Solv Protocol Hacked of Approximately 38 SolvBTC, Equivalent to About $2.7 Million

2026-03-06 by admin

BlockBeats News, March 6th – According to an official announcement from Solv Protocol, a limited exploit occurred in a single BRO Vault, affecting a very small number of users (less than 10). The amount impacted is 38.0474 SolvBTC, approximately equivalent to $2.7 million. All other vaults and user funds remain secure and unaffected. Solv Protocol is actively investigating with security partners and has taken measures to prevent any recurrence of such incidents. Solv Protocol will cover the related losses for the affected users.

Additionally, the official team has sent a message to the hacker, offering a 10% white hat bounty if the funds are returned promptly.

PANews reported on March 7th that, according to the Wall Street Journal, prediction market platforms Kalshi and Polymarket are reportedly in talks with potential investors for a new round of funding, each targeting a valuation of approximately $20 billion. Sources familiar with the matter indicated that the two companies were valued at about half that level at the end of last year. As competition intensifies in the prediction market, both companies are accelerating their efforts to gain user growth and thereby drive these new funding negotiations.

BlockBeats news, March 7, stablecoin issuer Tether announced co-leading a $7.5 million funding round for startup Utexo. This round of investment also includes Big Brain Holdings, Portal Ventures, and Franklin Templeton.Utexo is developing infrastructure to enable USDT to settle directly on the Bitcoin network and support payments via the Lightning Network. The solution offers pre-confirmable fixed fees and utilizes Bitcoin network security for transactions through atomic and private settlement mechanisms.Paolo Ardoino stated that enabling native USDT settlement on Bitcoin and the Lightning Network will further strengthen Bitcoin's role as a global dollar transaction settlement network. Currently, USDT supply is approximately $1.84 trillion, making it the largest dollar stablecoin by market size.

BlockBeats news, March 7, CleanSpark, Cango, and BitFuFu disclosed operational data, stating that the three companies collectively produced approximately 1,250 Bitcoin in February 2026, valued at around $86 million at current prices.Among them, CleanSpark produced 568 BTC that month, the highest among the three companies, with a peak hash rate of about 50 EH/s, and sold 553 BTC, cashing in approximately $36.7 million; Cango produced 454.83 BTC that month, holding 3,313 BTC at the end of the period; BitFuFu produced 227 BTC that month, with 190 BTC coming from cloud mining customers.Meanwhile, multiple mining companies are accelerating the expansion of hash rate, power resources, and data center infrastructure into AI and high-performance computing (HPC) fields to seek more stable long-term revenue sources.

Vancouver Mayor Ken Sim’s push to make the city more Bitcoin-friendly has hit a much harder wall than market volatility: municipal law. A city staff report set to go before Vancouver City Council on March 10 recommends closing the motion tied to the mayor’s 2024 “Bitcoin Friendly City” proposal after concluding that Bitcoin is not an allowable investment asset for the city under the Vancouver Charter. That finding sharply narrows what the city can realistically do with crypto, even after months of political attention around the idea. The result is a reminder that, for all the momentum Bitcoin has built in markets and institutional portfolios, public-sector adoption still depends on something more basic than bullish sentiment. It depends on whether local governments are actually allowed to hold it. What Vancouver originally wanted to explore The political story started in December 2024, when Sim introduced a motion asking staff to study how Vancouver could become a “Bitcoin Friendly City.” The motion did not just talk about symbolic support. It explicitly asked staff to look at options such as accepting taxes and fees in Bitcoin and exploring whether a portion of the city’s financial reserves could be converted into BTC as a way to preserve purchasing power. At the time, the proposal tapped into a familiar Bitcoin argument: that holding part of a treasury in BTC could serve as a hedge against currency debasement and inflation. That idea has already been embraced, at least in part, by some corporations and by a small number of public officials elsewhere. But what works as a talking point does not always survive a legal review once public money is involved. Why the proposal was blocked The key issue was not whether Bitcoin has long-term upside. It was whether the city is legally allowed to buy it at all. In the March 10 staff report, city officials say they have “conclusively determined” that under the Vancouver Charter, Bitcoin is not an allowable investment asset for the city, and they recommend that the work be concluded. That line matters because it turns the issue from a policy debate into a statutory one. If the asset is not allowed under the charter, the city does not have much room to improvise around it. The legal constraint is not hard to trace. Section 201 of the Vancouver Charter sets out the categories in which the city may invest money not immediately required. The list includes instruments such as securities of Canada or a province, guaranteed securities, and certain municipal or regional district securities. Bitcoin is nowhere on that list. More broadly, British Columbia’s municipal investment framework points in the same direction. Section 183 of the Community Charter also limits what municipalities may invest in, again focusing on traditional government and related securities rather than cryptocurrencies. What this says about public-sector Bitcoin adoption The Vancouver case is a useful reality check for the broader crypto market. Bitcoin’s legitimacy has expanded quickly in parts of finance, especially after spot ETF adoption in the U.S. and rising institutional participation. But municipalities do not operate like hedge funds, family offices or even public companies. Their money is usually governed by statutes written to prioritize liquidity, stability and capital preservation over upside. That makes city-level Bitcoin reserve ideas much harder to implement than they may sound on social media. Even where there is political support, local governments often have narrow legal mandates around what they can own, how they can invest, and what risks they are allowed to take with public funds. For crypto traders following the story on platforms like Tapbit, the headline may seem disappointing at first glance. But the deeper lesson is more structural: mainstream adoption does not move in one straight line. In some parts of the market, Bitcoin is being normalized. In others, especially government finance, the rulebooks still have not moved. Why the story still matters for the crypto market This is not a market-moving event in the same way as an ETF approval or a major exchange listing. But it does matter because it shows where the next bottleneck in adoption may be. Bitcoin no longer has to prove it can attract capital. It has to prove that institutions, pension frameworks, municipalities and public bodies can legally and operationally hold it. In Vancouver’s case, the political ambition was there, but the legal framework was not. That gap is likely to show up again in other cities and jurisdictions as more officials test whether Bitcoin can move from a reserve idea to an actual treasury asset. That is also why these stories tend to resonate beyond Canada. They are really about the difference between crypto acceptance in principle and crypto ownership in law. The first is becoming easier. The second is still highly uneven. Bitcoin-friendly branding is easier than Bitcoin reserves There is also a practical distinction buried in this story. It is one thing for a city to market itself as tech-forward, blockchain-friendly or open to digital-asset innovation. It is another thing entirely to convert part of the public balance sheet into Bitcoin. That second step triggers a much tougher standard. Once public reserves are involved, the discussion shifts away from innovation branding and toward statutory authority, fiduciary duty and financial risk controls. Vancouver’s review shows how quickly that transition can shut the door on a proposal that may have sounded plausible at the motion stage. For market participants, that distinction is worth remembering. Public officials may continue talking about Bitcoin as a modern treasury tool, but unless the legislation changes, many cities may find that their enthusiasm ends where the charter begins. The bigger takeaway Vancouver’s failed Bitcoin reserve push is less a rejection of Bitcoin than a reminder that law still sets the outer boundary for public adoption. The market can keep moving ahead. Retail traders can keep positioning. Institutional products can keep expanding. Users who want to stay close to day-to-day crypto moves can log in to Tapbit or register for an account to follow market developments as they unfold. But when it comes to city treasuries, bullish conviction is not enough. The asset has to fit the law. That is what happened in Vancouver. The city may have wanted to explore Bitcoin. The charter appears to have answered first. FAQ Why was Vancouver’s Bitcoin reserve proposal blocked? City staff concluded that Bitcoin is not an allowable investment asset under the Vancouver Charter, so the city does not have legal authority to hold it as part of municipal reserves. What did Mayor Ken Sim originally propose? Sim’s December 2024 motion asked staff to explore making Vancouver a “Bitcoin Friendly City,” including studying whether the city could accept taxes and fees in Bitcoin and convert part of its reserves into BTC. Did Vancouver officially buy Bitcoin? No. The proposal did not reach the stage where the city could buy Bitcoin, because staff concluded the idea is not permitted under the current legal framework. What law was central to the decision? The key law was Section 201 of the Vancouver Charter, which limits how the city may invest funds that are not immediately required. Why does this matter for crypto markets? It highlights a broader issue: Bitcoin adoption may be growing in private markets, but public-sector balance-sheet adoption still depends heavily on local laws and investment mandates. Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are highly volatile.

Ripple is pushing further into institutional market structure, this time by adding access to Coinbase Derivatives contracts to its broader trading network. According to the latest update, Ripple Prime clients can now access Coinbase-listed crypto futures, including contracts tied to bitcoin, ether, solana and XRP. On the surface, that may look like a product expansion. In practice, it says something bigger about where the market is heading: the next phase of crypto competition is no longer just about tokens or exchange volume, but about who can offer institutions a more complete trading stack. That matters because institutional crypto demand has become more infrastructure-driven than narrative-driven. Firms are paying closer attention to regulated access, clearing arrangements, collateral efficiency and execution quality. On platforms like Tapbit, traders may focus on real-time market opportunities, but at the institutional end of the market, the conversation is increasingly about how to connect liquidity, brokerage and risk management in a way that looks familiar to traditional finance. What Ripple is adding The new integration gives Ripple Prime clients access to Coinbase Derivatives contracts in the U.S. market, adding another regulated route for institutions that want exposure to crypto futures without stepping outside a more traditional trading framework. That point is easy to miss. This is not just about listing another product menu. It is about plugging regulated crypto futures into a larger institutional workflow. Coinbase Derivatives has been building out its U.S. futures business across a range of crypto products, while Nodal Clear serves as the clearing house behind those contracts. Once those rails are connected to a prime brokerage-style environment, the offering becomes much more relevant for funds, trading firms and other professional participants. Why this matters more than it looks The significance of this move comes from the plumbing, not the headline. Institutional markets rarely change because of one flashy launch. They change when access, clearing and execution start to line up in a way that reduces friction. Ripple has been trying to move deeper into that layer of the market. Last year, Reuters reported that Hidden Road, the prime broker Ripple agreed to buy, clears about $3 trillion annually across markets and serves more than 300 institutional clients. That scale matters because prime brokerage is where a lot of serious trading activity becomes operationally manageable. Add regulated futures access to that kind of setup, and Ripple is no longer just pitching a crypto product story. It is pitching infrastructure. For the broader market, that is part of a familiar trend. Crypto firms are increasingly trying to look less like standalone exchanges and more like full-service financial venues. That includes execution, custody, lending, collateral, clearing and regulated derivatives. Retail traders looking to stay active across fast-moving crypto markets can still use platforms such as Tapbit’s trading portal to track momentum and manage positions, but the institutional race is now shifting toward who owns more of the back-end stack. A bet on regulated crypto futures There is also a timing angle here. In the U.S., regulated crypto derivatives have become a more important part of the market conversation as institutions look for cleaner and more familiar ways to gain exposure. Coinbase has been steadily building out its derivatives business, and its materials describe Coinbase Derivatives as a CFTC-regulated futures exchange offering crypto-centric contracts across different sizes and asset classes. That matters because regulation is still one of the biggest dividing lines in crypto market access. For institutions, the difference between offshore leverage and U.S.-regulated futures is not cosmetic. It affects compliance, risk controls, reporting and internal approval. By connecting to Coinbase’s regulated contracts, Ripple is strengthening its pitch to firms that want crypto exposure without relying entirely on the offshore model that dominated earlier cycles. Why XRP is part of the story XRP’s inclusion also gives the move a Ripple-specific edge. Bitcoin and ether futures alone would already be meaningful, and adding solana reflects broader market demand, but XRP turns the rollout into more than a generic partnership headline. For Ripple, this helps reinforce the idea that its ecosystem is not only about payments or blockchain settlement anymore. It is increasingly trying to position itself as an institutional access layer across multiple parts of crypto finance. In that sense, offering XRP futures alongside other major contracts makes strategic sense. It keeps Ripple’s own asset inside the same institutional product frame as BTC, ETH and SOL rather than leaving it outside the main derivatives conversation. The bigger picture for the market What makes this development worth watching is that it reflects how crypto market structure is maturing. The industry is moving beyond the phase where growth depends only on new token launches or retail trading spikes. More of the competition is now happening around who controls the infrastructure that serious money uses. That includes access to futures, high-quality clearing, capital-efficient collateral, and relationships with institutional clients that already expect prime-broker-style services. In that environment, each new connection between regulated exchanges and institutional venues matters more than it would have a few years ago. For everyday market participants, that does not necessarily mean an immediate price reaction. It does mean the industry is continuing to build out the kind of structure that tends to matter more over time than any single headline. Users who want to stay close to daily crypto moves can create an account on Tapbit to follow market developments and trading opportunities as infrastructure trends like this filter through the broader ecosystem. Why this story matters now Ripple’s latest move is part of a larger reshaping of crypto market infrastructure. The companies that win the next cycle may not be the ones with the loudest branding, but the ones that make institutional participation easier, safer and more scalable. That is why adding Coinbase futures to Ripple’s institutional network matters. It is not just another partnership headline. It is another sign that the crypto industry is trying to rebuild itself around more durable rails — regulated products, institutional workflows and deeper links between execution and clearing. And in a market that increasingly wants to be taken seriously by traditional finance, that may matter more than any short-term buzz. FAQ What did Ripple add to its platform? Ripple added access to Coinbase Derivatives crypto futures for Ripple Prime clients, including contracts tied to bitcoin, ether, solana and XRP. Why is this important for the crypto market? The move shows that competition in crypto is increasingly shifting toward institutional infrastructure, including regulated futures access, clearing and brokerage-style services. What is Coinbase Derivatives? Coinbase Derivatives is a CFTC-regulated U.S. futures exchange that offers crypto-focused futures products across multiple contract sizes and assets. What role does Nodal Clear play? Nodal Clear acts as the clearing house for Coinbase Derivatives contracts, providing the clearing layer behind the regulated futures products. Why does Hidden Road matter in this story? Hidden Road is central because it represents the prime brokerage side of the institutional stack, and its scale shows why Ripple’s infrastructure push is being taken more seriously. Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are highly volatile.