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300,000 ETH and 20,000 Bitcoin Withdrawn From FTX, BIT and Sol Down, FTT -25%

BitDAO, a decentralized autonomous organization with a treasury worth over $1.7 billion, has launched an Ethereum Layer 2 network called Mantle, the DAO announced on Wednesday.

Mantle is a modular Ethereum Layer 2 chain. Modular networks are a new way of designing blockchains and are different from the older monolithic chains, where all network functions happen on the base layer. On modular blockchains, there are separate layers for network consensus, transaction execution and settlement, as well as data availability. This type of design is said to create networks that are more efficient and have greater scalability.

BitDAO’s Layer 2 network stack has three distinct layers, according to the announcement. One layer is for transaction execution while the other two handle transaction finality and data availability, respectively.

Mantle is BitDAO’s attempt to solve some of the challenges facing Layer 2 networks, a spokesperson for the DAO told The Block. “BitDAO aims to bring the spotlight back from Alt-L1s to Ethereum and give market participants the best web3, DeFi and GameFi have to offer,” said the spokesperson.

Mantle will reportedly offer superior features compared to other Layer 2 networks. BitDAO’s Layer 2 network will come with faster throughput and low fees, and be powered by a decentralized data availability layer, the announcement stated. Transaction fees on Mantle will be paid using BitDAO’s governance token, BIT.

EigenLayer, an Ethereum middleware platform, is one of the partners in the project. As such, early adopters can use EigenDA, a custom-built data availability layer designed by EigenLayer that supports Optimistic and ZK-Rollups — the two major types of roll-up technology.

Wednesday’s announcement marks the soft launch of the Layer 2 network. Mantle is expected to roll out an incentivized public testnet next year.

A BitDAO spokesperson confirmed that DAO partners can deploy protocols on Mantle when launched. Unlike most DAOs built around specific DeFi projects, BitDAO is more of an investment DAO. BitDAO’s mandate is to grow the web3 ecosystem by providing grants to projects and supporting web3-based research activities. BitDAO has the second-largest DAO treasury in the crypto space.

“Mantle will serve as the connective tissue for various BitDAO initiatives, such as projects from Game7, research from EduDAO, to the ecosystem of dApps being enabled by BitDAO," said jacobc.eth, product head at BitDAO’s Windranger Labs, adding: "Mantle is BitDAO’s demonstration to scale Ethereum and web3, enabling a whole new generation of use cases and innovations.”

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BitDAO mulls $100 million token buyback for next year

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The cryptocurrency market is not ending on a high note, but at the same time, there are projects that are not losing their value as rapidly as the majority of assets. Despite having relatively lower capitalization, the momentum on those assets suggests that the recovery at the beginning of the year is still possible if investors gain exposure to less mainstream assets.

Who ends year on high note?Most assets in a green zone are tied to centralized exchanges or different trading platforms. The only exclusion would be Toncoin – the underlying cryptocurrency of the Ton Network that has been rallying on the market in the last few weeks.

In the last 72 days, Ton gained over 60% to its value thanks to the variety of solutions and platforms the development of the project delivered, including phone numbers and handles for Telegram social chatting platforms.

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Source: CoinMarketCapThird place goes to Trust Wallet's underlying token, which is gaining more traction on the market after the migration of funds toward self-custody, which increases the value of the token's ecosystem.

The tendency on the market shows that most of the growth is being redistributed among assets that represent a certain use case: cryptocurrency exchange, cryptocurrency wallet or any other solution.

Dogecoin is at year lowUnfortunately for meme coin enthusiasts, Dogecoin is testing the local low and losing almost 60% of its value from the current peak. The tendency right now looks like Dogecoin will be continuously going down, gradually moving to 2022's bottom.

The lack of demand for risk and the lack of support from Elon Musk and other influencers are two of the main causes behind the poor performance of DOGE. Additionally, previously announced use cases for Dogecoin and the development of the network, with the help of Vitalik Buterin, have not been delivered.

Ethereum's issuance hits recordWe have mentioned the lack of burning activities on the network for the last few market reviews, which is the main reason behind the depressed price performance of the second biggest cryptocurrency on the market.

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Unfortunately, the situation became aggravated by the end of the year: the issuance of Ethereum since The Merge has almost reached 5,000 ETH, which means that the network's activity is not recovering, and we are unlikely to see the positive price performance by the beginning of the next year.

From a technical perspective, Ethereum is moving in the local uptrend, which could be nothing but a correction in the prolonged downtrend. Despite the ascending nature of Ethereum's movement in the last few days, until Jan. 5, we are unlikely to see any change in Ether's performance on the market.

BitDAO launches testnet for Ethereum Layer 2 network Mantle

Chainlink (LINK) is making all the right noises, boasting its nine new integrations on varied platforms including Solana, Polygon, and Ethereum. Apart from the serial adoptions across chains, LINK price is also seen to soar in the past week, but would the uptrend continue or dwindle down in the coming days?

Let’s take a quick glance at how LINK is performing lately:

LINK price down 5.3% in last 24 hours LINK gets Greed sentiment Crypto leading in social metrics According to CoinMarketCap, LINK price dipped by 5.4% or currently trading at $7.53 as of this writing. Although the price was down due to the token wading through an overbought zone, LINK price has been rallying by more than 11% in the past few days.

In order for the LINK price to put a halt on the consolidation phase, it’s a must for buyers to regroup as well. As of press time, technical indicators show a sideways trend for Chainlink.

More Whales Scooping LINK It was observed that LINK has been consolidating since May 2022. And during this long-term consolidation phase, LINK must rise to the top.

On the other hand, there seems to be a rise in trading volume which shows the increasing accumulation of buyers which could restrict LINK’s capacity to rally in long term.

🐳 The top 500 #ETH whales are hodling

$665,917,193 $SHIB
$209,169,691 $MATIC
$155,499,328 $LINK
$146,616,720 $BEST
$143,482,510 $CHSB
$138,911,939 $BIT
$100,127,340 $UNI
$76,832,643 $MANA

Whale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/F2lpULqiFP

— WhaleStats (tracking crypto whales) (@WhaleStats) February 19, 2023

On the brighter side, more whales remained loyal and held on to LINK. In fact, LINK was among the top choice in WhaleStats’ list of 500 Ethereum cryptocurrencies held by whales.

More so, LINK has seen a surge in network growth and it also has showcased continuous demand and increasingly favorable funding rates in the futures market.

LINK total market cap at $3.8 billion on the daily chart | Chart: TradingView.com Chainlink Network Users Increase Interestingly enough, LINK is also leading in terms of social dominance and the number of network users has also increased as hinted by the surge in the number of active wallet addresses.

According to crypto expert and analyst, Inmortal, the LINK bulls may experience a smooth rally in the event that it peaks at $9 but because LINK’s Money Flow Index (MFI) looks like it pushed through an overbought territory, and so the uptrend may be suppressed for a bit.

Greed For LINK As Chainlink adoption increases, it is expected that the positive move will also benefit its token.

According to CoinCodex current Chainlink price forecast, LINK is expected to increase by 10.06% by February 28, 2023, reaching $8.29.

Based on its technical indicators, the present sentiment is bearish, and the Fear & Greed Index has a reading of 59, which represents Greed.

A Greed reading implies that traders in the market are in the mood to acquire more.

-Featured image from

The world's largest DAO by treasury size, BitDAO, has joined forces with Mantle, a high-performance modular L2 blockchain built on Ethereum, to establish a DAO-led web3 ecosystem called the Mantle Ecosystem.

The merger combines BitDAO's existing ecosystem, products, governance, and BIT tokenomics, all under a single brand, Mantle.xyz. The announcement was made following the success of an on-chain proposition labeled BIP-21.

“The BitDAO community voted in favor of the BIP-21 proposal titled ‘Optimization of Brand, Token and Tokenomics,' authorizing the merger of BitDAO's governance and treasury with the Mantle Network Ethereum modular roll-up product under a unified and product-focused ecosystem known as ‘Mantle'.”

Refocusing on product developmentThe passing of BIP-21 is said to have amassed tremendous backing from the BitDAO community, as BIT tokens will now eventually be converted to Mantle (MNT.)

The Mantle Ecosystem aims to simplify branding and structural components to pursue long-term success. The Mantle Network, the ecosystem's initial product offering, is a high-performance Ethereum L2 solution. Future expansion possibilities, such as the liquid staking derivative “Mantle LSD,” have also been hinted at.

Following the completion, the Mantle Ecosystem components are rebranded as follows:

$BIT Ecosystem transits to MantleThe L2 Rollup segment transforms into the Mantle NetworkBitDAO changes, becoming Mantle GovernanceBitDAO Treasury is renamed Mantle Treasury$BIT Token evolves into $MNT Mantle TokenThrough democratic governance processes, this merger conserves existing governance and financial rights for token holders.Treasury Management and Token EconomyMantle launch and integrationInheriting BitDAO's substantial treasury, the Mantle Ecosystem receives almost $300 million in USDC/USDT and approximately 270k ETH, with the total BitDAO treasury valued at over $2.5 billion. Token holders will govern treasury use and allocation through Mantle Governance, promoting the expansion and adoption of product lines.

Flexible and user-friendly token conversion from BitDAO (BIT) to Mantle Token (MNT) will take place according to a plan designed to maintain existing token holders' current rights and interests. The token's official name, ticker symbol, design, conversion mechanisms, and channels will be announced and shared with the public upon audit completion.

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“A flexible conversion period will be employed to enable the smoothest user experience, minimize preparatory actions on token holders’ part, and afford new buyers the convenience to acquire $BIT in anticipation of the conversion.”

Mantle's mainnet launch is scheduled for early Q3 2023, with Testnet Phase Two, also known as “Ringwood,” anticipated by May-end. It brings a series of crucial updates, including the successful integration of EigenDA, leading to a reduction in gas fees.

In addition, further security enhancements will be made using the introduction of fraud proofs integration, and the inclusion of multi-party computation (MPC) validator nodes and data availability (DA) nodes will bolster decentralization.

Arjun Kalsy, head of the Mantle ecosystem, said, “By embracing BitDAO's legacy, we will launch the Mantle Network Testnet Phase Two in May and chart a future filled with an energizing product suite, powerful governance, enormous treasury, and unparalleled financial transparency of operations.”

BitDAO, a project armed with the second largest treasury in all of crypto, plans to throw its weight behind a Layer 2 network it has developed.

A governance vote that passed on May 19 committed to rebranding BitDAO as a Layer 2 called Mantle and also approved plans to enable one-way conversions of the project’s BIT tokens to MNT, the new network’s native token.

It’s a major move by BitDAO, a project which has a lot of resources but has operated largely out of the limelight. With BitDAO doubling down on a Layer 2, the project is signalling that it will compete in a subsector of crypto that has become both crucially important and visible in 2023 as Ethereum looks to scale. Thanks to its treasury and some key hires, Mantle may be primed to be a real player in the scaling wars.

BitDAO, which defines itself as an “open platform for proposals that are voted upon by BIT token holders,” controls a $4B treasury, according to DeFi Llama. That’s second only to the Arbitrum DAO, which launched earlier this year with the airdrop of the ARB token.

While the BitDAO treasury primarily consists of its native BIT token, it is well diversified — at $296M, it holds the largest amount of stablecoins of any DAO.

The BIT token has a market capitalization of $763M, making it a top-100 digital asset.

Despite its size, BitDAO remains a confusing project to many. That lack of clarity is part of what’s driving the rebrand to Mantle, which was previously a sub-project of BitDAO.

“There is fragmentation of communities, messaging, and mind-share between the Governance (BitDAO) and Product (Mantle) components of the existing BIT ecosystem,” reads the proposal.

With the vote, and a subsequent forum post exploring the details around the conversion of BIT to MNT, BitDAO has made a distinct choice to associate with Mantle. Earlier, the project functioned like an investment DAO, directing capital towards other projects, of which Mantle was one.

Crowded Layer 2 SectorNow, BitDAO is taking a decided step towards aligning itself with a Layer 2 network, a sector which has been red hot this year with the Arbitrum airdrop and the launch of severalzero-knowledgerollups.

Seraphim Czecker, who works for the company behind Lido Finance, DeFi’s largest protocol, told The Defiant he’s “pretty bullish,” on Mantle. Czecker cited Mantle's deep pockets as one reason he thinks Mantle will be a player to watch in the increasingly competitive Layer 2 space. He also said the engineering team is well-versed in the world of maximal extractable value (MEV), possibly the most technical subsector in crypto, which involves reordering pending blockchain transactions for profit.

Czecker added that BitDAO’s association with ByBit, a top 10 by volume centralized exchange whose traders are also active DeFi users, should also buoy Mantle.

ByBit ContributionsByBit received 60% of the initial 10B BIT supply, according to BitDAO’s documentation. Of those 6B tokens, 4.5B were subject to a year-long vesting period before starting to unlock on a monthly basis.

ByBit previously contributed 2.5 basis points of its futures trading volume to the BitDAO treasury. After another proposal, BIP-20, passed on April 4, the exchange started transferring a set amount of BIT tokens to BitDAO on a monthly basis.

The overarching reason for the switch was that a predictable supply of BIT tokens will decrease the emphasis on growing BitDAO’s treasury and increase the focus on the project’s initiatives.

The proposal also said that by tying BIT contributions to trading volume, the token is more likely to legally be categorized as a “ByBit token.” The consistent transfers make BIT less of a “centralized exchange token,” according to the proposal. A well-known exchange token, FTT, played a crucial role in bringing down the FTX empire last year.

Testnet PhaseMantle hasn’t launched yet. While the project has made some compelling claims about its modular design, a school of thought around blockchain architecture which has gained traction, it is still in the testnet phase.

Arjun Kalsy, head of ecosystem at Mantle, told The Defiant that the team is targeting mid to late July for a mainnet launch.

Mantel touts other differentiating factors like its decentralized sequencer, which contrasts with major scaling solutions like Arbitrum and Optimism, which have centralized ones. Sequencers are the specialized nodes of Layer 2s which organize and submit the scaling solutions’ transactions to a Layer 1 blockchain like Ethereum.

Piotr Szlachciak, the co-founder of L2BEAT, which compiles Layer 2 data, told The Defiant that L2BEAT doesn’t evaluate testnets. “Once [Mantle] goes live and we can see the actual code running, a serious discussion about a project can take place,” Szlachciak said, emphasizing that until the Layer 2 launches fully, he remains fully neutral on the project.

For now, details of the token swap from BIT to MNT are being hammered out on BitDAO’s forums. There’s no guarantee that the MNT token will outperform — debate still swirls over how to properly value Layer 2 tokens.

Still, with a unique connection to a major exchange like ByBit, as well as $230M raised in 2021 from major investors including Peter Thiel, investors will likely take a long look at MNT.

Seraphim Czecker, a DeFi expansionist at Lido Finance, put forth a proposal asking Mantle, a notable Layer 2 project, to allocate 40,000 ether, ($72 million) to Lido’s liquid staking platform.

Mantle, which recently merged with BitDAO, a decentralized autonomous organization (DAO), maintains one of the largest community treasuries in the crypto ecosystem. This includes $500 million worth of ether (ETH) and $300 million in stablecoins, per data from DeepDAO. Alongside these operations, the project’s core team is concurrently working on the development of an Ethereum Layer 2 network.

Should this proposal receive approval via a governance vote from the Mantle community, it would lead to a substantial allocation in Lido’s staking platform. Furthermore, it would create a strategic partnership between Lido and Mantle.

Aiming to help DeFi ecosystem on Mantle The proposed allocation of 40,000 ETH from Mantle’s treasury is intended to stimulate liquidity for the stETH ecosystem on Mantle’s Layer 2, it said. Additionally, the proposition aims to attract DeFi integrations, including Uniswap, Curve and other decentralized exchanges to the network.

Czecker, who formerly oversaw risk department at the lending protocol Euler, stated in the proposal, “While the final decision rests with the BitDAO community, I advocate for the relocation of DAO-owned stETH/ETH liquidity into prominent DEXes on Mantle.”

The proposal goes beyond a considerable investment, incorporating a revenue-sharing agreement between BitDAO and Lido DAO. If ratified, this agreement would ensure that a portion of the revenue accrued by the Lido DAO treasury is redistributed to BitDAO over a period of 12 months.

Lido Finance, a frontrunner in decentralized liquid staking protocols, allows users to earn staking rewards from Ethereum and maintain access to their capital via a derivative token of ether known as staked ether (stETH).

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bybit has secured a $600 million Ethereum (ETH) infusion from Mirana Ventures as it recovers from the $1.5 billion hack.

The breach, which was labeled the largest crypto heist in history, saw unauthorized access to Bybit’s ETH cold wallet. However, the exchange’s rapid response, bolstered by key partnerships, is restoring confidence in its stability.

Bybit Recovers From Ethereum HackAccording to blockchain analytics firm Arkham, Mirana Ventures has deposited $600 million worth of ETH to Bybit over the past three days, making it the largest ETH depositor since the hack. 

“Mirana Ventures appears to have acquired this ETH by selling $500 million BTC and $100 million USDT through FalconX, Galaxy Digital, and Wintermute OTC,” Arkham posted on X (formerly Twitter).

Mirana Ventures is an early-stage global investment fund investing in crypto companies strategically relevant to Bybit and its affiliate BitDAO. Notably, Bybit’s co-founders are also among the capital providers of Mirana Ventures.

Meanwhile, in the aftermath of the hack, Bybit demonstrated impressive financial resilience. Within 48 hours of the incident, the exchange had secured 254,830 ETH.

According to the latest blog, this was made possible by strategic partnerships with major crypto players such as Galaxy Digital, FalconX, and Wintermute, alongside support from Bitget, MEXC, and DWF Labs.

In fact, last week, Bybit CEO Ben Zhou publicly confirmed the successful restoration of its Ethereum reserves. The exchange has also fulfilled its financial commitments. According to Lookonchain data, Bybit has repaid Bitget’s loan by transferring 40,000 ETH back to the platform.

Bybit Hackers Move Stolen ETHWhile Bybit continues to recover stolen funds, the hackers responsible for the breach are actively moving the stolen Ethereum. According to Arkham, the hackers have already bridged at least $6.2 million worth of stolen ETH to Bitcoin (BTC) using Thorchain and swapped ETH for DAI on OKX’s Web3 Swap.

An on-chain analyst also revealed that the hackers laundered 45,900 ETH, worth about $113 million, over the past 24 hours. Thus, the total amount laundered so far now stands at 135,000 ETH, or roughly $335 million—nearly one-third of the total stolen.

A significant amount of stolen funds—363,900 ETH, worth around $900 million—remains in the hacker’s wallet. At the current rate, the analyst suggests it could take 8 to 10 more days for the hackers to clean out the remaining funds.

Bybit isn’t standing still. In response, Bybit has rolled out a new API system to help track blacklisted wallets in real time. Furthermore, the CEO has introduced a bounty site dedicated to tracking the money laundering activities of the North Korean hacker group Lazarus. 

“We have assigned a team to dedicate to maintain and update this website, we will not stop until Lazarus or bad actors in the industry is eliminated. In the future we will open it up to other victims of Lazarus as well,” the post read.

This new platform will allow bounty hunters to trace stolen funds and earn rewards for successful freezes, all while fostering greater transparency within the crypto industry.

To further protect user assets, Bybit has also frozen $42.89 million in stolen assets. This was achieved through coordinated efforts with crypto giants like Tether, CoinEX, and OKX. 

Tether froze 181,000 USDT, CoinEX secured 847,000 USDT, and OKX froze 2,783 ETH. Other partners, including FixedFloat, ChangeNow, and Avalanche (AVAX), also froze additional assets.