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CZ criticizes Safe’s Bybit hack investigation Binance co-founder Changpeng Zhao (CZ) outlined via X that while he usually doesn’t criticize other industry players, he’s unhappy with the outcome of Safe’s investigation into the Bybit hack. CZ suggests that it vague language was used, leaving more questions than answers. In summary, he raised the following points: 1. What exactly was the Safe {Wallet}developer device compromise? Was the hack a social engineering attack or malware? 2. How did the developer device gain access to the Bybit-operated account? 3. How did the hackers spoof the Ledger verification process? Was it a blind signature issue or a lack of verification? 4. Was the wallet holding $1.4 billion  the largest to be managed using Safe? Why didn’t the attackers target other wallets? 5. What lessons can other self-custody multisig wallet providers and users learn from this incident?

CZ criticizes Safe’s Bybit hack investigation Binance co-founder Changpeng Zhao (CZ) outlined via X that while he usually doesn’t criticize other industry players, he’s unhappy with the outcome of Safe’s investigation into the Bybit hack. CZ suggests that vague language was used, leaving more questions than answers. In summary, he raised the following points: 1. What exactly was the Safe {Wallet}developer device compromise? Was the hack a social engineering attack or malware? 2. How did the developer device gain access to the Bybit-operated account? 3. How did the hackers spoof the Ledger verification process? Was it a blind signature issue or a lack of verification? 4. Was the wallet holding $1.4 billion  the largest to be managed using Safe? Why didn’t the attackers target other wallets? 5. What lessons can other self-custody multisig wallet providers and users learn from this incident?

China is set to reveal its economic targets for 2025, following the rising economic uncertainty supposedly caused by trade war threats from US President Donald Trump. The annual meeting of the National People’s Congress (NPC) will begin on March 5 in Beijing, where Premier Li Qiang will deliver the Government Work Report. According to a Tuesday Bloomberg update, the closely watched document will list the Asian country’s economic goals, including targets for GDP growth, inflation, employment, and the fiscal deficit. Economists expect the Chinese government to focus on strengthening domestic demand, expanding social support measures, and ensuring stability in the labor market. Yet, Beijing’s economic roadmap may soon be overshadowed by a wave of US trade sanctions, with multiple investigations into China’s trade practices set to reach Trump’s desk on April 1. Beijing economic goals predictions for 2025 China’s inflation data, which came out before the NPC meeting, shows that the consumer price index rose from 0.1% in Dec to 0.5% in Jan 2025. This was higher than the 0.4% that the market had expected. Food prices, which had been in decline at the end of 2024, rebounded in January, with pork prices rising 13.8% year-over-year and fresh vegetables seeing a 2.4% increase. Increases in healthcare, education, and housing costs caused non-food commodities to rise. China’s economic policymakers are expected to set a GDP growth target of around 5%, though some analysts anticipate a range of 4.5% to 5%. Inflation targets are also likely to be revised, with economists from Citigroup predicting that the consumer price index (CPI) goal will be lowered from 3% to 2%. Fiscal policy is forecasted to take a more expansionary approach, with HSBC economists forecasting a broad-based fiscal deficit of 9.1% of GDP, an increase that exudes a more aggressive stimulus plan. In the labor market, the government is expected to set a goal of at least 12 million new urban jobs, aligning with the number of college graduates entering the workforce this year. Spending priorities will likely focus on domestic consumption and industrial upgrades. UBS analysts anticipate an expanded trade-in program for consumer goods, increased corporate investment in equipment, and large-scale infrastructure projects. Beijing could consider providing capital injections for banks to facilitate debt restructuring for local government financing vehicles and offering subsidies to families with young children. In turn, pensions for retirees may also see an increase. Per sources familiar with the matter, cited by Bloomberg, these economic targets and policies have been formulated behind closed doors over several months and are largely insulated from external pressures. They will be tested by the potential escalation of US trade tensions in the weeks following the NPC meeting. US trade tensions loom over policy plans China’s policymakers are indeed seeking to stabilize economic growth, but they must also contend with the threat of President Trump’s sanctions. The Trump administration is reportedly working on new trade restrictions to limit China’s technological advancements. The US government wants to introduce tougher semiconductor export controls and efforts to push key US allies, such as Japan and the Netherlands, to tighten restrictions on China’s access to advanced chip-making technology. Recent meetings between Trump officials and their Japanese and Dutch counterparts have explored ways to restrict engineers from Tokyo Electron Ltd. and ASML Holding NV from servicing semiconductor manufacturing equipment in China. The discussions suggest Washington is headstrong on restricting Beijing’s ability to develop its chip industry, efforts that began under the Biden administration. US officials could also consider adding new sanctions on several types of Nvidia chips that can be exported to China without a license. There are also early-stage talks about imposing stricter limits on the number of AI chips that can be shipped globally without the American government’s approval. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

Fluence is urging cryptocurrency firms and industry players to commit to using decentralized physical infrastructure network solutions through the DePIN Pledge, backed by major organizations including IoTeX, Polygon, Helium, and Consensys. The cloudless computing platform Fluence is using the initiative to encourage cryptocurrency firms and projects to publicly commit to decentralized infrastructure, aiming to build more transparent and resilient ecosystems. Fluence believes that as the web3 and cryptocurrency space continues to evolve, maintaining decentralization has become more critical than ever. More often than not, decentralization has remained an ideal rather than a reality in the web3 ecosystem. The emergence of cloud hyperscalers and artificial intelligence computing has led many projects to rely on centralized infrastructure, straying from their original decentralized principles. According to a press release received by crypto.news, firms that commit to the pledge will be listed in a public directory on the DePIN Pledge website. This allows traders and users to browse and support companies that actively champion decentralization through their technology and infrastructure. Additionally, projects and firms that commit to the pledge will receive a manifesto and a DePIN Pledge NFT. The NFT is auditable on the Ethereum ( ETH ) blockchain and symbolizes their dedication to decentralization. The NFT can be displayed across platforms and social media channels. Aside from Fluence, this initiative is supported by major crypto firms such as Infura, Consensys , IoTeX, Infura, Outlier Ventures, Polygon, Helium , and Blockscout. Co-Founder & CEO of Fluence, Tom Trowbridge, expressed his excitement over the pledge, specifically their efforts to highlight businesses that are using DePIN to improve their operations. “We are at the very beginning of DePIN adoption and over the coming years we expect to see a wide range of DePIN products and services used by all kinds of projects and companies,” said Trowbridge. An example of decentralized technology adoption is Consensys and Infura’s collaboration in building the decentralized infrastructure network, which has been handling requests across multiple blockchains. Clemens Wan, global solutions architect at Consensys, emphasized that DIN is dedicated to delivering high-performance web3 infrastructure through permissionless and decentralized mechanisms. He noted that the DePIN Pledge aligns with DIN’s vision of ensuring that web3’s foundation remains decentralized. “We support the DePIN manifesto because the promise of Web3 cannot be fully realized until the core infrastructure services the industry relies on mirror the values we all stand for,” said Wan.

Pump.fun regained control of its X account after a brief takeover by unknown attackers. Hackers briefly accessed the X page of the Solana meme launchpad, using the platform to promote scam meme tokens in a series of posts. Renowned blockchain investigator ZachXBT was the first to warn users about the breach, advising traders not to click any links or trade the meme tokens posted by the attackers. In one of the now-deleted posts, the hackers attempted to deceive investors into purchasing a fake Pump.fun governance token. The platform does not have a native token and only facilitates the quick creation of Solana-based cryptocurrencies. Pump.fun had fully regained control of its X account by the time of publication. It remains unclear if meme traders suffered any losses from the incident. This wasn’t the first social media hack orchestrated by the same bad actors, ZachXBT noted on his official Telegram channel. “The PumpDotFun X account compromise is directly connected on-chain to the Jupiter DAO Feb 2025 & DogWifCoin Nov 2024 X account compromises.” ZachXBT wrote. Several X accounts have been hijacked in recent months. Attackers typically take control of popular accounts, post fraudulent contract addresses, and attempt to steal funds from unsuspecting users. “It is likely not the fault of either the Pump Fun or Jupiter teams,” ZachXBT noted . According to the blockchain investigator, it’s likely a “ threat actor is social engineering employees at X with fraudulent documents/emails or a panel is being exploited.”