Preface

This report summarizes a series of important events in the blockchain and cryptocurrency field from March 7, 2025 to March 13, 2025, including Google's security company confirming the Bybit security incident related to North Korean hacker TraderTraitor; Movement submitting the MOVE ETF application; Solana's SIMD-228 upgrade plan being approved; the frequency of blockchain-related terms mentioned in SEC filings hitting a historical high in February; and Virtuals Protocol announcing the launch of the multi-agent framework ACP. These events not only demonstrate the activity of the encryption market, but also imply future development trends.

Summary

• Investigation into Bybit security incident, confirming connection with North Korean hacker TraderTraitor
• Movement submits MOVE ETF application, mainnet Beta launch to drive ecosystem growth
• Solana's SIMD-228 upgrade proposal has been approved
• The frequency of blockchain-related terms mentioned in SEC documents has reached a record high.
• Virtuals Protocol announces the launch of the multi-agent framework ACP

Key focus event

3/7 Safe{Wallet} investigation into Bybit security incident confirms connection with North Korean hacker TraderTraitor

Multisig wallet Safe{Wallet} disclosed that it is collaborating with Mandiant, a cybersecurity company under Google Cloud, to conduct a forensic investigation to analyze the security incident that occurred on February 21. The investigation results indicate that the incident was a highly sophisticated, state-sponsored attack, and confirm that the FBI attributes this attack to the TraderTraitor group, tracked by Mandiant as UNC4899, which has previously orchestrated multiple cryptocurrency theft cases.

This attack involved the intrusion into the laptop (Developer1) of the Safe{Wallet} developer and hijacking of the AWS session token to bypass multi-factor authentication (MFA) controls. The developer is one of the very few with high access privileges. The attackers attempted to gain access to the Safe{Wallet} server using the infected workstation. The investigation is ongoing to further analyze the specific activity path of the attackers.

The Safe{Wallet} team has implemented significantly enhanced security measures to strengthen infrastructure security, far exceeding the security protection level before the incident. At the same time, Safe's smart contracts were not affected by this incident, ensuring the safety of user funds. In addition, BlockSec has launched the Safe{Wallet} dynamic security protection solution, providing real-time transaction monitoring, risk analysis, and automatic security response to further enhance wallet security and prevent similar attack risks.

3/11 Movement submitted MOVE ETF application, mainnet Beta launched to drive ecosystem growth

Movement Foundation announces that REX-Osprey™ has submitted an application for the MOVE ETF. REX-Osprey™ is a fund series jointly launched by REX Shares and Osprey Funds, aiming to provide investors with innovative Exchange-Traded Products (ETPs). If the ETF application is approved, this will be the first fund to provide Movement asset exposure through traditional financial channels. This move lowers the investment threshold, allowing investors to easily invest in Movement through brokerage accounts and retirement investment tools without the need to directly manage the complexity of tokens, thus attracting more traditional funds into the ecosystem.

At the same time, the Movement mainnet Beta version officially launched, achieving a total lock-up value (TVL) of 250 million US dollars at launch through the Cornucopia plan. This not only demonstrates the project's technical maturity and practical application capabilities, but also enhances market confidence through high TVL, laying a solid foundation for ecosystem development. With the advancement of ETF applications, the release of the mainnet Beta version, and accelerated fund inflows, the Movement ecosystem is ushering in broader adoption and stronger market competitiveness.

The SIMD-228 upgrade proposal for Solana on 3/12 was approved

The SIMD-228 upgrade proposal for Solana has reached the required number of votes, with 71.85% of people voting in favor. The proposal can reduce the SOL inflation rate by 80%. The voting will continue until the end of epoch-755 and has now passed. The core purpose of the SIMD-228 upgrade proposal is to link the inflation rate of SOL with the staking rate. The specific mechanism is as follows: when the staking rate is less than 50%, the inflation rate will correspondingly increase; whereas when the staking rate exceeds 50%, the inflation rate will decrease. This mechanism is very simple, setting a staking rate target considered to be the optimal level of network security, with any deviation from this target resulting in punishment or reward. The passing of the SIMD-228 proposal signifies a significant innovation for Solana in terms of token economic model and network governance. By dynamically adjusting the relationship between inflation rate and staking rate, Solana has not only enhanced network security and decentralization, but also laid a solid foundation for the long-term sustainable development of the ecosystem.

The frequency of blockchain-related terms mentioned in the 3/13 SEC documents set a new record in February.

The terms related to blockchain in the U.S. Securities and Exchange Commission (SEC) filings reached a record high in February, with over 5,000 mentions in the EDGAR database, showing a continuous upward trend since mid-2023. This growth is consistent with a significant shift in the SEC's regulatory attitude towards the encryption industry. Since the presidential transition in January, Acting Chairman Mark Uyeda took office, and the SEC has terminated multiple investigations into companies such as Uniswap, Coinbase, Yuga Labs, Kraken, and Gemini, marking an adjustment away from the 'enforcement supervision' strategy during the tenure of former Chairman Gary Gensler.

The increase in the number of mentions of blockchain-related terms in SEC filings and the change in regulatory attitudes have had a variety of positive impacts on the encryption industry, including reduced regulatory pressure, enhanced market confidence, increased innovation space, etc., while also providing an opportunity for the adjustment and improvement of regulatory policies, helping to promote further development of the global encryption industry.

3/13 Virtuals Protocol announced the launch of a multi-agent framework ACP

Virtuals Protocol officially launched its innovative multi-agent framework ACP (Agent Commercial Protocol), which aims to achieve seamless collaboration between AI Agents through efficient simulation of human trading and natural interaction patterns. This technological breakthrough will fundamentally change the way AI agents collaborate, enabling them to autonomously make decisions, negotiate, and perform tasks in complex environments like humans. Virtuals Protocol is redefining the boundaries of AI and blockchain integration, injecting new possibilities into the decentralized future.

Summary

This week (March 7 to March 13, 2025), there have been several important events in the blockchain and encryption field. Among them, Safe{Wallet} collaborated with Google Cloud's cybersecurity company Mandiant to investigate the security incident involving Bybit, confirming its connection to North Korean hacker TraderTraitor. Movement Foundation announced that REX-Osprey™ has submitted an application for MOVE ETF. Solana's SIMD-228 upgrade proposal has been approved. The use of blockchain-related terms in the U.S. Securities and Exchange Commission (SEC) filings reached a historic high in February. Virtuals Protocol officially launched its innovative multi-agent framework ACP (Agent Commerce Protocol), which aims to achieve seamless cooperation among AI Agents through simulating human trading efficiency and natural interaction patterns. These events highlight the challenges and opportunities in security management, technological upgrades, and regulatory compliance in the industry.

Reference materials:

1. X,https://x.com/safe/status/1897663514975649938
2. encryption,https://www.blocksec.com/safe-wallet-monitor
3. SEC,https://www.sec.gov/Archives/edgar/data/1771146/000199937125002521/rexosprey-485apos_031025.htm#ospreymove485aposa001
4. X,https://x.com/SolanaFloor/status/1899536539782386171
5. TheBlock,https://www.theblock.co/post/345494/sec-filings-containing-blockchain-terms-hits-all-time-high-in-february?utm_source=browser&utm_medium=chrome&utm_campaign=notification
6. X,https://x.com/virtuals_io/status/1899838132343972019

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