Morning News | Ethereum Foundation establishes DeFi team; Backpack plans to offer equity to token stakers; Meta plans to re-enter the stablecoin space in the second half of the year
Overview of Important Market Events on February 24整理：ChainCatcher
Important News:
- Over 120,000 people involved in the Blue Sky Ge Rui case, UK claims registration will close on May 22
- Market news: Hong Kong stablecoin payment company RedotPay considers IPO in the US, expected to raise $1 billion
- Ethereum Foundation establishes DeFi team to promote "DeFipunk" development
- Backpack plans to offer company equity to token stakers
- Step Finance, SolanaFloor, and Remora Markets to cease all business operations
- Kraken to launch 24/7 perpetual contract trading for tokenized US stocks
- IoTeX plans to announce compensation scheme within 24 hours, L1 has resumed operation
- Insiders: Meta plans to re-enter the stablecoin space in the second half of the year
What important events happened in the past 24 hours?
Kraken to launch 24/7 perpetual contract trading for tokenized US stocks
According to ChainCatcher, cryptocurrency exchange Kraken is launching what it calls its first regulated perpetual futures contracts based on tokenized stocks, targeting eligible non-US users in over 110 countries. The products will track digital versions of major US stocks, indices, and gold ETFs, built on the tokenized stock products Kraken acquired from xStocks in December. The first stocks to be listed include tokenized versions of the S&P 500 index, Nasdaq 100 index, Apple, Nvidia, Tesla, and SPDR Gold ETF (GLD).
US SEC approves WisdomTree's tokenized money market fund exemption application
According to ChainCatcher, the US Securities and Exchange Commission (SEC) announced that its Division of Investment Management has issued an exemption to WisdomTree's tokenized money market fund, WisdomTree Treasury Money Market Digital Fund. Under this exemption, investors can buy and sell shares of the money market fund (MMF) at a price of $1 per share during trading hours through dealers, without being subject to its daily closing net asset value (NAV) limits, as the fund issues tokenized shares on the blockchain.
This regulatory exemption allows investors to continuously trade tokenized fund shares with dealers during trading hours and achieve faster settlement speeds compared to traditional models. The SEC added that this move provides flexibility for the operation of tokenized fund products under the current regulatory framework, helping to enhance trading efficiency and settlement experience.
IoTeX plans to announce compensation scheme within 24 hours, L1 has resumed operation
According to ChainCatcher, IoTeX announced on the X platform that after suffering a hack due to suspected private key leakage, L1 has resumed operation and completed upgrades. The new version v2.3.4 includes automatic filtering of malicious EOA addresses in the default blacklist to enhance network security. A comprehensive compensation scheme for affected bridging users will be announced within 24 hours.
Emirates NBD has opened the possibility of allocating Bitcoin in its investment process
According to ChainCatcher, an executive from Emirates NBD stated in an interview with CNBC that the bank has opened the possibility of allocating Bitcoin in its investment process, viewing it as a store of value and "digital gold," recognizing its proof-of-work mechanism, limited supply, and low inflation characteristics.
The executive stated that Bitcoin's current valuation is more attractive than six months ago when its price was too high. He revealed that the bank's internal fair value model indicates that Bitcoin's reasonable price within 12 months could approach $100,000, and the bank is still refining the model.
He also mentioned that the bank has not finalized the execution of Bitcoin allocation, but if included in the portfolio in the future, it will adopt a limited allocation. The reason is that Bitcoin is correlated with market risk appetite and has extreme volatility, while the bank seeks portfolio diversification.
According to ChainCatcher, multiple Russian media outlets cited information from the Federal Security Service of Russia, stating that Telegram founder Pavel Durov is under criminal investigation for allegedly assisting terrorist activities under Article 205.1, Section 1.1 of the Russian Criminal Code.
The investigation involves the dissemination of illegal content, with accusations that platform administrators ignored requests from Russian communication regulators to delete banned channels and chats, and that Telegram was used for criminal activities and to publish materials from extremist and terrorist organizations.
The Russian communication regulator began restricting the service in the summer of 2025 due to an increase in fraudulent activities, and in February 2026, it intensified "traffic limiting" measures on the grounds that the platform did not comply with Russian laws. Durov responded at the time by stating that "Telegram defends freedom of speech and privacy."
Insiders: Meta plans to re-enter the stablecoin space in the second half of the year
According to ChainCatcher, insiders revealed that tech giant Meta, led by Mark Zuckerberg, plans to re-enter the stablecoin space in the second half of the year, planning to integrate third-party providers to support stablecoin payments and launch a new wallet.
Insiders stated that Meta has issued product demand invitations to third-party companies, with long-term partner Stripe being a potential candidate for the pilot. Stripe acquired stablecoin specialist Bridge last year, and its CEO Patrick Collison joined Meta's board in April 2025. Meta, Stripe, and Bridge did not respond to requests for comment. Meta first attempted to launch the Libra stablecoin (later renamed Diem) in 2019, but failed due to regulatory resistance and the Cambridge Analytica scandal, leading to the project's shutdown and asset sale in early 2022.
Step Finance, SolanaFloor, and Remora Markets to cease all business operations
According to ChainCatcher, Step Finance announced that it, along with SolanaFloor and Remora Markets, will terminate all business operations. The project stated that after suffering a hack at the end of January, the team explored various possibilities, including financing and acquisition, but failed to find a viable solution, leading to the difficult decision to immediately cease all operations.
At the same time, the team is developing a buyback plan for STEP holders based on snapshots taken before the incident and providing a redemption process for Remora rToken holders. Remora tokens still maintain a 1:1 support.
ChainCatcher previously reported that the Step Finance hack resulted in approximately $40 million being stolen, and advised against using STEP tokens temporarily.
Backpack plans to offer company equity to token stakers
According to ChainCatcher, Backpack CEO Armani Ferrante stated that users who stake their upcoming tokens for at least one year will have the right to exchange Backpack company equity at a fixed ratio. The company has reserved 20% of its equity for this plan. Armani Ferrante pointed out that this move aims to improve the existing token model and address the issue of most projects relying solely on utility to support token value and lacking long-term decentralization incentives.
Currently, Backpack is negotiating financing at a valuation of $1 billion, aiming to raise $50 million. The total supply of its tokens is 1 billion, with the first distribution opening 25% of the supply to participants in the points program and Mad Lads holders. Additionally, the token allocation plan for the team and investors has been deposited into the company treasury, with a lock-up period of at least one year post-IPO, and team members will primarily be incentivized through holding company equity.
Terraform Labs bankruptcy administrator sues Jane Street, accusing it of insider trading
According to ChainCatcher, the court-appointed bankruptcy administrator of Terraform Labs has sued Jane Street in federal court in New York, accusing it of engaging in front-running trades using non-public insider information provided by Terra insiders during the Terra collapse.
The lawsuit claims that shortly after Terraform Labs withdrew 150 million TerraUSD (UST) from the Curve liquidity pool, a wallet address associated with Jane Street also withdrew 85 million UST from the same pool, with a series of operations illegally profiting and accelerating the demise of Terraform Labs.
Ethereum Foundation establishes DeFi team to promote "DeFipunk" development
According to ChainCatcher, the Ethereum Foundation announced the establishment of a dedicated DeFi support team, setting up a DeFi unit under the App Relations department to promote the development of decentralized finance protocols and strengthen its "DeFipunk" philosophy.
The new team appointed former DELV CEO and MakerDAO governance architect Charles St. Louis as DeFi Protocol Specialist, and Gearbox Protocol co-founder Ivan (ivangbi) as DeFi Coordinator, with Jason Chaskin leading the overall App Relations work.
The Ethereum Foundation stated that its ideal DeFi should possess characteristics such as permissionless, censorship-resistant, privacy-first, self-custodial, and open-source, emphasizing support for projects that truly align with these principles. Charles St. Louis stated that "DeFipunk" represents a core idea that DeFi should not just be an improved version of traditional finance, but should become a financial system that can only exist on Ethereum.
Trump's "Peace Board" considers issuing a Gaza stablecoin for digital payment systems
According to ChainCatcher, the Financial Times reported that the "Board of Peace," led by US President Trump, is exploring the issuance of a stablecoin pegged to the US dollar to support a digital transaction system in Gaza.
Insiders stated that the stablecoin would serve as "a way for Gaza residents to make digital payments." Currently, the Gaza region is experiencing a severe humanitarian crisis, making cash access extremely difficult. Many banking facilities and ATMs have been destroyed or closed, while new cash deliveries are also restricted, leading local residents to increasingly rely on digital payment methods.
The stablecoin proposal is being put forward against this backdrop, aiming to establish basic financial transaction infrastructure. The project is being led by Israeli tech entrepreneur Liran Tancman, in collaboration with institutions such as the "National Committee for Gaza Administration" (NCAG). Relevant parties stated that the plan includes not only the stablecoin but also the establishment of a "secure digital infrastructure" to support electronic payments, financial services, online education, and healthcare systems, allowing users to control their own data.
According to ChainCatcher, market news indicates that Hong Kong stablecoin payment fintech company RedotPay is considering an IPO in the US, expected to raise $1 billion.
According to crypto data platform RootData, RedotPay previously completed a $107 million Series B funding round, led by Goodwater Capital, with participation from Pantera Capital, Blockchain Capital, and Circle Ventures, among others. Existing investors include HSG (formerly Sequoia Capital China). RedotPay provides global payment services using stablecoins and claims to have over 6 million registered users across more than 100 markets worldwide.
BHE Exchange 900 million RMB fraud suspect arrested in Thailand after 2 years on the run
According to ChainCatcher, citing reports from Thai media, a Chinese suspect involved in a cryptocurrency platform fraud was recently arrested in Nakhon Pathom, Thailand. The suspect, nicknamed "Duan," is related to the BHE Exchange cryptocurrency trading platform fraud case.
BHE Exchange had issued a token called DDO, promising investors an annual return of 6% and a 20-fold increase within ten years, attracting around 20,000 investors. The platform suddenly shut down, and investors were unable to withdraw their funds, resulting in losses of approximately $128 million (about 900 million RMB). The suspect fled China in 2024 and settled in Thailand, frequently changing residences to evade capture. Thai authorities have revoked his residence permit and will deport him back to China for further investigation and trial.
Data: Vitalik sells 10,723 ETH, worth $21.74 million
According to ChainCatcher, monitoring by Onchain Lens shows that Vitalik Buterin (0xfeb0…03b2) has been continuously selling ETH. In the past 2.5 days, he sold 3,765 ETH for $7.08 million.
Since February 2, he has sold a total of 10,723 ETH for $21.74 million, with an average selling price of $2,027.
According to ChainCatcher, as disclosed by Caixin, on February 16 and 17, 2026, the UK High Court held a two-day hearing on the asset disposal of the 60,000 Bitcoin money laundering case involving Qian Zhimin, with over 11,300 Chinese victims planning to submit claims to the UK High Court. However, this only accounts for 8.8% of the 128,409 victims, and UK claims registration will close on May 22.
According to Section 281 of the UK Proceeds of Crime Act (POCA), if someone claims that assets frozen or intended for confiscation by the government originally belonged to them, they can submit a claim to the UK High Court. On October 22, 2024, the UK allowed victims of the Blue Sky Ge Rui case to proactively pursue claims, providing evidence to the UK High Court to prove their status as victims of the case and their relationship with the assets involved.
According to ChainCatcher, in response to previous community rumors that Trump's son Eric Trump deleted tweets related to cryptocurrency and WLFI, Eric Trump provided a positive response for the first time. He replied to a crypto community user on the X platform, stating that the person posting related content is a "clown," and that he has been posting cryptocurrency-related tweets, and just attended the World Liberty Fi conference two days ago, countering the doubts with "Don't be a fool."
Supreme People's Court: In-depth study of judicial responses to new cases such as virtual currencies, improve financial judicial guarantee system
According to ChainCatcher, Wang Chuang, head of the Civil Division II of the Supreme People's Court, stated at a press conference on "The People's Court's Civil and Commercial Trial Services Supporting High-Quality Economic and Social Development" that "in the future, we will focus on advancing the formulation of judicial interpretations for civil compensation related to insider trading and market manipulation in the securities market, conduct in-depth research on judicial responses to new financial cases such as private equity funds and virtual currencies, and improve the financial judicial guarantee system."
Meme Popularity Ranking
According to meme token tracking and analysis platform GMGN, as of February 25, 09:00,
The top five popular ETH tokens in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular Solana tokens in the past 24 hours are: USELESS, PENGUIN, Punch, WhiteWhale, 67
The top five popular Base tokens in the past 24 hours are: PEPE, B3, SKYA, TOSHI, toby
What are some interesting articles worth reading in the past 24 hours?
a16z Crypto: How to do business in the AI Agent economy?
But smart agents will behave more like locals. The difference between smart agents and humans lies in their characteristics—unlimited replication, flexible resource allocation, and zero startup costs—meaning that a few smart agents can dominate niche markets.
Even as the creation of smart agents becomes easier, interpersonal relationships, partnerships, and trust still contribute to building successful user experiences. Dominant smart agents do not need payment channels from tourists; they need supplier relationships, operating capital, and credit. Smart agents can guide tourists (that is, you) forward.
The FUD farce of WLFI, stemming from the sensitive nerves of the bear market
On the evening of February 23, Beijing time, Eric Trump, the son of US President Trump and co-founder of World Liberty Financial (WLFI), retweeted a post about Binance listing more USD1 trading pairs. However, shortly after, Eric Trump deleted the tweet.
In the pessimistic atmosphere of the bear market, speculation about this simple action was magnified infinitely. The USD1 to USDT exchange rate on Binance once decoupled to 0.9802, and WLFI's price also briefly dropped nearly 10%. As of the time of writing, the prices of USD1 and WLFI have returned to normal fluctuations.
The war between stablecoins and the banking industry may not actually exist
The cryptocurrency industry and traditional financial market banks have always been in a state of tense confrontation. The introduction and advancement of stablecoin regulatory bills like the "GENIUS ACT" and crypto structural bills like the "CLARITY ACT" are highly related to the opposing state between the two.
For traditional banks, they worry that stablecoins will eat into their deposit share and vast user base, thereby threatening their industry position and survival space; for the crypto industry, finding a path to coexist harmoniously with traditional banking and introducing massive liquidity from traditional financial markets has become one of the few "lifelines."
The reality is that the opposing war between the two may not exist. As a16z Crypto partner Noah Levine stated, "Just as there was 'Javon's Paradox' between ATMs and bank tellers, the development of the crypto industry may help traditional banking find a new path for development." Odaily Planet Daily has translated this long article for readers to re-examine this industry contradiction from supply-side, demand-side, and other perspectives.
The once-great payment empire PayPal may be up for sale
This giant, which once rewrote global payments and created a generation of entrepreneurial moguls, is no longer in its prime. And just as it hits rock bottom, hunters are already smelling blood.
Risk warning
Popular articles
