According to Cointelegraph, U.S. President Donald Trump has proposed a plan to replace federal income taxes with tariffs, potentially saving the average American at least $134,809 over their lifetime. Research from accounting automation company Dancing Numbers suggests that these savings could increase to $325,561 per person if state-level wage-based income taxes are also eliminated. The states expected to benefit the most from this tax relief include New Jersey, New York, Connecticut, Illinois, and Massachusetts. Punit Jindal, founder of Dancing Numbers, indicated that Trump's plan might be preceded by a 20% 'DOGE Dividend' tax refund, which would provide immediate tax savings as a preliminary measure before a complete federal tax repeal. This initiative aims to offer minor tax relief and stimulate asset prices as investors reinvest their savings into the markets. Such tax cuts could also help counterbalance any potential increase in the cost of goods resulting from reciprocal trade tariffs and potential trade conflicts. President Trump initially proposed the idea of eliminating federal income tax in October 2024, suggesting that the revenue could be replaced by taxes on imported goods. During an appearance on the Joe Rogan Experience, Trump referenced the 19th-century U.S. economy, which was largely funded by tariffs before the establishment of permanent income taxes. In January 2025, Howard Lutnick, who was confirmed as commerce secretary in February 2025, supported the idea of replacing the Internal Revenue Service with an 'external revenue service.' Lutnick emphasized the historical success of tariffs in protecting American workers from unfair trade practices and criticized politicians for their fiscal management. The proposal has sparked discussions about its potential impact on the economy, with some experts suggesting that tax cuts could lead to increased market activity as individuals reinvest their savings. However, there are concerns about the possible rise in consumer goods prices due to trade tariffs, which could offset some of the benefits of the tax cuts. The plan remains a topic of debate as the administration considers its implementation and potential effects on the U.S. economy.

According to PANews, Web3 auditing firm Hacken, in collaboration with Bybit, has released an update on proof of reserves following a significant cyberattack that has heavily impacted the industry. Despite the attack, Bybit's reserves continue to exceed its liabilities. As the independent auditor for Bybit's proof of reserves, Hacken has confirmed that user funds remain fully supported. This indicates that Bybit possesses sufficient reserves to cover all user assets, maintaining its solvency while prioritizing security and transparency. In response, Bybit CEO Ben stated that Hacken's audit of their finances demonstrates their ability to compensate for customer losses using their own financial resources.

According to PANews, OpenSea CEO announced on Twitter that the U.S. Securities and Exchange Commission (SEC) is concluding its investigation into OpenSea. The CEO described this development as a victory for creators and builders in the field. He emphasized that categorizing NFTs as securities would be a setback, misinterpreting the law and hindering innovation.

Bybit has suffered the largest crypto exchange hack in history, losing over $1.4 billion in staked Ethereum and ERC-20 tokens. <p>The post Bybit Billion-Dollar Blind Spot: $1.4B Hack Shocks Crypto World first appeared on Ecoinimist.</p> source: https://ecoinimist.com/2025/02/22/bybit-billion-dollar-hack-shocks-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=bybit-billion-dollar-hack-shocks-crypto

According to Foresight News, Web3 auditing firm Hacken, in collaboration with Bybit, has released an update on proof of reserves following a significant cyber attack that has severely impacted the industry. Despite the attack, Bybit's reserves continue to exceed its liabilities. As Bybit's independent proof of reserves auditor, Hacken has confirmed that user funds remain fully backed. This indicates that Bybit has sufficient reserves to cover all user assets, maintaining solvency while prioritizing security and transparency. In response, Bybit CEO Ben stated that Hacken's audit of their finances demonstrates their ability to cover customer losses with their own financial resources.

According to BlockBeats, on February 22, Farside Investors reported notable net outflows from several major cryptocurrency funds. Grayscale's GBTC experienced a net outflow of $60.1 million, while Bitwise's BITB saw a net outflow of $16.6 million. Additionally, Fidelity's FBTC reported a net outflow of $12.5 million.

According to BlockBeats, on February 22, Bybit CEO Ben Zhou announced on social media that the company will transfer $2.95 billion USDT from cold wallets to hot wallets. Zhou emphasized that this is a planned strategy and not an unusual movement of funds.

Odaily Planet Daily News CZ responded to the question "Meme Season: Is it CZ's new clothes" on the X platform and said, "I tried meme. But I definitely can't be a real earth-rushing user. I never chase quick money. The mentality cannot be copied. You may not know that I have never been a standard user of CEX. I am a hodler. I am a blacksmith. I make tools. Not every blacksmith knows martial arts. Blacksmiths who don't know martial arts can sometimes polish out swords. Learning ing"

1. Bybit’s stolen assets account for about 15% of the total stolen amount in the cryptocurrency industry, with more than $10.6 billion stolen from the industry; 2. Bybit CEO: Hackers have been detected transferring BTC through Chainflip, and a cross-chain bridge bounty program is about to be launched; 3. ZachXBT: Bybit hackers have bridged 5,000 ETH to the BTC network through the mixer and Chainflip; 4. Bybit’s capital inflow in the past 12 hours exceeded $4 billion, covering all stolen capital losses; 5. ZachXBT: The Bybit hacking incident is related to the Phemex hacking incident, and the relevant addresses overlap; 6. Metalpha recharged 30,006 ETH to Binance four hours ago, equivalent to $80.48 million; 7. Chainflip: Try your best to prevent the flow of funds related to the Bybit theft, but cannot completely prevent, freeze or redirect any funds; 8. VINE rose above 0.04 USDT, 24H increase 30.96%; 9. mETH Protocol: cmETH withdrawals have been resumed, and user funds are not affected; 10. Chainflip: The screening mechanism at the ETH broker level is being strengthened to reject suspicious deposits; 11. Orderly Network: Mantle on-chain deposits have been reopened.

According to Odaily, ABCDE Co-Founder Du Jun announced on the X platform that he will deposit 10,000 ETH into Bybit and will not withdraw it for a month.

Bybit, the second-largest cryptocurrency exchange by volume, said it lost nearly $1.5 billion in Friday’s hack

On February 22, 2025, AB DAO officially announced that AB tokens will be listed on BingX exchange in the near future, and an official announcement will be issued after the launch.

Suspicious fund outflows were detected on Bybit, amounting to as much as US$1.46 billion.

On February 21, the White House issued a presidential memorandum entitled "'America First' Investment Policy."

Cryptocurrency exchange Bybit disclosed that its Ethereum multi-signature cold wallet was subject to unauthorized activity, resulting in the theft of nearly $1.5 billion in ETH and stETH assets.

CryptoQuant CEO Ki Young Ju tweeted that the coin season has begun.

Golden Finance launches the 2609th issue of "Golden Morning 8" - a morning report on the cryptocurrency and blockchain industry, providing you with the latest and fastest news on the digital currency and blockchain industry.

Investors unknowingly fell into the capital harvesting trap of "celebrity + Meteora + big truck".

Meme as a way of issuing assets is no longer friendly to ordinary people. Any asset issuance method, including Binance's vote for PI retro, has the heavy task of innovating the deep-rooted problems at its birth, but without any exception, they have all changed.

SBF has begun to move clearly toward the Republican Party, criticizing the Biden administration and may be seeking amnesty.