated based on the verifiable recoverable amount of stolen $ETH, which was valued at over $1.40 billion at the time of the incident. If all funds are recovered, the total bounty could reach up to $140 million. Bybit CEO Ben Zhou stated, "We hope to formally reward community members who provide us with expertise, experience, and support through the 'Bounty Recovery Program'. We will not stop here." Individuals or organizations interested in participating in the "Bounty Recovery Program" are invited to email: [email protected]

Next news:

Bybit CEO BEN stated on X, "I agree with CZ's viewpoint. If this hacking incident was due to a penetration of our internal systems or a breach of our hot wallet, we would immediately suspend all withdrawals until we find the root cause of the issue. However, what was breached yesterday was our $ETH cold wallet, which is unrelated to any of our internal systems. Therefore, I can decisively determine that all withdrawals and system functions of Bybit will continue to operate as usual." BEN also emphasized, "During last night's crisis, Binance, CZ, and many partners and industry leaders proactively offered help, for which we are deeply grateful."

Next news:

Odaily Planet Daily News  According to on-chain analyst Yu Jin's monitoring, a new address withdrew 10 million USDT from Bybit, then immediately purchased 3,655.6 $ETH on-chain before transferring it back to Bybit. The average purchase price was $2,735.

Next news:According to reports from Guangming.com, Ms. Cheng from Hefei was scammed during a virtual currency transaction with her boyfriend, resulting in a loss of 277 thousand USDT. Ms. Cheng revealed that on January 17, she and her boyfriend conducted a USDT transaction at a café with an old friend, Sun, and his two companions. During the process, Ms. Cheng first transferred over 7,000 USDT as a test, and after confirming everything was correct, she transferred all remaining USDT into the other party's account. At that point, Sun claimed he couldn't transfer the USDT to his companions due to a "phone virus," and his companions immediately called the police on that pretext. After the police arrived, a suitcase containing 2 million in cash was taken away by Sun's companion. Upon investigation, Ms. Cheng found that the virtual currency had already been transferred out. The case is currently under further investigation.
Next news:

CZ stated that some people questioned my suggestion to stop all withdrawals as a standard security precaution. My intention is to share a practical approach based on my experience and observations, but neither approach is absolutely right or wrong. My guiding principle has always been to err on the side of caution. After any security incident, it's essential to pause everything, ensure we fully understand what happened, how the hacker infiltrated the system, which devices were compromised, double-check everything for safety, and then resume operations. Of course, pausing withdrawals may cause more panic. My tweet was meant to share what might be effective, and my aim was to express support in a timely manner. I believe Ben made the best decision based on the information he had.

Next news:

According to Wu, Tether CEO Paolo Ardoino stated on X that 181 thousand USDT related to the ByBit hacking incident has been frozen. Although the amount is not large, this is a legitimate action, and Tether will continue to monitor the situation.

Next news:According to Wu's report, Arkham monitoring found that CZ previously donated a wallet address with 100 thousand USD (150 BNB), which spent 1.005 WBNB approximately 6 minutes ago to purchase about 5,416 TST through PancakeSwap, suspected to be for testing purposes. As a result, TST's price surged by over 35% in a short period.
Next news:

Odaily Planet Daily reported that mETH Protocol, a liquid staking/re-staking protocol under Mantle, which has a deep binding relationship with Bybit, has acknowledged a recent security incident involving certain mETH and cmETH transactions, including a withdrawal request for 15,000 cmETH. To support the ongoing investigation, cmETH withdrawals on the platform have been suspended, while deposits and staking services continue as usual. User funds on mETH Protocol remain safe and unaffected, and the protocol continues to be protected by the highest security standards. The community will be promptly informed once withdrawals are resumed.

Next news:Gate.io Yubibao has announced an upgrade to its $ETH financial management products for a limited time. Investors can now enjoy an annualized percentage rate (APR) of up to 12% on $ETH current financial management, with no upper limit on subscription. The 3-day fixed-term financial management offers a 5% APR, while the 7-day fixed-term financial management provides a 6% APR. This upgrade aims to attract more investors by offering competitive returns on $ETH investments.
Next news:Gate.io Launchpool will launch Quai Network (QUAI) mining on February 22, 2025, at 22:00 (UTC+8). Users can participate by staking QUAI and $ETH, with a total reward pool of 500,000 QUAI and an expected annual yield of 456.25%. Rewards will be distributed hourly.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.