The U.S. Senate Banking Committee Advances the "Financial Transparency and Regulatory Compliance Act"

**Hong Kong Police Arrest Crypto Exchange Employee Over $2.67M Theft** Hong Kong police on February 24 took into custody a 34-year-old employee surnamed Cai of a cryptocurrency exchange, suspected of stealing approximately 2.67 million USDT (equivalent to around HK$20.87 million) from roughly 20 customers. Cai, a network engineer with four years at the firm, was primarily responsible for managing the company’s mobile application. Since early January this year, the exchange has received reports from customers about financial losses. An investigation uncovered that Cai gained unauthorized access to the company’s database and viewed sensitive customer account information. The incident occurred at the South Tower of Grandway Plaza on Science Museum Road in Tsim Sha Tsui. The case has been transferred to the Criminal Investigation Team of the 9th Division, Yau Tsim Mong Police District.

Upbit to List SKR (Seeker) on KRW, BTC, and USDT Trading Pairs on February 24.

On February 24, X updated its API policy to crack down on AI-generated spam. The platform has restricted automated replies sent via the POST /2/tweets endpoint: users can only reply if the original post’s author @mentions or quotes their tweet. Non-reply tweets are unaffected. This restriction applies to Free, Basic, Pro, and Pay-As-You-Go tiers, while Enterprise and Public Utility tiers remain exempt.

As of February 24, persistent cryptocurrency liquidity crunches—fueled by the Federal Reserve’s tightening policy and sluggish capital inflows—have shrunk Binance’s stablecoin reserves by 18.6% over the past three months. The reserves dropped from $50.9 billion to $41.4 billion, a roughly $10 billion decline. Despite the contraction, Binance still holds roughly 64% of total stablecoin reserves across all trading platforms. Trading platform stablecoin reserves typically adjust in line with investor demand; a drop usually signals investors are converting crypto back to fiat instead of holding stablecoins to re-enter the market.

February 24th — Canaan Technology announced it has acquired a 49% stake in three operational Bitcoin mining projects in West Texas owned by Cipher Mining. WindHQ retains a 51% majority stake, and Canaan has formed a partnership with the company. The transaction, valued at approximately $39.75 million, was completed entirely via non-cash methods: Canaan will issue roughly 8.064 billion shares of its Class A common stock to Cipher. The acquired projects have a total power capacity of 120 MW, supporting an operating hash rate of about 4.4 EH/s. Additionally, Canaan has purchased 6,840 mining machines from Cipher—units Cipher originally bought from Canaan in July 2025, which were deployed at Cipher’s Black Pearl site (currently being converted into an AI-HPC data center).