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Stacks’ sBTC token sees increasing adoption

Stacks, the leading Bitcoin ( BTC ) Layer-2 ( L2 ) network for BTC-oriented decentralized finance ( DeFi ), has announced that its sBTC token has been adopted by a number of institutional clients, as detailed to Finbold on Thursday, February 27. sBTC’s next major milestone will be the launch of its withdrawal functionality, which is scheduled for March 2025. sBTC adoption As a decentralized, Bitcoin-backed, programmable asset, sBTC is designed to bring additional flexibility to the BTC ecosystem. Early sBTC adopters included UTXO, SNZ, Jump Crypto, Sypher Capital, and Asymmetric Research, all part of the initial deposit cap. The rapid demand for sBTC soon led to a second cap raise, tripling the deposit capacity. Fully subscribed within just 24 hours, the second cap signaled a surge in interest among all kinds of investors, most notably Zest Protocol, which has so far accumulated nearly 40% of the total sBTC in circulation. The growing demand for tokenized Bitcoin assets The demand for tokenized Bitcoin assets continues to grow as more and more Bitcoin holders realize that L2 networks like Stacks can offer both innovative solutions and core security of Bitcoin. According to the Bitcoin Builders Association, tokenized Bitcoin has reached 1.67% of the current BTC supply, statistics not matched since October 2022. What sets sBTC apart from other tokenized assets is its versatility, that is, its ability to enable flexible smart contracts and transactions without compromising the security and immutability characteristic of “digital gold.” The rise of Bitcoin Layer 2 solutions L2 BTC has been one of the most significant trends in the cryptocurrency space over the past year. Data published by DeFiLlama suggest that the total value locked (TVL) in Bitcoin L2 networks has increased by over 460% (from ~$500 million in 2024 to ~$2.8 billion in February 2025). This surge reflects the increasing demand for L2 solutions that enable greater BTC functionality. Given how close sBTC is to Bitcoin, and given its adoption by some of the most influential players in the industry, including ecosystems like Solana ( SOL ) and Aptos ( APT ), sBTC could become a key to ensuring the demand for Bitcoin assets remains steady. The post Stacks’ sBTC token sees increasing adoption appeared first on Finbold . Crypto Potato

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China’s underground networks were ready for Bybit incident, analysts say

The quick laundering of over $400 million from Bybit’s hack suggests North Korea may have expanded its operations, analysts say. Over $400 million from Bybit ‘s $1.46 billion incident was laundered in just days, with analysts at blockchain forensic firm TRM Labs now raising serious concerns that North Korea may have expanded its laundering operations. In a Feb. 27 blog post , the analysts pointed out that Bybit’s attackers moved nearly half a billion in less than a week, using intermediary wallets, crypto swaps, decentralized exchanges, and cross-chain bridges to hide the trail. “This rapid laundering suggests that North Korea has either expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to absorb and process illicit funds.” TRM Labs You might also like: ‘Blind signing is an issue, but not the prime suspect’ expert says on Bybit $1.4b saga The analysts note that North Korean hackers typically use crypto mixers to hide stolen funds before cashing out. But the scale of the Bybit incident has forced them to adopt new methods. Instead of mixers, they are now using multiple wallets and decentralized platforms to obscure the money trail. Initially, some stolen Ethereum was sent through BNB Chain and Solana . Now, most of it has been sent to the Bitcoin network. Despite the quick laundering, much of the Bitcoin remains untouched, suggesting the attackers are preparing for large-scale liquidation through OTC networks, the analysts suggest. Bybit lost $1.46 billion in a multi-stage attack, which security experts link to Safe Wallet. The attackers reportedly compromised a Safe{Wallet} developer’s device, tricking Bybit’s Safe wallet owner into signing a malicious transaction. Read more: Crypto mixers were allegedly used to launder funds stolen from Bybit and Infini. Will pro-Bitcoin countries ban crypto mixers? Crypto Potato