Trakx Weekly Update: February 24

Key Crypto Market Figures

CTIs Weekly Performance

The cryptocurrency market experienced a relatively stable week, though some volatility persisted. The Top 10 Crypto CTI declined 1.2%, reflecting cautious sentiment across large-cap digital assets. Among Trakx’s suite of indices, the Trakx Lending CTI emerged as the top performer, surging 9.5%, while the Trakx Bitcoin/Ether CTI followed with a 3% gain. Conversely, the Trakx DEX CTI recorded the worst performance of the week, with a 5.5% loss.

$1.46 Billion Bybit Hack Undermines Market Confidence

A major security breach shook the crypto world this past week as hackers executed one of the largest cyber heists in history, stealing approximately $1.46 billion from the centralized exchange Bybit. The attack occurred during a routine transfer from a cold wallet (offline storage) to a warm wallet (used for daily trading). Hackers manipulated the transaction, taking control of the cold wallet and transferring 401,000 Ethereum to an unknown address.

In response, Bybit’s CEO, Ben Zhou, assured clients that the company remains solvent, with all client assets backed 1:1, and unaffected wallets and withdrawals. Bybit is collaborating with blockchain forensic experts to trace the stolen funds and has launched a recovery bounty program, offering up to 10% of the recovered amount to ethical hackers assisting in retrieving the stolen cryptocurrency.

Sources: Trakx, Coingecko, Alphavantage

Market Trends

• Bybit hacked for $1.5 billion in one of the biggest crypto heists ever – The Guardian.
• Argentina’s president faces backlash over failed crypto project – CNN
• Ethereum’s Pectra upgrade moves forward after successful testnet – Bankless
• Bitcoin price dips below $96,000 amid market volatility – ABP Live.

Trakx News

• We just launched a new advanced feature in the trading app: you can now implement DCA / Auto-Invest directly on the website!
• The Trakx Referral Booster Program is live for one month only (until March 15).
• Trakx and Calci Patrimoine are hosting an exclusive training for CGPs & CIFs, in Paris on March 5, covering: the technical fundamentals of blockchain and crypto-assets, cryptocurrencies as diversification tools, and practical case studies. You can register here
• Lionel is attending the EtH Denver this week. If you are planning to be there please drop by and say hello.

Trakx CTIs Performance

Sources: Coingecko and AlphaVantage

*Return of bitcoin is calculated since 01/05/2020, while CTIs performances were calculated since their respective launch date.
**Includes simulated performance.
***The risk signal is determined according to the historical volatility level, the higher the riskier.

Trakx is a global fintech company creating new standards for digital asset investments. Through our trading platform, we offer thematic Crypto Tradable Indices (CTIs) and customised solutions, providing sophisticated investors with a high degree of compliance, custody and liquidity.

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Disclaimers: No Investment Advice. Index returns and statistics are for illustration only. Index returns do not reflect any transaction costs or expenses. Past performance does not guarantee future results. The information provided in this newsletter does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the newsletter content as such. Trakx.io does not recommend that any cryptocurrency should be bought, sold, or held by you. Readers shall conduct their own due diligence and consult their financial advisors before making any investment decisions.