Hong Kong Web3 Daily Must-Read: IoTeX Multi-Chain Bridge ioTube Ethereum Side Under Attack, $460 Million Liquidated Across the Network in the Past 24 Hours

Summary: Cora, Techub News

TinTinLand

Fear and Greed Index: 11 (Extreme Greed) Bitcoin Price: $63,559 BTC/ETH Spot ETF Capital Flows (2.23) BTC Net Outflow: $50.29M ETH Net Outflow: $2.71M

Hong Kong

BTC/ETH Spot ETF Capital Flows (2.23)

BTC Net Subscription/Redemption: 0 BTC

ETH Net Purchase: 302.96 ETH

Regulatory/Macro

Brazil Central Bank Plans to Advance Institutional VASP Regulations by 2027

The Central Bank of Brazil plans to advance regulations regarding the operation of the country’s institutional virtual asset service providers (VASP) before 2027. Deputy Head of the Central Bank’s Regulatory Department Antônio Marcos Guimarães stated that relevant rules will be promoted during 2026-2027, and local operational licensing standards have been finalized. Approved institutions must report their business activities within 270 days. Additionally, Brazil’s Federal Revenue Service intends to impose a 3.5% tax on stablecoin capital flows. This move aims to close policy loopholes that previously allowed individuals and institutions to use stablecoins as a dollar substitute for payments and cross-border remittances.

Insiders: US May Launch Military Strike Against Iran on February 23 or 24

According to Russian Sputnik News, former CIA officer John Kiriakou revealed that a knowledgeable source in the White House indicated the US may launch a military strike against Iran on February 23 or 24.

South Korea’s Central Bank Urges Restrictions on Stablecoin Issuers to Prevent Money Laundering Risks

The Bank of Korea reiterated its stance that only licensed commercial banks should be allowed to issue won-denominated stablecoins, citing concerns over money laundering and financial stability risks.

US Customs and Border Protection to Cease Tariffs Under the International Emergency Economic Powers Act

US Customs and Border Protection announced that it will stop imposing tariffs under the International Emergency Economic Powers Act at 12:01 AM Eastern Time on Tuesday, February 24 (13:01 Beijing time).

US SEC Clarifies Broker-Dealers Can Count Stablecoins at 2% Discount Toward Net Capital

The SEC’s Division of Trading and Markets released FAQs last week regarding crypto asset activities, explicitly stating that broker-dealers holding stablecoins can count them at a 2% discount toward net capital. For example, a broker holding $100 million in stablecoins can include $98 million in net capital requirements. Previously, broker-dealers applied a 100% discount, meaning such holdings could not be counted toward net capital, severely limiting institutional participation in stablecoin activities.

Project/Company Updates

Bitdeer: Evaluating Multiple Land Acquisition Opportunities, Will Continue Mining to Protect Shareholder Interests

Bitcoin mining company Bitdeer tweeted, “Our decision to sell Bitcoin should not cause widespread market concern. We are currently evaluating several non-binding land acquisition opportunities, and believe maintaining liquidity now is prudent. Our hash rate will continue to grow, and we will keep mining to protect shareholder interests.”

IoTeX: Attack Targeted Multi-Chain Bridge ioTube’s Ethereum Side Contract, Detailed Compensation Plan to Be Released Within 48 Hours

IoTeX team issued a security update. They stated that the vulnerability targeted the Ethereum side contract of their multi-chain bridge ioTube, and other bridge contracts on chains like BSC and Base were unaffected. Additionally, IoTeX Layer 1, user assets, and exchange assets remain secure.

The Smarter Web Company Raises Approximately £26,700 Through New Share Offering and Acquires Digital Marketing Agency Squarebird Agency

UK-listed Bitcoin treasury company The Smarter Web Company announced that, under the subscription agreement announced on December 24, 2025, it has issued 75,000 ordinary shares. The total proceeds from this share issuance are approximately £26,745 (before fees). Furthermore, on February 20, the company acquired Squarebird Agency Ltd, a profitable web design and digital marketing firm based in Bristol, with a total net consideration of £1,690,000.

JPMorgan Admits to Ending Banking Relations with Trump After January 6 Capitol Riot, Leading to Family’s Entry into Crypto

JPMorgan acknowledged that it terminated its banking relationship with Trump following the January 6, 2021 Capitol riot, a move that ultimately prompted the Trump family to venture into the cryptocurrency space.

Prediction Markets Traded Over 38.01 Million Times Last Week, Polymarket Accounts for Nearly 60%

According to a Dune dashboard created by X user @datadashboards, prediction markets saw over 38.01 million trades last week. Polymarket led with 22.58 million trades; Kalshi had 14.86 million; Opinion recorded 227,500 trades.

Deep Dive & Outlook

Kraken Pre-IPO Moves to Acquire Magna to Control the Entire Token Lifecycle

Acquiring Magna may seem like just another line in Kraken’s acquisition list, but it’s a key step toward controlling the entire token lifecycle. Ahead of the IPO’s silent period, Arjun Sethi and his team are making acquisitions with real capital, sending a clear signal: Kraken is no longer just an exchange for buying and selling cryptocurrencies but a comprehensive financial infrastructure covering issuance, trading, and derivatives across the full asset lifecycle.

“Bear Market Is Our Fundraising Season”: Dragonfly Raises $650 Million in New Funding and Investment Stories

During the 2021 crypto bull market, entrepreneurs proposed grand visions to reshape the internet with decentralized infrastructure, including potential alternatives to platforms like Twitter and Spotify. For crypto investors, these plans revolve around token mechanisms, where venture capital firms gain ownership of proprietary cryptocurrencies rather than traditional equity.

Opinions

DWF Ventures on the Crypto Winter and IPO Boom: Native Crypto Companies and Traditional Finance May Merge

The crypto industry has reached a turning point. Billions of dollars are flowing in, institutional interest is at its peak, and regulation is becoming more friendly. However, for builders and users, the situation is bleaker than ever. The gap between institutional capital inflows and native crypto communities is widening, reflecting a larger issue: as centralized entities flood in and exert influence, the original spirit of decentralization and crypto punk experiments seems to be fading.

Why Is Tether Buying Real Estate and Gold While Others Are Cutting Jobs?

What is the current state of the entire industry? Exchanges are laying off staff to cut compliance costs, NFT platforms are downsizing due to low trading volume, and GameFi projects are dissolving after tokens go to zero. This isn’t just a crypto winter; it’s a global tech industry trend of “cutting fat and building muscle.”