Bitcoin Rejected! Montana Lawmakers Say ‘Too Risky’

Montana’s House of Representatives rejected a bill that would have allowed Bitcoin to be a state reserve asset.

Author

Danielle du Toit
February 24, 2025

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Here's what we've got for you today:

  • Montana House Rejects Bill to Make Bitcoin a State Reserve Asset

  • eXch Refutes Allegations of Processing Stolen Funds from $1.4B Bybit Hack

  • Raydium Token RAY ‘Falling off a Cliff’ as Pump.fun Rumored as Testing AMM

  • Stablecoin Bank Infini Hit by $49.5M Exploit, Founder Vows Full Repayment

❌ Montana House Rejects Bill to Make Bitcoin a State Reserve Asset

Montana’s House of Representatives rejected a bill that would have allowed Bitcoin to be a state reserve asset.

  • House Bill No. 429 failed in a 41-59 vote on Feb. 22 due to concerns over speculative investments with taxpayer funds.

  • The bill limited investment to digital assets with an average market cap above $750 billion over the past year, which includes only Bitcoin.

  • Several Republican lawmakers opposed the bill due to concerns over volatility and risk. Representatives Steven Kelly and Bill Mercer both believe that there is a need to protect public funds from speculative assets like cryptocurrencies and NFTs.

Crypto exchange eXch denied allegations that it laundered funds for North Korea’s Lazarus Group after the $1.4 billion Bybit hack.

  • Crypto exchange eXch denied allegations of laundering money for North Korea’s Lazarus Group after the $1.4 billion Bybit hack, and stated on Feb. 23 that it had no involvement in facilitating illicit transactions.

  • The exchange also said that all funds held remained secure and criticized the accusations as unfounded FUD.

  • Although a small fraction of the stolen funds passed through its platform, eXch described this as an isolated incident and announced that the fees collected will be donated for public good.

The token for the Solana-based DEX and automated market maker (AMM) Raydium dived on Feb. 24 due to speculation that Pump.fun is working on a similar AMM feature.

  • The X account “trenchdiver” claimed on Feb. 24 that Pump.fun is developing and testing its own AMM liquidity pools, allowing users to trade crypto against liquidity in a smart contract instead of a counterparty.

  • A website linked by the account shows an AMM interface with Pump.fun’s branding, which indicates that the feature is in beta and could reduce Raydium’s role in Pump.fun token trading.

  • An on-chain transaction from Feb. 20 suggests Pump.fun has already added its first test token to its AMM liquidity pool to extract more fees on Solana or reward token holders.

After the $1.4 billion Bybit hack on Friday, Hong Kong-based stablecoin digital bank Infini also suffered a security breach, losing close to $50 million in USDC.

  • The hacker used private keys to steal $49.5 million in USDC, swapped it for DAI, converted it to ETH via Tornado Cash, and deposited it into a new address, according to PeckShield.

  • Evidence suggests that the attacker exploited a single private key to drain funds from Infini’s vault in two batches, stealing 11.45 million USDC and 38.06 million USDC.

  • The hacker was initially involved in developing the Infini project’s contract, and secretly retained admin rights, waited over 100 days, funded their address via Tornado Cash, and then executed the exploit to drain all funds.

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