We bring you the latest in the Web3 and AI industry, structured in bite-sized news that you can read in a minute!
Here’s what’s happening in Web3 and AI in 1 minute.
Web3
Bybit Hackers Resume Money Laundering
1️⃣ The Lazarus Group resumed laundering ETH stolen in the Bybit hack, moving 62,200 ETH worth $138 million on 1 March. This leaves 156,500 ETH still to be moved from the original 499,000 ETH stolen in the $1.4 billion attack.
Ethereum Foundation Announces New Leadership
2️⃣ The Ethereum Foundation appointed Hsiao-Wei Wang and Tomasz Stańczak as co-directors following community concerns about project direction. Wang, a core Ethereum researcher, and Stańczak, CEO of Nethermind, will take up their roles on 17 March.
Ethereum’s Pectra Upgrade Could Fuel Market Rally
3️⃣ Analysts believe that the upcoming Pectra upgrade could drive the next phase of the 2025 crypto market cycle. The upgrade aims to reduce selling pressure on Ether and improve Layer-2 scalability, while increasing the validator staking limit.
US Crypto Banking Obstacles Persist
4️⃣ Custodia Bank CEO Caitlin Long has criticised the U.S. government for failing to address crypto debanking issues, stating that federal agencies still consider it unsafe for banks to engage with digital assets.
Bitcoin Activity Suggests Market Rebound
5️⃣ BTC active addresses have reached a three-month high, potentially signalling a market bottom after recent corrections. According to IntoTheBlock, spikes in on-chain activity often coincide with market peaks and bottoms.
Solana Drops 45% Amid Memecoin Surge
6️⃣ SOL has fallen over 45% since the launch of the TRUMP meme coin. Despite Circle minting $8.75 billion in new USDC since 1 January, Solana’s price has declined over 24%. However, its value rebounded above $140 despite a $2 billion token unlock.
Bitcoin ETFs See Inflows After Weeks of Outflows
7️⃣ US Spot BTC ETFs recorded a $94.3 million net inflow on 28 February, breaking an eight-day outflow streak. ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) led the rebound with net inflows of $193.7 million and $176 million, respectively.
Swiss National Bank Rejects Bitcoin Reserves
8️⃣ Swiss National Bank President Martin Schlegel dismissed the idea of holding bitcoins as part of Switzerland’s central bank reserves, citing concerns over volatility, liquidity, and security. He argued that Bitcoin’s price fluctuations made it an unviable reserve asset.
Artificial Intelligence (AI)
Hong Kong’s Cyberport Expands AI Investment
1️⃣ Hong Kong is ramping up investment in emerging technologies through Cyberport, allocating HK$1 billion to establish the Hong Kong AI Research and Development Institute. The institute will support upstream R&D and broaden AI applications.
Dubai Invests $100M in AI Start-ups
2️⃣ Disrupt com is set to invest $100 million in AI start-ups, focusing on Web3, cybersecurity, automotive tech, and retail. This follows a 42% decline in MENA venture capital funding in 2024, though the UAE remains the region’s largest VC market.
El Salvador Backs Open-Source AI
3️⃣ El Salvador is prioritising open-source AI with new legislation and the creation of a National Agency for Artificial Intelligence (ANIA). The AI law aims to integrate AI across industries while ensuring data security and ethical standards.
Tencent Launches Faster AI Model
4️⃣ Tencent unveiled Hunyuan Turbo S, a new large language model that doubles response speed without compromising performance. It blends Mamba and Transformer technologies, inspired by human cognition, to balance speed and reasoning.
AI Agents Collaborate in Olas’ Mech Marketplace
5️⃣ Olas’ Mech Marketplace allows AI agents to specialise and collaborate using external AI expertise. The marketplace fosters dynamic interactions, enabling agents to find resources without additional coding.
Open Agents Alliance to Offer Open AI Services
6️⃣ The Open Agents Alliance (OAA), including NEAR AI and Coinbase, is developing open AI services through shared infrastructure. The alliance aims to provide secure, open-source, cost-effective AI access with AI agent frameworks and cloud hosting.
OpenAI’s GPT-4.5 Prioritises EQ Over Logic
7️⃣ OpenAI’s GPT-4.5 has enhanced emotional intelligence and creativity, but lacks strong chain-of-thought reasoning and can be slower, with some users finding it less effective at following instructions.
Virtuals Protocol Revenue Crashes
8️⃣ Virtuals Protocol has seen a 97% revenue decline, with daily trading revenue plummeting despite its expansion to Solana. AI agent creation remains low, and wallet activity has dropped across both Base and Solana networks.
