Welcome to this week’s Phenom Weekly Update, where the crypto world continues to serve up a mix of drama, intrigue, and the occasional plot twist. Here's what happened this week:

• Bitcoin's Rollercoaster Ride: The leading cryptocurrency has plunged below $83,000, marking a nearly 30% drop from its January highs.

• Massive ByBit Hack: The FBI has attributed a $1.5 billion theft from cryptocurrency exchange ByBit to North Korean hackers.

• Market Turbulence Amid Policy Shifts: The broader cryptocurrency market has shed over $800 billion in value recently.

• Regulatory Developments: In a significant move, the SEC has been dropping lawsuits against crypto companies left and right. This decision reflects the current administration's more lenient stance on cryptocurrency markets. BYE GENSLER

• Meme Coin Mayhem: The launch of $LIBRA, a meme coin promoted by Argentine President Javier Milei, ended in disaster as its value plummeted, leading to significant losses for investors and political backlash.

Scroll on for more stories, insights and memes

READING CORNER

A collection of longer form content we are consuming this week 

Some of you may have watched this already but heres a message from Phenom Founder, Eric Muschinski

Arthur Hayes predicts BTC crash 3 weeks ago but is still bullish.

NEWS

Quick Hitters from the week

1. Bybit Hacked for $1.4 Billion in Ethereum
   Bybit has suffered one of the largest crypto hacks in history, with attackers draining $1.4 billion in ETH from the exchange. 🔗 Read more

2. ZachXBT Joins Paradigm, Helps Recover $350M in Stolen Crypto
   Blockchain sleuth ZachXBT has joined Paradigm as an incident response advisor, assisting in the recovery of over $350 million in stolen digital assets. 🔗 Read more

3. U.S. House Moves to Repeal IRS Crypto Tax Rule
   Lawmakers are considering overturning an IRS crypto tax rule that requires DeFi platforms to report user transactions, a move that could reshape crypto taxation. 🔗 Read more

4. Bitcoin Drops to 2025 Lows as ETF Outflows Surge
   Bitcoin has fallen to its lowest price in 2025, driven by significant outflows from spot Bitcoin ETFs and broader market sell-offs. 🔗 Read more

5. SEC Closes Investigation Into Gemini, Cameron Winklevoss Says
   The SEC has officially ended its investigation into crypto exchange Gemini, according to co-founder Cameron Winklevoss. 🔗 Read more

6. Dave Portnoy Says Solana Meme Coin Craze Has Gone Too Far
   Barstool Sports founder Dave Portnoy has called out the explosion of Solana-based meme coins, saying there are “too many babies.” 🔗 Read more

7. Bitcoin ETFs See Record $930M Daily Outflow
   U.S. spot Bitcoin ETFs recorded their largest-ever single-day outflow of over $930 million as carry trade yields dipped below U.S. Treasury notes. 🔗 Read more

8. Michael Saylor’s Strategy Buys Another $1.99B in Bitcoin
   Strategy has added 20,356 BTC to its holdings, spending nearly $2 billion as it continues to solidify its position as the largest corporate Bitcoin holder. 🔗 Read more

9. Bybit Sees $4 Billion Bank Run After Record-Breaking Hack
   Bybit users have withdrawn over $4 billion in assets following the platform’s massive $1.5 billion security breach, raising concerns about exchange stability. 🔗 Read more

10. Arkham Exchange to Offer Spot Trading in 17 U.S. States
    Arkham Exchange will begin spot trading services for users in 17 U.S. states starting March 1, expanding access to crypto trading across the country. 🔗 Read more

11. TradFi Investors Poured $38.7B Into Bitcoin ETFs Last Quarter
    Traditional finance investors injected nearly $39 billion into spot Bitcoin ETFs in Q4, tripling inflows from the previous quarter. 🔗 Read more

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

MEMES

For the (crypto) Culture

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