FIFA World Cup organizers are reportedly considering moving this year’s tournament out of Mexico after the death of a crypto-laundering Mexican cartel kingpin led to a wave of violence from his supporters. 

Nemesio Oseguera Cervantes, otherwise known as “El Mencho,” ran the Jalisco New Generation Cartel (CJNG) and was killed on Sunday during clashes between his organization and Mexican authorities. 

The 59-year-old was reportedly injured during a firefight in the town of Tapalpa, and died while being transported to Mexico City. 

His death resulted in an outpouring of violence from supporters. This included the burning of vehicles and buildings across the country, including in Guadalajara, a scheduled host of this summer’s World Cup.

As a result, rumours began to circulate that the city could be pulled from the tournament’s list of venues. Indeed, the host of Ticket Talk, Scott Friedman, claims a contact within FIFA informed him that games will be moved out of Mexico if the situation doesn’t improve in the next week or two. 

Bitcoin investor and private fund founder Mike Alfred also claimed that “credible chatter” informed him that the cartel violence has led FIFA to consider moving games slated to take place in Mexico to the US and Canada.

Read more: Up to 127 years for CEO who laundered Mexican cartel funds with bitcoin

The violence has led to countries issuing warnings against travelling to affected regions of Mexico, and the US warning its citizens in the Jalisco region to seek shelter and stay inside.

FIFA is yet to publicly comment on the situation in Mexico. Protos has reached out to FIFA for comment and will update this piece should we hear back.

El Mencho laundered drug funds with crypto brokers

Cervantes founded the CJNG after working his way up the cartel ranks, killing rivals along the way. It was a notoriously violent, heavily armed organization that has been responsible for numerous massacres. 

The drug lord was designated as a Kingpin in 2015 and his drug trafficking enterprise was recognised as one of the most powerful criminal groups in Mexico.

The US reward for information leading to his arrest was set at $15 million.

Read more: UK ‘El Chapo’ faces 120 years in US prison over bitcoin-for-drugs ring

Studies led by TRM Labs found that the CJNG has been utilizing crypto to convert drug funds into stablecoins. It was then sent to various wallets, withdrawn from exchanges, or spent as crypto. 

In 2022, the Drug Enforcement Administration reportedly discovered that the CJNG had used Binance to move up to $40 million worth of cryptocurrency made through its cocaine and methamphetamine sales. 

A Mexican broker was sentenced to eight years in prison for organizing a series of crypto laundering hubs across the US that took cash from the CJNG’s drug sales and converted it into crypto. 

TRM Labs has also documented how Chinese money laundering brokers help out these cartels, as well as Chinese suppliers that sell them drug-related chemicals in exchange for crypto. 

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Editor’s note: The mix of rapid crypto adoption and stringent governance in MENAP demands thoughtful, values-driven innovation. This editorial preview examines how structured, Sharia-aligned products can widen access without compromising transparency or risk controls. By highlighting Binance’s Sharia Earn initiative, we explore how Islamic finance principles and blockchain technology intersect to create clearer contracts, responsible yield, and broader participation. In a region projected to host trillions in Islamic finance assets, responsible design is not optional—it’s essential for sustainable growth.

Key points

• Sharia Earn provides defined contracts, governance oversight, and halal investment channels within Binance’s framework.
• Certified by Amanie Advisors and designed with a Wakala structure and underlying Binance Earn tech.
• Launched with BNB, ETH, and SOL as the initial assets.
• Ramadan-driven campaign highlights the move toward compliant, transparent product design in the region.

Why this matters

Structured, values-aligned innovation in MENAP helps turn digital finance into a trusted, inclusive ecosystem. By coupling Islamic finance tenets with blockchain mechanics and governance oversight, Sharia Earn demonstrates how new products can deliver clarity on risk, returns, and eligibility. With Islamic finance assets forecast to reach trillions by 2029, this approach could broaden participation while preserving sharia compliance and investor protection.

What to watch next

• Ramadan campaign impact on awareness and adoption of Sharia Earn.
• Ongoing governance reviews by Sharia scholars and the Amanie Advisors framework.
• Any future product iterations designed to maintain compliance while expanding access.

Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.

Designing an Inclusive Financial Future: Why Structured, Values-Aligned Innovation Matters in MENAP

As digital assets continue to mature globally, the conversation in the Middle East is shifting. It is no longer just about access to crypto. It is about how that access is structured. In a region where financial systems have long been shaped by strong governance frameworks and clearly defined compliance standards, innovation cannot be disruptive. It must be inclusive by design. That is where structured, Sharia-aligned financial innovation enters the picture, as a framework for clarity, transparency, and broader participation. This approach is especially significant considering that global Islamic finance assets are projected to reach US$9.7 trillion by 2029, growing at an average annual rate of 10%*, highlighting the vast potential for growth within Sharia-compliant financial markets.

Across the region, millions of potential users remain cautious about digital assets, not due to a lack of interest, but because they want greater clarity on how returns are generated, what mechanisms underpin yield products, how risk is structured, and which governance standards apply. “Financial freedom must be built on trust and clarity,” said Tarik Erk, MENAT Lead & Senior Executive Officer, Abu Dhabi at Binance, “In this region, inclusive growth in digital finance requires products that align with structured financial principles and transparent mechanisms. When innovation is built responsibly, participation expands.”

Introducing Sharia Earn: Where Islamic Finance Meets Blockchain Technology

This is where Sharia-aligned frameworks offer something meaningful: defined contractual structures, clear underlying mechanisms, and governance oversight. Binance’s Sharia Earn product was developed within such a structured framework. It is where two financial systems meet: Islamic finance and blockchain technology. Certified by Amanie Advisors, the product ensures that all deployed funds are channeled into ventures and assets that are halal (permissible) under Islamic law. The product launched with major digital assets including BNB, ETH, and SOL. Rather than positioning itself as a niche offering, Sharia Earn reflects a broader shift toward formalized, compliance-driven product design in the region.

Bridging technology and values responsibly

This is also where Binance as a crypto infrastructure becomes relevant. Building financial freedom responsibly requires more than access; it requires trusted rails, clear frameworks, and compliant innovation that users can understand. At its core, Sharia Earn sits at the intersection of blockchain technology through decentralization and programmability; and Islamic finance through a value-based framework. According to product details, Sharia Earn is built using underlying technology from existing Binance Earn products (including locked products and staking mechanics), with the structure reviewed by Sharia scholars and implemented through a purpose-fit Wakala agreement.

Ramadan: A Timely Moment for Responsible Financial Innovation

Ramadan is often described as a month of reflection and intentionality, values that naturally translate into how people think about money: purpose, discipline, and responsibility. As part of its Ramadan campaign period, Binance is also spotlighting Sharia Earn. But the bigger story is not the boost, it’s the direction where ethical and compliant product design becomes a catalyst for broader participation.

Financial freedom, in the context of modern digital finance, doesn’t simply mean “more products.” It means more meaningful choices, built with the safeguards, transparency, and structures that diverse communities require. Sharia-compliant innovation is one of the examples of how that can be achieved in the region by bridging technology and values.

*Source: LSEG Islamic Finance Development Indicator 2025 / ICD Islamic Finance Report.

Editor’s note: Ramadan is a high-stakes period for shoppers in the UAE and GCC, where staple goods can swing on global supply dynamics as well as seasonal demand. This editorial overview examines how easing prices for wheat, sugar, coffee, and cocoa—driven by improved production and steady shipments—could influence household budgets this year. While retailers anticipate busier shopping periods, prices may hold more gently than in recent years if supply conditions stay favorable. The following press release outlines current commodity trends and what they could mean for Ramadan shoppers.

Key points

• Wheat prices down 5% YoY; supply forecasts revised higher; exports and harvests improving.
• Sugar down >10% in month, ~35% YoY; India quotas and Brazil export flows support supply.
• Arabica coffee around $2.80/lb, 27% YoY drop; Brazil harvest expectations improving.
• Cocoa around $3,200/ton, down 69% YoY; West Africa weather improving, ICE stocks at multi-month highs.

Why this matters

As Ramadan approaches, easing input costs and rising supplies may translate into lower retail costs for key Ramadan staples. The trends suggest the season could be cheaper than last year, offering relief to households in the UAE and GCC while producers navigate a more predictable supply landscape.

What to watch next

• Monitor wheat export volumes and forecasts (SovEcon, IKAR, India exports, Argentina crop) from press content.
• Watch sugar price movements, Indian export quotas, and weather conditions affecting production.
• Track Arabica coffee price moves and Brazil harvest developments for 2026/27.
• Observe cocoa inventories and ICE price trends as West Africa and South America conditions evolve.

Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.

Consumers May See Cheaper Ramadan as Commodity Prices Ease with Stronger Global Supply

Abu Dhabi, United Arab Emirates – February 23, 2026

Ramadan marks one of the busiest periods of the year for retailers across the UAE and the wider GCC. However, there is good news for consumers: several staple ingredients for the holy month, such as wheat, sugar, coffee, and cocoa, are entering the season at relatively soft prices as global supply conditions improve.

While consumer demand typically strengthens ahead of Ramadan, global markets are currently responding more to supply developments than seasonal buying patterns. What that means is that this Ramadan has potential to be cheaper than last year.

The price of wheat, a core staple in Arab households, used in dishes such as harees and khubz, has come under mild downward pressure in recent sessions. Wheat prices are down 5% YoY; a modest dip. Futures are trading near $5.6 per bushel, easing from a three-month high earlier in February when a cold wave raised concerns about crop damage in parts of the U.S. Plains. As weather conditions improved, supply expectations stabilised. Russian production forecasts have been revised higher, with SovEcon estimating 85.9 million tons and IKAR projecting close to 91 million tons for 2026. India has also approved 2.5 million tons of wheat exports following strong harvests, while Argentina is reporting a near-record crop of around 28 million tons. Together, these developments are supporting global supply.

Sugar prices are down more than 10% over the past month and nearly 35% YoY, trading at around 13.46 U.S. cents per pound. Brazil continues to play a key role in global pricing, with strong export flows keeping markets well supplied. Improved weather conditions have further reduced production risks. In India, the world’s second-largest exporter, authorities recently increased the export quota by 500,000 tons to support market stability.

Arabica coffee, or gahwa, a central part of Ramadan gatherings, has eased to around $2.80 per pound, its lowest level since July 2025, and prices are now 27% lower YoY. Prices are under pressure as Brazil, the world’s largest producer, anticipates a strong 2026/27 harvest following improved rainfall. Brazil’s Conab forecasts output at 66.2 million bags, with some private estimates even higher. However, supplies from the current 2025/26 season remain relatively tight, which may limit the discount that consumers will ultimately see in shops

The staple that has seen the greatest price fall is cocoa. Cocoa is now around $3,200 per tonne, its lowest level since June 2023. Prices are down a whopping 69% YoY, representing a significant correction from 2025’s supply-driven spike. As the weather improves in West Africa and yields rise in South America, global supply is increasing. Intercontinental Exchange (ICE) inventories have climbed to multi-month highs, signalling ample availability. For UAE consumers, cocoa’s stability is particularly relevant given the popularity of chocolate-based desserts during Ramadan and the continued buzz around the now-viral “Dubai Chocolate”. The market has shifted from last year’s supply shortages to expectations of more balanced conditions, reducing price pressure for now.

Commenting on the broader trend, Sam North, Market Analyst at eToro, said: global markets are entering 2026 with improving production outlooks and stronger supply visibility. While short-term volatility cannot be ruled out, current fundamentals suggest that markets are well positioned to absorb seasonal Ramadan demand. It is worth noting that food producers typically secure raw materials in advance, meaning current futures prices are not immediately reflected in retail costs. Nevertheless, easing input prices support the prospect of a comparatively less expensive Ramadan this year, should softer trends persist.

Media Contact: PR@etoro.com

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The so-called “Board of Peace,” created by U.S. President Donald Trump and established during the World Economic Forum last month, is exploring launching a U.S.-dollar-pegged stablecoin in Gaza, FT reported today, Feb. 23.

Led by Israeli tech entrepreneur Liran Tancman, the initiative reportedly aims to alleviate cash shortages in the war-torn region.

“This will not be a ‘Gaza Coin’ or a new Palestinian currency, but a means to allow Gazans to transact digitally,” a person familiar with the project told the FT.

The project is in preliminary stages, but sources told the FT that it is expected to be tied to the U.S. dollar. How the asset would be introduced in the region remains unclear.

The initiative involves collaboration with the 14-member National Committee for the Administration of Gaza (NCAG) and the Office of the High Representative, led by Nickolay Mladenov, which are both working with the Board of Peace. The Board and NCAG are tasked with deciding the regulatory framework and access to the stablecoin, per the report.

Tancman, serving as an unpaid adviser to the Board of Peace, recently spoke at a meeting of the organization in Washington, stating more broadly that NCAG was working on building “a secure digital backbone, an open platform enabling e-payments, financial services, e-learning, and healthcare with user control over data.”

As Reuters recently reported, Israel’s military has officially accepted death toll reports from Gaza health officials that estimate around 70,000 Palestinians, most of whom were women and children, have been killed in Israeli attacks since October 2023.

This article was generated with the assistance of AI workflows.

Crypto markets pulled back once again today as traders reacted to a fresh wave of global tariff threats from U.S. President Donald Trump, once again stoking uncertainty around global trade.

Total crypto market capitalization slid over 3% over the past 24 hours to roughly $2.29 trillion.

Bitcoin (BTC) fell from around $67,600 to around $64,400 on Sunday evening eastern time. Though BTC managed to bounce back over $66,000 Monday morning, it has since fallen back and is trading around $64,600 at press time.

Meanwhile, Ethereum (ETH), the second largest crypto asset by market cap, followed Bitcoin’s sharp fall. ETH is down over 4% on the day and trading around $1,850.

The remaining top-10 crypto assets are seeing moderate 24-hour losses between 2%-6%. Dogecoin (DOGE) is faring the best among large-caps, down only 1.3%, but weekly losses are on the higher side at 7%.

Next Major Trigger

Analysts at glassnode noted that net realized profit and loss trends indicate ongoing market pressure.

In an X post today, the analysts pointed out that the seven-day average of net realized profit and loss for recent investors went from a loss of $1.24 billion per day on Feb. 6 to a loss of $0.48 billion per day, showing that people buying in the base formation phase are still selling at a loss.

Analysts at Keyrock said in a Monday blog post the next major market trigger could be NVIDIA’s earnings on Feb. 25, noting that equity markets are highly sensitive to AI-driven growth expectations.

“Given the equity market’s sensitivity to AI-driven growth expectations, guidance will likely have an outsized impact on tech, which Bitcoin has been tracking close to, and broader risk sentiment,” they said.

The Crypto Fear & Greed Index has slid to 5, deep in “extreme fear” territory, signaling that investor sentiment is once again at one of its lowest points in recent weeks.

Big Movers and Liquidations

Looking at the top-100 assets by market cap, POL (ex-MATIC) led gainers, up 3.3%, followed by tokenized gold assets Tether Gold and PAX Gold, both up about 1.4%.

On the downside, tokens of two of the largest decentralized trading protocols, Hyperliquid (HYPE) fell 8.2% and pumpfun (PUMP), led daily losses, both down about 9%. Commentators noted that the price pressure came after a tweet from ZachXBT teasing an upcoming investigation into “one of crypto’s most profitable businesses.”

According to CoinGlass data,nearly 139,000 traders were liquidated over the past 24 hours, with total losses of around $503.1 million. Bitcoin accounted for $231.3 million, Ethereum for $127 million, and other altcoins totaled $33.78 million. Long positions made up $426.5 million of the total, while shorts accounted for $76.5 million.

ETFs and Macro Conditions

Spot Bitcoin exchange-traded funds (ETFs) recorded $315.86 million in outflows over the past week ending Feb. 20, while spot Ethereum ETFs lost a net $123.37 million, according to SoSoValue data.

On the macro side, the European Commission told the U.S. to stick to last year’s trade deal after the Supreme Court struck down Trump’s emergency tariffs, Reuters reported on Sunday, Feb. 22. Trump hit back with temporary global tariffs, first 10% then up to 15% over the weekend, leaving markets dealing with an unpredictable trade scene.

Meanwhile, U.S. Treasury yields barely moved at the start of the week. The 10-year yield dipped just under 1 basis point to 4.077%, the 30-year slipped slightly to 4.723%, and the 2-year nudged up to 3.482%, per data from CNBC.

Solana Company (HSDT) said it plans to build a high-speed infrastructure network across the Asia-Pacific region to support the growth of the Solana blockchain and diversify its revenue streams.

The initiative, called the “Pacific Backbone,” will connect Seoul, Tokyo, Singapore and Hong Kong with a low-latency cluster designed to support staking, validation and trading services on Solana.

The move targets institutional demand across the region, which has become a hotspot for crypto adoption, cross-border payments and digital asset development.

The buildout aims to make Solana’s infrastructure more accessible and reliable for market makers, high-frequency traders, and financial institutions, according to a press release.

The company said the project will begin immediately, with performance optimization and additional product launches expected in the next 12 to 18 months. These include DeFi tools, liquid staking, automated market makers and execution services tailored to traditional finance firms entering the space.

Joseph Chee, CEO of Solana Company, said the expansion will help prepare for what he called Solana’s “next super cycle.”

The goal is to reduce reliance on external service providers, reduce latency, and provide a compliant infrastructure that meets institutional requirements in regulated markets.

Solana, the firm said, processes over 3,500 transactions per second and supports millions of daily active wallets. Solana Company is currently the second-largest Solana treasury firm, with 2.3 million SOL, or over $180 million, in its treasury.

Solana Company’s shares are down 13.3% in today’s trading session to $1.76, amid a wider cryptocurrency market drawdown. Solana itself is down nearly 6% in the last 24-hour period, while BTC is down more than 4%.

CoinDesk has reached out to Solana Company for comment but hasn’t heard back at the time of writing.

• Polygon price rose about 5% in the past 24 hours.
• The token continues to hold above $0.10.
• A surge in transactions, stablecoin adoption and POL burning is helping price gains.

Polygon (POL), formerly MATIC, has stabilized above the $0.10 support level despite ongoing market volatility.

As macroeconomic and geopolitical headwinds pressure Bitcoin and Ethereum prices lower, POL is showing great resilience.

The token has gained in the past 24 hours and trends among top performers on the day, outpacing several of its layer 2 peers. Can bulls reclaim key levels and push higher despite overall market weakness?

Why is Polygon price up today?

POL’s uptick today includes a notable rise to intraday highs above $0.11. The token revisited prices around $0.10 but showed resilience amid its bounce from under the psychological level.

Bitcoin’s dip to $65k looks to have allowed for some capital rotation into small cap tokens, including POL.

While this looks to be a plausible reason for the bounce, Polygon’s upward move largely stems from recent momentum, helped by robust stablecoin volume and deflationary dynamics.

The L2 has seen a huge leap in terms of USDC transactions on the network, leading to Ethereum scaling solutions.

.@USDC activity is exploding on Polygon

(#1 chain for transactions) pic.twitter.com/76xh4jenGP

— Polygon | POL (@0xPolygon) February 13, 2026

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DeFiLlama data shows the stablecoin market cap on Polygon stood at around $3.26 billion at the time of writing.

Analysts have noted that more than 100 million POL tokens have been burned on the Polygon network.

The token burn means a cut in circulating supply and potential upward price pressure.

In the past 30 days, about 32.6 million POL have been burned, slashing net issuance.

“Every transaction on Polygon generates fees,” the team wrote on X. “ From each fee: base fees are burned and priority fees are shared among validators, block producers, and stakers.”

The more activity there is, the more fees generated and the more POL burned and permanently removed from circulation. The token’s price could strengthen long-term amid this move.

POL price forecast

Polygon price appears to be riding the above bullish catalysts.

Trading volume rose more than 30% in the past 24 hours on Monday, hitting over $84 million.

In terms of short-term price forecast, POL currently eyes resistance at $0.12. This aligns with the horizontal hurdle of an ascending triangle pattern, and points to a potential uptick to highs of $0.30.

If bulls strengthen above $0.14 and decisively breach $0.20, continuation amid broader market gains will help galvanize this trajectory.

A breakdown of a similar outlook however, saw Polygon’s token plummet to recent lows. In this case, rejection at $0.12 or $0.14 could fuel further declines, with bears likely to eye $0.09 as the initial target.

Ethereum price continues to weaken after losing key value levels, with bearish market structure increasing the probability of a breakdown toward new yearly lows.

Ethereum (ETH) price action remains under sustained pressure as technical signals continue to point toward a dominant bearish market structure. Since losing the value area high, Ethereum has consistently printed lower highs, confirming a trend of weakening bullish momentum and increasing seller control across multiple timeframes.

Recent price developments further reinforce this bearish outlook. Ethereum has now lost acceptance around the point of control (POC), a critical level that previously represented fair value within the trading range. Following this breakdown, price rotated lower into the value area low, positioning the market dangerously close to a major high-timeframe support zone near $1,820.

With momentum fading and structural weakness continuing to develop, traders are increasingly watching whether Ethereum can defend this support or if the market is preparing to establish a new yearly low.

Ethereum prive key technical points

• Consecutive lower highs confirm bearish structure: Sellers maintain control since loss of value area high
• Point of control lost: Market acceptance shifting lower within the range
• $1,820 support critical: Breakdown could trigger move toward $1,740 and new yearly lows

Ethereum’s technical outlook shifted decisively bearish following the loss of the value area high. Since that event, price has repeatedly failed to reclaim higher value, forming a clear sequence of lower highs, a classic indication of trend continuation to the downside.

Markets often reveal directional intent through value migration. In Ethereum’s case, value has progressively moved lower, suggesting that participants are willing to transact at decreasing price levels. This behavior reflects declining demand rather than temporary volatility.

The recent loss of the point of control adds further confirmation to this trend. The POC typically acts as a balance area between buyers and sellers, and losing it often signals a transition from consolidation into directional expansion. Ethereum’s rejection and subsequent move into the value area low suggest that sellers remain firmly in control of short-term market dynamics.

High-timeframe support at $1,820 under pressure

The next major battleground for Ethereum lies at the high-timeframe support near $1,820. This region represents one of the final structural supports preventing a deeper corrective phase. Price has already begun probing liquidity near this level, highlighting its importance as a decision zone.

Support levels tend to weaken after multiple tests, particularly when approached under bearish momentum. Ethereum’s current approach toward $1,820 is occurring alongside declining structure and limited bullish follow-through, increasing the likelihood that support may eventually give way.

If buyers fail to generate a strong reaction at this level, the market could transition into accelerated downside movement. A confirmed breakdown below $1,820 would signal acceptance beneath major support and open the path toward lower liquidity zones.

$1,740 emerges as next downside target

Should Ethereum lose the $1,820 level, the next logical technical objective sits near the $1,740 region. This area aligns with historical demand and represents a deeper corrective target within the broader bearish framework.

A move toward $1,740 would likely mark the establishment of a new yearly low, reinforcing the continuation of Ethereum’s high-timeframe downtrend. In trending markets, new lows often occur once key support fails, as liquidity beneath prior extremes becomes an attractive target for price discovery.

Importantly, this scenario does not necessarily imply panic selling but rather a continuation of structural rebalancing. Markets frequently revisit lower support zones before establishing long-term accumulation phases.

What to expect in the coming price action

From a technical, price action, and market structure perspective, Ethereum remains bearish while trading below lost value levels. As long as lower highs continue to form and the $1,820 support remains under pressure, the probability favors further downside expansion.

A confirmed loss of $1,820 would likely trigger a move toward $1,740 and potentially establish a new yearly low, while any recovery would require Ethereum to reclaim higher value zones and restore bullish momentum.

A lending pool belonging to YieldBlox, a “DAO-managed money market,” has suffered a hack on the Stellar blockchain, with losses valued at over $10 million.

Script3, the developer of YieldBlox, announced the loss, which happened shortly after midnight (UTC) on Sunday, pointing to oracle manipulation as the cause.

Hacker addresses holding a total of 48 million XLM worth $7.5 million have been frozen on the Stellar blockchain.

Read more: ‘Bad actor’ Circle slammed for letting stolen $3M USDC sit unfrozen

Reflector, the firm behind the oracle in question, said its product “quoted correct prices,” pointing to market illiquidity as the cause of the mispricing. 

In a thread posted to X, Reflector describes how the attacker targeted the illiquid USTRY/USDC market on Stellar’s exchange.

The pool’s market maker had “pulled all available liquidity… at some point,” and leading up to the exploit, there was less than $1 hourly volume.

According to the thread, the attacker pushed the price of USTRY from approximately $1.05 to over $100 in a single trade. They then used overvalued USTRY collateral to borrow against, withdrawing $10.2 million of assets.

A total of 61 million XLM and 1 million USDC were borrowed from the YieldBlox pool, according to DeFi security firm Decurity. Most of the USDC was bridged back to Ethereum, and 48 million XLM has been frozen.

YieldBlox Security Council sent an on-chain message to the hacker’s Ethereum address, offering a 10% bounty if the remaining funds are returned. The message offers to provide instructions on how to return the 48 million XLM held in the frozen addresses.

Stellar’s XLM experienced a sharp drop in price shortly after the hack, but has since fully recovered.

Weekend wipeout

After a fairly quiet couple of weeks for DeFi hacks, this weekend saw over $18 million worth of assets stolen.

On Saturday morning, IoTeX Bridge suffered a suspected private key compromise, with losses initially estimated at $8 million.

Security researcher Weilin Li observed the attacker “minted [a] huge amount of IOTX token” before “depositing to Binance for selling”. 

However, an update from IoTeX revised the estimated “exploit impact” down to just $2 million. It called the incident “a sophisticated, long-planned attack by professional actors targeting multiple chains.”

Read more: Binance, OKX, HTX, Bybit, Kraken cited in ICIJ scam probe

According to blockchain auditor Peckshield, funds were bridged to bitcoin via THORChain.

THORChain has previously come under fire for profiting off the transfer of illicit funds. A notable example being last year’s $1.5 billion ByBit hack, the laundering of which ZachXBT estimated THORChain profited $200,000.

Got a tip? Send us an email securely via Protos Leaks. For more informed news, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

Further pump to $1.20 or crash to $0.10: what are PIPPIN’s next targets?

The latest developments on the tariff front stirred by US President Donald Trump seem to have negatively impacted the broader cryptocurrency market, with Bitcoin (BTC), Ethereum (ETH), and many other well-known digital assets charting losses for the day.

However, the meme coin pippin (PIPPIN) defied the latest carnage by posting a double-digit increase for that timeframe.

Top Performer Again

The meme coin was the talk of the town at the start of the month, surging to an all-time high of around $0.76 on February 15. It then underwent a sharp correction, but the past 24 hours have delivered another notable upswing.

PIPPIN spiked by 20%, briefly exceeding $0.72 before stabilizing at around $0.71 (per CoinGecko’s data). Its market capitalization once again surpassed $700 million, bringing the asset back into the top 100 cryptocurrencies. As of press time, PIPPIN is the 81st-largest in the entire market and ranks seventh in the meme coin niche.

Some market observers believe the price may rally even more in the short term. X user Blockchainedbb recently predicted that the asset could experience enhanced volatility in the following weeks but eventually rise to as high as $1.20. They also described the zone around $0.50 as a “great” buying opportunity.

X user Satori chipped in, too, claiming that PIPPIN has become one of their “best plays lately.” According to the analyst, while maxis remained committed to BTC and waited for the next cycle to unfold, capital shifted elsewhere.

For his part, Sjuul | AltCryptoGems argued that the former resistance at $0.50 has turned into support, and expects the price to push back into its ATH zone again.

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Of course, there are plenty of pessimists and critics who continue to voice their concerns. Crypto GVR, for instance, predicted that PIPPIN may soon fall below $0.10. Prior to that, X users va00sa and Shual warned that insiders control a large portion of the meme coin’s supply, allowing them to easily manipulate the price.

Is the Rally Sustainable?

Traders hoping to make fortunes overnight and considering whether to deal with PIPPIN should keep in mind that meme coins are infamous for their extreme volatility. Tokens in this category are often driven by pure hype speculation rather than solid fundamentals or real use cases, which means they can witness severe price drops in a very short period of time.

PIPPIN’s Relative Strength Index (RSI) also indicates that it might be time for a pullback. The technical analysis tool is often used by traders to spot possible trend reversals. It ranges from 0 to 100, and readings above 70 suggest the price has risen too much over a brief span and may be due for a correction. Conversely, values below 30 are considered bullish territory. As of this writing, the RSI stands at around 85.