Pre-market: Crypto Market Retreats as US Stock Market Prepares to Open, BTC and ETH Whale Holdings Drop Below Average Price

February 27th — Forbes reports that stablecoin issuer Tether’s recent secondary market valuation ranges from $350 billion to $375 billion, a figure that could drive a significant jump in the wealth of its core shareholders. Forbes currently values Tether at approximately $200 billion (based on market interviews)—down from over $500 billion a year ago. At this valuation: - CFO Giancarlo Devasini (holding ~44–45% of the company) has a net worth of roughly $89 billion. - CEO Paolo Ardoino and former CEO Jean-Louis van der Velde (each with ~19% stakes) are valued at ~$38 billion apiece. - Chief Legal Officer Stuart Hoegner (with ~12% ownership) has a net worth of ~$25 billion. If calculated at a $350 billion valuation, Devasini’s stake would exceed $156 billion—surpassing Warren Buffett’s current net worth of ~$147.8 billion. Key operational metrics from Tether: - Unaudited annual profit last year: ~$10 billion. - USDT market capitalization: ~$184 billion. - Over 80% o

On February 27, Judge Andrew Carter Jr. of the U.S. District Court for the Southern District of New York ruled that Binance lacks authority to compel U.S. users into arbitration over losses from crypto purchases on its global platform before February 20, 2019—and that the related class action will proceed publicly in federal court. The judge found Binance unilaterally updated its Terms of Use in 2019 to add an arbitration clause without providing adequate individual notice to users. Since the 2017 version of the terms included no arbitration or class action waiver provisions, the 2019 amendments cannot apply retroactively to claims arising before that date. Additionally, the court determined the so-called “U.S. class action waiver” in the 2019 terms did not explicitly outline specific terms and is unenforceable in federal court. The case—Williams v. Binance—was filed by five U.S. investors from California, Nevada, and Texas, alleging Binance and founder Changpeng Zhao (CZ) ill

Bybit announced the results of its 2025 security plan on February 27. The crypto exchange revealed it intercepted roughly $300 million in funds linked to fraud, impersonation and fraudulent activities last year via a new AI-powered risk control framework. Its "Three-Tier Withdrawal Anti-Fraud Defense System" is built on a dynamic risk grading mechanism, with three levels: - **Level 1 (Low Risk):** Uses big data heuristics to spot abnormal patterns (e.g., large transfers to new addresses), automatically sends a questionnaire for review, and pre-blacklists high-risk addresses. - **Level 2 (Medium Risk):** Triggers a real-time alert during withdrawals if an account is tied to leaked databases or suspicious addresses, prompting users to review the transaction to block social engineering scams. - **Level 3 (High Risk):** Implements real-time withdrawal interception for confirmed fraudulent addresses, plus a mandatory 1-hour cooling-off period. ### Key 2025 Q4 Data - Of $50

February 27 – Coinglass data shows centralized exchanges (CEXs) posted a total net outflow of 6,501.29 BTC over the past 24 hours. The three exchanges with the largest outflows were: - Binance: 4,456.68 BTC - Bitfinex: 2,731.10 BTC - Bybit: 528.13 BTC Additionally, OKX recorded an inflow of 2,469.57 BTC, topping the inflow rankings.

**South Korea’s Tax Agency Exposes Crypto Wallet Mnemonic; Suspected Hackers Steal Assets** February 27 – South Korean media reports that the National Tax Service (NTS) mistakenly published the full mnemonic phrase of a seized cryptocurrency wallet in press materials (with no redaction), allowing suspected hackers to siphon off related assets. On February 26, the NTS announced results of on-site inspections targeting 124 high-value, habitual tax delinquents, seizing ~8.1 billion South Korean won ($6.1 million) in total assets. Among the cases, “Case 3” involved seizing four crypto hardware wallets from a delinquent’s residence drawer. Photos released with the press release clearly showed a paper listing the wallet’s recovery mnemonic phrase next to a Ledger device. Blockchain explorer Etherscan records show that shortly after the mnemonic was exposed (early February 27), ~4 million PRTG tokens were transferred in three transactions to unknown addresses. Before the transfers, t

On February 27, per Bloomberg, the U.K. Gambling Commission is planning to assess whether it’s feasible to let gamblers use cryptocurrency for gambling payments—aligning with the U.K.’s progress on its digital asset regulatory framework. The report notes the Financial Conduct Authority (FCA) is set to finalize crypto asset regulations this year, with the rules set to formally take effect by the end of 2027. Going forward, U.K. gambling firms may be able to apply for a crypto business license under the new framework. Tim Miller, the U.K. Gambling Commission’s Executive Director of Research and Policy Enforcement, said this exploration will be part of a broader digital asset regulatory process.