Release Date: February 24, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has shown a significant divergence across multiple dimensions. The mainstream topics focus on the expectations surrounding insider trading investigations and trust disputes triggered by politically related projects; on the ecological level, the Solana ecosystem is experiencing project clearing and public opinion pressure, while the Perp DEX track is pushing forward with new testing and financing expansion, yet also facing renewed scrutiny of the "super app" narrative.

1. Mainstream Topics

1. ZachXBT Announces Major Investigation, Pointing to One of the "Most Profitable Businesses" in the Crypto Industry

Well-known blockchain investigator ZachXBT posted on February 23, announcing that a major investigation will be released on February 26, pointing to one of the "most profitable businesses" in the crypto industry. He emphasized that the investigation involves multiple employees abusing internal data for insider trading over a long period, constituting systematic and continuous violations. Although specific targets have not been disclosed, the three keywords "multiple employees involved, long-term operation, internal data abuse" have already triggered high market awareness.

Speculation about the investigation targets quickly spread, with discussions mainly focusing on projects like Polymarket, WLFI, and Pump.fun, Bonk, Hyperliquid. Among them, Polymarket is considered one of the most direct suspects due to its prediction market attributes, where employees may have access to resolution or order flow data, along with ZachXBT's recent investigation into its "fake betting" incident. Meanwhile, WLFI has frequently been mentioned due to its connections with the Trump family and the timing overlap of posts deleted by Eric Trump.

The community discussions heated up rapidly. Some users joked that "99% of crypto companies are now self-checking security issues," while others bluntly stated that "the insider trading of Trump family projects has long been no secret." Ironically, Polymarket even launched a prediction market on "who ZachXBT's investigation targets are," but did not include itself as an option, provoking considerable mockery. Related topics garnered tens of thousands of retweets and replies, making it one of the most discussed topics of the day.

2. Eric Trump Deletes Numerous Posts, WLFI Claims Co-founder's Account Was Attacked

Recently, Eric Trump (Trump's second son) was found to have deleted many tweets related to WLFI and its stablecoin USD1, a move that quickly attracted market attention and speculation. In response, WLFI's official statement claimed that they had encountered a "coordinated attack" that day, with several co-founders' X accounts being hacked, where attackers hired KOLs to spread FUD while simultaneously shorting $WLFI on a large scale.

WLFI stressed that the incident involved only social media accounts, with smart contracts and funds wallets not being affected, and USD1 still maintaining its 1:1 peg, stabilizing shortly thereafter. The official later clarified that the issue was limited to account hacking and not related to protocol or asset security risks.

However, community sentiment did not calm as a result. Many screenshots showing Eric Trump's deletion records circulated, with some users commenting "this looks like Luna 2.0" and "the Trump family is clearing out again." Doubt dominated the conversation, with inquiries about "if it was just an attack, why would Eric delete posts at the same time," and some pointed directly at the upcoming ZachXBT investigation, speculating that WLFI might be the target.

Supporters argued that USD1's quick stabilization itself underscores the mechanism's effectiveness, indicating that FUD did not work; opponents continued to criticize the Trump family's projects for long-standing manipulation and insider behaviors, from $TRUMP to $WLFI, always oriented toward "harvesting." Overall, public opinion clearly leaned negative, strongly interlinked with the ZachXBT investigation.

3. Anthropic Accuses Chinese AI Labs of Distilling Models, Security Stocks Plummet

Recently, Anthropic publicly accused Chinese AI labs, such as DeepSeek, Moonshot AI, and MiniMax, of conducting "industrial-grade distillation" on the Claude model using approximately 24,000 fake accounts and over 16 million interactions, while removing original security mechanisms for training their own models. This accusation rapidly attracted high attention from the global AI community and capital markets.

Almost simultaneously, Anthropic released Claude Code Security, an automated code vulnerability scanning tool. Following this, the digital security sector in US stocks experienced drastic volatility, with a total market value evaporating by more than $52.6 billion within two days. CrowdStrike's stock dropped by about 20%, resulting in a loss of $19.6 billion in market value; Palo Alto fell by 8.9%, losing approximately $11.7 billion; Cloudflare decreased by 18.5%, evaporating around $11.2 billion. Subsequently, IBM dropped 13% in a single day due to Claude's ability to handle legacy code like COBOL, resulting in a loss of about $30 billion in market value.

Market discussions quickly rose to the level of an "AI Cold War," with some viewpoints claiming that Chinese open-source models are essentially distilled versions of Claude, while others sarcastically responded, "You train models using the internet, and we train using your models." Meanwhile, many voices suggested that the market response was clearly excessive, pointing out that Claude Code Security is merely a code scanning tool and cannot replace a complete security product system, yet it triggered panic selling.

Some people also pointed out the irony of the situation. Anthropic itself relies heavily on vast data to train its models, yet while accusing others of "stealing achievements," is simultaneously negotiating with the Pentagon regarding military restrictions. Multiple narratives are intertwined, causing this incident to ferment on technological, capital, and geopolitical levels simultaneously.

4. WLFI Maldives Project and "Gaza Stablecoin" Trigger a New Round of Controversies

Recently, Eric Trump (Trump's second son) stated that the Trump Organization would cooperate with WLFI to develop a tokenized luxury resort project in the Maldives, planning to include around 100 beachfront and water villas, promoting a model that combines "physical assets with digital assets." This news rapidly sparked discussions within the crypto community.

At the same time, Deltaone reported that Trump's so-called "Peace Committee" is discussing the issuance of a dollar stablecoin for Gaza, aimed at post-war economic reconstruction and restricting funding flow to Hamas through digital means. This plan is led by Israeli technical advisors and envisions collaboration with a new bureaucratic government in Gaza.

The market response has been generally negative. The Maldives project is viewed by some as another attempt by the Trump family in the RWA direction, but more discussions link it with WLFI's current deletion and security controversies, questioning "another beautifully packaged harvesting narrative." As for the notion of the "Gaza stablecoin," it has faced widespread criticism as the "most outrageous crypto headline," with some stating that "achieving peace through stablecoins is essentially control rather than peace."

In the current public opinion environment, these two news items have not acted to boost sentiment; rather, they further reinforce the negative impression that "the Trump family views crypto as an ATM."

5. Crypto.com Approved to Become a Nationwide Crypto Trust Bank in the US

Crypto.com has recently received conditional approval from the US Office of the Comptroller of the Currency to become a nationwide crypto trust bank, joining institutions like Ripple, Circle, Paxos, and Fidelity. Previously, BitGo had received full approval. This also marks the first crypto exchange to gain such qualifications.

With this license, Crypto.com will be able to offer custodial, settlement, and other bank-level services under a regulated framework, seen as a significant step towards further integration of the crypto industry into the traditional financial system. The mainstream view is that this means channels for institutional funds to enter the crypto market are gradually opening up, which will create long-term benefits for stablecoins and compliant custodial businesses.

However, there are cautious voices. Some users pointed out that "conditional approval" means that strict requirements such as capital adequacy ratios, anti-money laundering, and compliance operations still need to be met, making actual implementation thresholds not low. Others jokingly questioned the transparency of regulation, even linking it to the recent WLFI controversy.

Overall, the market sentiment around this news is generally positive, but under the pressure of high-intensity topics like the ZachXBT investigation, WLFI storm, and AI Cold War, the discussion heat has clearly been diverted.

2. Mainstream Ecological Dynamics

1. Solana

The Solana ecosystem has recently experienced a significant contraction. On February 23, Step Finance announced that it would fully cease operations for Step Finance, SolanaFloor, and Remora Markets. Previously, the company had suffered a hack at the end of January and attempted to seek financing and find acquisition partners but ultimately failed to reach a feasible plan. The team stated that they would initiate a buyback for STEP holders based on a snapshot taken before the incident and provide a 1:1 redemption process for Remora's rToken holders.

At the same time, SolanaFloor's social media accounts stopped updating, and the existing website, videos, and newsletter have all been archived permanently. The community expressed general regret, stating that "an era has ended." Solana Sensei publicly expressed willingness to finance the formation of a team to take over and continue operating the SolanaFloor account. Project teams like DeFi Dev Corp also posted expressing willingness to discuss acquisition or continuation plans, attempting to preserve ecological memory.

In terms of public opinion, in the betting market about "ZachXBT's forthcoming revelation of insider trading targets" on Polymarket, Meteora ranked first in probability, with all top three being Solana ecosystem projects. This result further placed Solana at the center of public discourse, adding greater attention on the ecosystem amid an already tumultuous backdrop.

2. Perp DEX

The perpetual contract project Perpl of the Monad ecosystem announced that it would begin private beta testing tomorrow, with the community entering a testing anticipation phase, showing a clear increase in discussion atmosphere.

Meanwhile, the Based platform announced it has completed $11.5 million in financing, led by Pantera Capital, with follow-up investments from Coinbase Ventures, Wintermute Ventures, and Karatage. The financing will be used to accelerate the construction of a chain-based SuperApp that integrates perpetual contracts, prediction markets, spot trading, and real-world consumption scenarios. The platform has already launched mobile and web versions, with total trading volume exceeding $39 billion.

The community generally congratulated the financing news, but cautious voices also emerged. Some users questioned whether "another SuperApp can truly break through" and expressed concern about whether VCs are using financing structures to acquire low-priced chips. Patience for the "omni-platform" narrative is being repeatedly tested.

3. Others

Robinhood CEO Vlad Tenev announced the launch of the Robinhood Ventures platform, allowing ordinary retail investors to participate directly in private equity trading without certification barriers or high minimum investment amounts, attempting to open a new model of "anyone can be a venture capitalist."

The community reaction has been clearly divided. Supporters believe this signifies true democratization of the private equity market, breaking the traditional venture capital monopoly on early projects. Critics bluntly state that this could become a channel for VCs to transfer liquidity risk to retail investors, pushing many projects lacking exit mechanisms onto individual small investors, claiming that "the traditional venture capital monopoly advantage is ending, but the risks have not disappeared."

Overall, this initiative is viewed as part of the restructuring of financial frameworks and has once again sparked discussions about transparency and risk distribution mechanisms in the private equity market.

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