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gate Research Institute: Web3 Events and encryption Technology Development Progress (2025.3.7-2025.3.13)
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 is related to North Korean hacker TraderTraitor; Movement submitting the MOVE ETF application; Solana's SIMD-228 upgrade plan receiving approval; the frequency of blockchain-related terms mentioned in SEC filings hitting a historic high in February; and Virtuals Protocol announcing the launch of the multi-agent framework ACP. These events not only demonstrate the activity of the crypto market, but also imply future development trends.
Summary
Focus Events
3/7 Safe{Wallet} investigation into Bybit security incident confirms connection with North Korean hacker TraderTraitor
Multi-signature wallet Safe{Wallet} disclosed that it has partnered with Google Cloud's cybersecurity company Mandiant to conduct a forensic investigation, in-depth analysis of the security incident that occurred on February 21. The investigation results indicate that the incident was a highly complex, state-sponsored attack, and confirm that the FBI attributed the attack to the TraderTraitor organization, which Mandiant tracked as UNC4899, and has previously planned multiple cryptocurrency theft cases.
This attack involved compromising the notebook computer of Safe{Wallet} developer (Developer1) and hijacking the AWS session token to bypass multi-factor authentication (MFA) controls. The developer is one of the very few individuals with high access privileges. Attackers attempted to gain access to the Safe{Wallet} server using the infected workstation. The investigation is ongoing to further analyze the attackers' specific activities and pathways.
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 scheme, providing real-time transaction monitoring, risk analysis, and automatic security response, further enhancing wallet security and preventing similar attack risks. [1][2]
3/11 Movement submitted MOVE ETF application, mainnet Beta launch drives ecosystem growth
Movement Foundation announced 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, it will be the first fund to provide Movement 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 directly managing token operations, thereby attracting more traditional funds into the ecosystem.
At the same time, the Movement mainnet Beta version was officially launched, achieving a total locked value (TVL) of 2.5 billion 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 a high TVL, laying a solid foundation for ecosystem development. With the advancement of ETF applications, the release of the mainnet Beta version, and accelerated capital inflows, the Movement ecosystem is ushering in broader adoption and stronger market competitiveness.
The upgrade plan of SIMD-228 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. This proposal can reduce the inflation rate of SOL by 80%. The voting will continue until the end of epoch-755 and has now been approved. 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 below 50%, the inflation rate will correspondingly increase; while when the staking rate exceeds 50%, the inflation rate will decrease. This mechanism is very simple, setting a staking rate target considered the optimal level of network security. Any behavior deviating from this target will be punished or rewarded. The approval of the SIMD-228 proposal marks a significant innovation for Solana in token economic models 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 reached a record high in February
The terms related to blockchain in the U.S. Securities and Exchange Commission (SEC) documents reached a historic high in February, with over 5,000 mentions recorded in the EDGAR database, showing a continuous upward trend since mid-2023. This growth is consistent with a significant shift in the SEC's attitude towards regulating the crypto industry. Since the turnover of the presidency in January, Acting Chairman Mark Uyeda took office, and the SEC has terminated multiple investigations against companies such as Uniswap, Coinbase, Yuga Labs, Kraken, and Gemini, marking an adjustment different from the 'enforcement supervision' strategy during former Chairman Gary Gensler's tenure.
The increase in the number of mentions of blockchain-related terms in SEC documents and the change in regulatory attitude have had a positive impact on the development of the encryption industry in many aspects, including reduced regulatory pressure, enhanced market confidence, increased innovation space, and also provided an opportunity for the adjustment and improvement of regulatory policies, which helps to promote the further development of the global encryption industry. [5]
3/13 Virtuals Protocol announced the launch of the multi-agent framework ACP
Virtuals Protocol officially launches its innovative multi-agent framework ACP (Agent Commercial Protocol), which aims to achieve seamless collaboration between AI Agents through the efficiency of simulating human trading and natural interaction patterns. This technological breakthrough will completely 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 cryptocurrency field. Among them, Safe{Wallet} collaborated with Google Cloud's cybersecurity company Mandiant to investigate the security incident at Bybit, confirming its connection to North Korean hacker TraderTraitor. The Movement Foundation announced that REX-Osprey™ has submitted an application for the MOVE ETF. Solana's SIMD-228 upgrade proposal has been approved. The use of blockchain-related terms in documents filed by the U.S. Securities and Exchange Commission (SEC) reached a historic high in February. Virtuals Protocol officially launched its innovative multi-agent framework ACP (Agent Commercial Protocol), which aims to achieve seamless collaboration between 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 within the industry.
Reference:
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