IoTeX: Security Incident Controlled, $2M Loss, Expecting Withdrawals & Deposits to Resume in 24-48 hours
February 22nd, IoTeX released its latest security incident update, noting that the team has contained associated risks and is reinforcing the IoTeX network. Preliminary data indicates the attack’s impact totals approximately $2 million, involving assets including USDC, USDT, IOTX, and WBTC.
Investigations reveal this was a sophisticated, long-planned attack carried out by a professional group that targeted multiple blockchains. IoTeX says it is working closely with exchanges and law enforcement to freeze stolen funds and advance tracking and recovery efforts.
On-chain operations, deposits, and withdrawals are expected to resume within 24–48 hours. The team will re-enable affected functions once the security upgrade is complete and commit to sharing transparent updates moving forward.
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The crypto market has almost retraced the price surge seen during the 2024-2025 US presidential election, with the total market capitalization dropping by around 40% from its peak.
As of February 22, data indicates the crypto market has largely retraced the uptrend that began following the 2024 U.S. presidential election.
Total3 (a crypto market cap index excluding Bitcoin and Ethereum) surged over 91% in the weeks after the 2024 election results were announced on November 5—jumping from roughly $600 billion to $1.16 trillion by December 2024.
Subsequently, it pulled back to ~$900 billion before staging a brief rebound to $1.13 trillion on January 18, 2025—two days ahead of the U.S. presidential inauguration. In October 2025, Total3 hit a new near-term high of ~$1.19 trillion, only to plummet sharply afterward, breaking its structural uptrend.
As of now, Total3 sits at ~$713 billion—down ~40% from its October 2025 peak and approaching levels seen in mid-November 2024. There are no clear signs of a sustained market recovery yet.
Among mainstream crypto assets: Bitcoin’s peak-to-trough decline topped 50%, falling to ~$60,000 at one point and now rebound
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Elliptic: Five Cryptocurrency Exchanges Helped Russia Evade Sanctions, Filling Gap Left by Garantex Shutdown
On February 22, 2025, blockchain analysis firm Elliptic reported that following the U.S. seizure of sanctioned Russian crypto exchange Garantex in March 2025, at least five Russia-linked cryptocurrency platforms have continued enabling funding flows to sanctioned entities—most of which remain unsanctioned.
The report notes that only peer-to-peer (P2P) platform Bitpapa had previously been added to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctions list in March 2024. Elliptic found that roughly 9.7% of Bitpapa’s outgoing funds flowed to sanctioned entities, and the platform regularly changed wallet addresses to avoid detection.
Unsanctioned exchange ABCeX operates out of Moscow’s Federation Tower (Garantex’s former base) and has processed at least $11 billion in crypto transactions, with significant financial ties to Garantex and Aifory Pro.
Another platform, Exmo, claimed to leave the Russian market after the 2022 Russia-Ukraine conflict—but on-ch
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Polymarket: Probability of "Court Orders Trump to Refund Tariffs" Being Ruled Out Surpasses 80%
**Polymarket Data: 19% Chance Trump Ordered to Refund Tariffs by July 2026; 82% Denial Probability**
As of February 22, per data from prediction platform Polymarket, markets currently assign a 19% probability that a court will order former President Trump to refund the tariffs in question by July 2026. The likelihood the request will be denied has risen to 82%.
Per prior BlockBeats reporting, the U.S. Supreme Court ruled 6-3 on February 20 that Trump’s trade tax policy was illegal. The court found the International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose such tariffs, upholding a lower court ruling from the U.S. Federal Circuit Court of Appeals that deemed Trump’s tariffs unlawful.
Trump later labeled the Supreme Court’s ruling a “disgrace” and noted he has alternative tariff plans in place following the decision.
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Fraud Losses in the Cryptocurrency Space Hit $370 Million in January, Reaching a Nearly 11-Month High
Uniswap founder Hayden Adams warned on February 22 that fake Uniswap search ads are still popping up, leading users to lose high-value crypto assets. Scammers buy ads targeting keywords like “Uniswap” to place fake websites at the top of search results. These sites closely mimic the official Uniswap interface—when users connect their wallets and authorize transactions, funds are immediately stolen. Notably, this attack relies on user signature authorization, not protocol-level vulnerabilities.
X user “Ika” reported losing hundreds of thousands of dollars in crypto assets after clicking a fake link in search results. Screenshots shared by the user show the deceptive link prominently displayed at the top of results, making it more misleading. A similar incident happened in October 2024: scammers copied Uniswap’s interface and used subtle button changes to trick users into connecting their wallets.
Security firm CertiK’s data shows the crypto industry lost roughly $370.3 million to
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