Preface

This report summarizes a series of significant events in the blockchain and cryptocurrency space that occurred between February 15 and February 21, 2025. These events showcase the dynamism of the crypto market and hint at future development trends.

TL;DR

• The President of Argentina is charged with fraud due to the LIBRA token collapse.
• Brevan Howard Digital deployed $20 million in Kinto, accelerating traditional finance’s move into DeFi.
• Hyperliquid launched the HyperEVM mainnet.
• Gate.io partnered with Consensus to create a new Web3 music social model.

Key Developments and Updates

February 17 — Argentine President Charged with Fraud Over LIBRA Token Collapse

On the evening of February 14, 2025, Argentine President Javier Milei posted on social media platform X to promote a cryptocurrency called “$LIBRA,” claiming that the token was intended to fund small businesses and startups in Argentina. [1] Following the announcement, GMGN data showed that the price of the LIBRA token soared to $4.62 at one point, with a market cap reaching $4.62 billion. [2] However, just 24 hours later, the token’s price plummeted to $0.42, and its market cap shrank to $420 million.

The plaintiffs accused Milei’s promotional actions of constituting a “rug pull” operation, where project developers attract investment and then suddenly withdraw their support, causing the token’s price to crash. The lawsuit claimed that Milei’s actions violated Argentina’s Public Morality Law and suggested that his promotion was a key factor behind the token’s collapse. Evidence shows that Milei had met with representatives from KIP Protocol, the developers of the LIBRA token, in October 2024. Additionally, insiders within the project had already cashed out $107 million from the liquidity pool and transaction fees before the token’s crash. Milei denied having any knowledge of the project’s details and maintained his innocence, stating that he had been “deceptively misled” by the project team. He deleted his tweet promoting LIBRA and claimed he was the victim of a “good-natured scam.”

This incident has not only sparked a political crisis in Argentina but has also attracted widespread international attention. Milei’s supporters argue that it is an attack by the opposition ahead of the midterm elections, while the opposition emphasizes the damage this incident has done to Argentina’s international reputation. Whether Milei’s actions constitute fraud remains to be determined through further legal proceedings, but this incident has highlighted the potential risks of public figures participating in cryptocurrency projects and may provide a reference for future legal accountability in the crypto market. [3]

February 14 — Brevan Howard Digital Deploys $20 Million into Kinto, Accelerating Traditional Finance’s Entry into DeFi

Brevan Howard Digital, a global investment management firm, has deployed $20 million in assets into the Ethereum Layer 2 network Kinto through its Abu Dhabi branch, joining its on-chain financial ecosystem. Kinto is a decentralized finance (DeFi) platform built on Ethereum that integrates compliance features such as KYC (Know Your Customer) and Anti-Money Laundering (AML) at the blockchain level. It aims to help highly regulated financial institutions participate in the DeFi ecosystem. Ramon Recuero, CEO and co-founder of Kinto, stated that the platform will operate a ten-year mining incentive program, where participants can earn token rewards by depositing assets on-chain. Additionally, Kinto offers smart contract wallets with default insurance and enhanced security features, lowering the threshold for institutional participation. The mining program rewards participants for depositing assets, with rewards distributed gradually over the next 10 years. Brevan Howard Digital is one of the first traditional financial institutions to use digital assets to engage in this program[4].

February 19 — Hyperliquid Launches HyperEVM Mainnet

The HyperEVM mainnet of Hyperliquid is now officially live, introducing “universal programmability” to its Layer 1 blockchain, enabling developers to run Ethereum-compatible smart contracts. The initial version supports the transfer of spot HYPE between the native HYPE and HyperEVM versions. Additionally, it inherits security and high performance through the HyperBFT consensus mechanism. Although tools and analytics features are still being refined, Hyper Foundation has launched a bug bounty program and plans to add ERC-20 native transfers and precompiled functions in future network upgrades[5].

This move marks a significant step forward for Hyperliquid in improving platform performance and expanding the boundaries of its ecosystem. By integrating Ethereum-compatible smart contract capabilities into its high-performance Layer 1 blockchain, Hyperliquid not only attracts the attention of Ethereum developers but also lays the technical foundation for the platform to introduce more DeFi applications and innovations in the future. Meanwhile, supporting the transfer of different types of HYPE spot ensures seamless liquidity within the platform, further enhancing market efficiency.

February 19 — Gate.io Partners with Consensus Conference to Create a New Paradigm for Web3 Music and Social Interaction

On February 19, 2025, the “Token of Love” Hong Kong Music Festival, sponsored by global leading cryptocurrency exchange Gate.io, grandly opened at the Wonderland in the West Kowloon Cultural District. As a key official side event of the flagship blockchain industry summit, Consensus HK 2025, the music festival focused on the theme “Web3 + Music + Social,” using innovative formats such as immersive digital art stages and on-chain soundwave interaction devices to attract over a thousand global attendees, 80 industry media, and ecosystem partners. This event built a cross-industry fusion scene between the cryptocurrency community and the cultural and creative industries.

As a 3 Block-level strategic partner of Consensus HK 2025 (February 18-20), Gate.io not only deeply participated in the main event’s agenda design but also showcased its role transformation from a trading platform to an ecosystem builder by organizing this groundbreaking music festival. The Gate.io On-Chain Heartbeat Interaction Zone at the event enabled real-time conversion of the biometric data from attendees’ crypto hardware wallets into NFT soundtracks, completing the world’s first blockchain-driven collective music co-creation experiment[6].

Summary

From February 15, 2025, to February 21, 2025, significant events in the blockchain and cryptocurrency sectors highlighted the market’s dynamism and industry trends. On February 17, the President of Argentina was charged with fraud following the collapse of the LIBRA token. On February 18, the Abu Dhabi branch of global investment management firm Brevan Howard Digital deployed $20 million worth of assets into the Ethereum Layer 2 network, Kinto, to participate in its on-chain financial ecosystem. On February 19, Hyperliquid’s HyperEVM mainnet was officially launched, introducing “universal programmability” to its Layer 1 blockchain. On February 19, Gate.io teamed up with the Consensus conference to create a new paradigm for Web3 music and social interaction.


References:

1. DESTACADOS,https://www.dw.com/es/milei-libra-y-el-criptogate-un-castillo-de-naipes/a-71644482
2. GMGN,https://gmgn.ai/sol/token/Bo9jh3wsmcC2AjakLWzNmKJ3SgtZmXEcSaW7L2FAvUsU
3. TheBlock,https://www.theblock.co/post/341226/argentinian-president-javier-milei-charged-with-fraud-over-libra-token-scandal-ap?utm_source=twitter&utm_medium=social
4. Coindesk,https://www.coindesk.com/business/2025/02/17/brevan-howard-digital-deploys-usd20m-on-ethereum-based-kinto-in-institutional-defi-push
5. Theblock,https://www.theblock.co/post/341424/hyperliquid-launches-hyperevm-on-mainnet-to-bring-general-purpose-programmability
6. Gate.io,https://www.gate.io/zh/announcements/article/43437

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