The cryptocurrency landscape continues to evolve at a rapid pace, with regulatory developments, major hacks, and bold price predictions shaping the narrative for investors and enthusiasts alike. This week’s digest unpacks the most significant events from February 16 to 22, including a bullish XRP price target, the unexpected dismissal of the SEC’s case against Coinbase, and a massive $1.4 billion exploit on Bybit. We’ll also explore key market movements, influential quotes, and emerging risks in the digital asset space.
Major Developments in Crypto This Week
Bybit Hacked: Over $1.4 Billion in ETH-Related Tokens Drained
One of the largest security breaches in recent memory hit Bybit, as attackers siphoned over $1.4 billion in liquid-staked Ether (LSTs), Mantle Staked ETH, and other ERC-20 tokens. The incident was first flagged by onchain security analyst ZachXBT, known for tracking illicit crypto activity.
According to Bybit CEO Ben Zhou, the breach originated from a compromised multisignature wallet. A malicious transaction—disguised as legitimate—was executed to alter smart contract logic and redirect funds to a warm wallet before being drained. Zhou confirmed the exploit and urged users to blacklist associated addresses.
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While Bybit has not yet confirmed full recovery of the assets, the event underscores growing vulnerabilities in decentralized finance (DeFi) infrastructure, particularly around staked assets and cross-chain bridges.
SEC Agrees to Drop Enforcement Case Against Coinbase
In a landmark shift, the U.S. Securities and Exchange Commission (SEC) has agreed to dismiss its lawsuit against Coinbase, which previously accused the exchange of operating as an unregistered securities broker. Although the dismissal awaits final approval by an SEC commissioner, it marks a potential turning point for crypto regulation in America.
Coinbase CEO Brian Armstrong hailed the move as a “really big deal” not just for the company but for the entire crypto ecosystem—especially the estimated 50 million Americans who hold digital assets. The decision could signal a more cooperative regulatory environment and set a precedent for other exchanges facing similar legal challenges.
This development aligns with broader calls for clearer crypto regulations and may encourage innovation within compliant frameworks.
Nigeria Files $81.5 Billion Lawsuit Against Binance
On the international front, Nigeria has escalated its stance against Binance, filing an $81.5 billion lawsuit over alleged tax evasion and economic damage. The Federal Inland Revenue Service (FIRS) claims Binance owes $2 billion in back taxes and is responsible for $79 billion in damages tied to the devaluation of the Nigerian naira.
FIRS argues that Binance maintains a “significant economic presence” in Nigeria despite lacking formal registration. The agency also seeks 26.75% interest on unpaid taxes and blames the exchange for destabilizing local foreign exchange markets.
This case follows the prior arrest and subsequent release of two Binance executives, highlighting the complex regulatory battles global platforms face in emerging markets.
Market Movements: Winners and Losers
As of week’s end, major cryptocurrencies showed mixed performance:
- Bitcoin (BTC): $95,770
- Ether (ETH): $2,646
- XRP: $2.56
Total crypto market capitalization stood at $3.14 trillion, according to CoinMarketCap.
Top Altcoin Gainers
- Story (IP): +160.53%
- Sonic (S): +55.42%
- Maker (MKR): +44.09%
Top Altcoin Losers
- Raydium (RAY): -22.96%
- Official Trump (TRUMP): -22.44%
- Jupiter (JUP): -19.45%
The volatility reflects ongoing investor sentiment shifts, influenced by macroeconomic signals and project-specific news.
XRP Price Prediction: Can It Reach $3.20?
Amid regulatory uncertainty and market consolidation, XRP has remained resilient. Analyst Egrag Crypto identified an ascending triangle pattern on the 12-hour chart, suggesting a potential breakout if key resistance levels are overcome.
The analyst emphasized that a close above $2.75–$2.80—the apex of the pattern—would confirm bullish momentum and open the path toward a measured target of $3.20.
With the SEC acknowledging multiple XRP ETF filings, market confidence may be rebuilding. However, sustained volume and institutional interest will be critical for reaching this target.
👉 Explore real-time price analytics and predictive models for XRP and other altcoins.
Notable Quotes Shaping Crypto Discourse
This week brought several thought-provoking statements from industry leaders:
“I would say that I viewed myself at the time as sort of center-left. And that is not how I feel myself anymore.”
— Sam Bankman-Fried, Former FTX CEO“The honeymoon phase [for Bitcoin L2s] is a little bit over.”
— Muneeb Ali, Co-founder of Stacks“Memecoins are cooked.”
— Nic Carter, Founding Partner at Castle Island Ventures“We want to make ICOs great again.”
— Zak Folkman, Co-founder of World Liberty Financial“Studying Bitcoin won’t harm us—on the contrary, it will strengthen us.”
— Aleš Michl, Governor of the Czech National Bank
These quotes reflect shifting ideologies—from political realignments to skepticism about speculative trends—and hint at maturation within the space.
Emerging Risks: Scams and Legal Fallout
$5.7M Bybit Fraudster Sentenced to Nearly 10 Years
Ho Kai Xin, a former payroll manager at WeChain (which handled Bybit’s payroll), was sentenced to nine years and 11 months in prison after pleading guilty to 44 charges, including fraud and money laundering. She manipulated payroll data to steal $5.7 million in crypto assets.
Her case serves as a cautionary tale about internal threats and the importance of robust financial controls within crypto-adjacent organizations.
Pig Butchering Scams Cost Investors $5.5 Billion in 2024
Cyvers’ latest report reveals that pig butchering scams—complex social engineering schemes—led to over $5.5 billion in losses across 200,000 incidents last year. These scams often begin on dating apps or social media, where fraudsters build trust before luring victims into fake investment platforms.
Three of the top five centralized exchanges were among the most exploited platforms, emphasizing the need for enhanced user education and identity verification.
Frequently Asked Questions (FAQ)
Q: What does the SEC dropping its case against Coinbase mean for crypto regulation?
A: It suggests a potential softening in enforcement approach and may pave the way for clearer regulatory guidelines, fostering innovation while maintaining compliance.
Q: Is XRP likely to reach $3.20 soon?
A: Technically possible if it breaks above $2.75 with strong volume. However, regulatory clarity and broader market trends will play decisive roles.
Q: How can investors protect themselves from pig butchering scams?
A: Avoid unsolicited investment advice online, verify platform legitimacy, use two-factor authentication, and never share private keys.
Q: Why is Nigeria suing Binance for such a high amount?
A: The lawsuit combines back taxes with claimed economic damages from currency devaluation allegedly caused by unregulated crypto trading.
Q: What is an ascending triangle pattern in technical analysis?
A: It's a bullish continuation pattern where price consolidates between a rising support line and a flat resistance level, often leading to an upward breakout.
Q: How did Bybit get hacked despite strong security?
A: The attack exploited smart contract logic via a compromised multisig wallet—highlighting that even secure systems can be undermined by sophisticated code manipulation.
Final Thoughts
This week underscored both the promise and perils of the crypto economy. From regulatory breakthroughs to record-breaking exploits, the space remains dynamic and unpredictable. As investors navigate these waters, staying informed and security-conscious is more important than ever.
Whether XRP reaches $3.20 or new regulatory frameworks take shape, one thing is clear: crypto continues to challenge traditional finance—and reshape the future of value transfer worldwide.
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