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Musk Wields Chainsaw Given by Milei Before a conservative audience at the Conservative Political Action Conference (CPAC) near Washington, billionaire Elon Musk took the stage wielding a red chainsaw— a gift from Argentina’s President Javier Milei—symbolising his call for drastic federal spending cuts. He accused Democrats of “treason” and pledged support for auditing the Federal Reserve. Now regarded as one of President Trump’s most influential advisers, Musk also criticised Biden’s immigration policies, singling out an app that granted one million people two-year work permits in the US. Musk Dubs Milei’s Gift as “The Chainsaw for Bureaucracy” Earlier, Musk met with Argentine President Javier Milei, who gifted him a chainsaw engraved with “Viva la libertad, carajo” (“Long live liberty, damn it”). Musk dubbed it “the chainsaw for bureaucracy” and jokingly remarked that Salvadoran President Nayib Bukele was concerned for his safety. 🚨NEW: Elon Musk comes out on stage at CPAC 2025 and is presented a golden chainsaw by Argentinian President, Javier Milei, and yells, “THIS IS THE CHAINSAW FOR BUREAUCRACY!” 🔥 pic.twitter.com/Rms8WujLZV — Autism Capital 🧩 (@AutismCapital) February 20, 2025 When asked about his mindset, Musk—sporting his signature black hat and sunglasses—simply described it as "a storm." Following Musk on stage, Steve Bannon received a more subdued response. He joked: “How did I draw the card to follow Elon Musk? I’m just a crazy Irishman!” Meanwhile, Musk is spearheading sweeping government cuts under President Donald Trump, affecting agencies from banking regulators to forest services and space programmes. On Thursday alone, 6,000 IRS employees were reportedly notified of their termination. As CEO of Tesla and the world’s richest man, Musk has openly championed Milei’s aggressive stance on reducing government size. Before becoming Argentina’s president in late 2023, Milei famously wielded a chainsaw at campaign rallies to symbolise his economic reforms. But as Musk brandished his own gifted chainsaw on stage, was it a bold statement against bureaucracy or just another political spectacle?

Bybit Scammer Gets 10 Years Jail Sentence Ho Kai Xin, a 32-year-old from Singapore, has been sentenced to nearly 10 years in prison for defrauding the crypto exchange Bybit out of $4.2 million (S$5.7 million) in cryptocurrency. While working for Wechain Fintech, which processed payroll for Bybit, Ho manipulated Excel spreadsheets to falsely show USDT payments due to digital wallets under her control. 🚨 JUST IN: A Singaporean woman has been sentenced to nearly 10 years in jail for defrauding @Bybit_Official of over $4 million in crypto. Ho Kai Xin, 32 years old, exploited her role at Wechain Fintech, which processed payroll for Bybit, by manipulating Excel spreadsheets to… pic.twitter.com/1fBRpPEMyY — The Crypto Fool (@the_cryptofool) February 20, 2025 Over three months in 2022, millions were illicitly transferred, which she spent on luxury goods, including Louis Vuitton handbags, sunglasses, and a Mercedes-Benz. She also placed a $560,000 deposit on a multimillion-dollar penthouse. Prosecutors revealed that Ho became bolder after her initial embezzlement went unnoticed, even linking her crypto addresses to other employees’ names. Her fraudulent activities were uncovered in September 2022 when an executive noticed discrepancies in the payroll spreadsheet. Despite a court order to freeze her assets, Ho continued to lavishly spend the stolen funds, further compounding her crimes. Ho Awaiting Commencement of New Sentence When Current One Expires In January, Ho was sentenced to six weeks in jail for contempt of court after violating a civil court order prohibiting her from using funds she had embezzled. Despite the court's directive issued in October 2022, Ho spent nearly $840,000 between November and December of that year on a freehold penthouse and luxury Louis Vuitton items. The contempt charge stemmed from Bybit Fintech’s civil lawsuit to recover the stolen cryptocurrency. Ex-Bybit Payroll Employee Sentenced for $5.7M Crypto Theft A former employee of Wechain Fintech, Bybit’s payroll provider, has been sentenced to nearly 10 years in prison for embezzling $5.7 million, mostly in USDT. Between May and August 2022, she falsified payroll records,… pic.twitter.com/FbujPy9Yfl — Cryptol (@newscryptol) February 20, 2025 On 27 January, Ho was handed the short sentence, but this is just one part of her legal troubles. She now faces an additional nine years and 11 months in prison after pleading guilty to over a dozen charges. This sentence will begin after her current term expires. Upon her arrest, Ho falsely claimed a fictitious cousin, "Jason Teo," was responsible for the illegal transfers, a story that took police over 140 hours to debunk. Her defense attorney, James Gomez, requested a lighter sentence of eight years and eight months, citing her role as the mother of two young children. He said during the trial: "Her actions were a lapse in judgment, and she has since reflected deeply on the consequences they have had on her family, the victim and the justice system."

Trump Lays Claims to Reason Behind Bitcoin’s ATH US President Donald Trump credited Bitcoin’s record highs to his pledge to establish America as the global hub for cryptocurrency. Trump said at the Future Investment Initiative Institute conference on Wednesday in Miami: "Bitcoin set multiple all-time record highs because everyone knows that I'm committed to making America the crypto capital." JUST IN▪️Trump speaking live ... “Bitcoin has set multiple all time records highs because everyone knows that I am committed to making America the crypto capital ... we want to stay at the forefront of everything". $MSTR $DEFTF $MARA $RIOT $COIN $HOOD $TIGR pic.twitter.com/lOzDXtoGgY — KH (@mc_khristina) February 19, 2025 At the time of writing, Bitcoin is trading at $96,969.35, a 1.72% increase in the last 24 hours, and a 0.52% increase in the last seven days. Just a month ago, BTC was close to $110,000, a new all-time high (ATH). Trump Zooms In on His Pledge to Make US the Crypto Capital Trump noted: "We want to stay at the forefront of everything, and one of them is crypto, and Miami seems to be the center of the action, come to think of it, and maybe it'll stay there." Before his election, Trump vowed to make the US “the crypto capital of the planet.” Since then, he has taken multiple steps to back digital assets, including appointing crypto-friendly former regulator Paul Atkins to lead the US Securities and Exchange Commission (SEC)—an agency central to industry oversight. Trump also launched the TRUMP meme coin ahead of his inauguration, with Melania Trump introducing her own shortly after. Both tokens quickly soared to multi-billion-dollar market caps, further cementing his influence in the crypto space. Trump Takes Dig at Biden…Again Trump highlighted his executive orders designed to solidify US leadership in artificial intelligence and put an end to what he called Joe Biden’s "war on Bitcoin and crypto." President #Donald #Trump during a conference on Wednesday in Miami: We want to stay at the forefront of everything, and one of them is #crypto! Everyone knows that I'm committed to making America the crypto capital and ending Joe Biden's war on #bitcoin and #crypto. pic.twitter.com/6NDEgXWjX9 — Crypto Benchmark (@CryptoBenchm) February 20, 2025 He claimed his actions effectively reversed the previous administration’s hostility toward digital assets. On Wednesday, Trump also criticised the SEC’s approach under Biden, particularly former Chair Gary Gensler, who stepped down last month. Gensler was known for his scepticism toward crypto, classifying most tokens as securities and leading aggressive enforcement actions against firms for alleged noncompliance. He expressed: “I’ve signed executive orders to keep the United States at the forefront of artificial intelligence and to end Joe Biden’s war on Bitcoin and crypto. We ended that war totally. That war’s over. They were very hostile toward them until the very end because there's so many people on bitcoin and crypto that just before the end, the SEC came out, and they were being very nice."

The Bitcoin (BTC) Sell-Side Risk Ratio has plummeted to historically low values, signaling a potential local bottom and an accumulation phase in the market. This key metric, which measures the incentive for long-term holders to sell, suggests a low sell-side risk environment, potentially paving the way for future price appreciation. #Bitcoin $BTC Sell-Side Risk Ratio has dropped to low values, often indicating local bottoms, accumulation phases, and a low sell-side risk environment! pic.twitter.com/0QxIh4RQYe — Ali (@ali_charts) February 23, 2025 According to Crypto Analyst Ali Martinez, The Sell-Side Risk Ratio is a valuable on-chain metric used to gauge market sentiment by analyzing the behavior of long-term Bitcoin holders. It measures the relative profitability of selling BTC against the historical average. When the ratio is low, it indicates reduced selling pressure, as holders have less incentive to realize profits. Conversely, high values suggest increased selling pressure due to attractive profit-taking opportunities. According to the latest data from Glassnode, the Sell-Side Risk Ratio has dropped to one of its lowest points in recent history, as depicted in the accompanying chart. Historically, such low values have correlated with local bottoms and accumulation phases, where long-term investors are less likely to sell. This pattern has often preceded significant upward price movements. Historical Context, Low Risk, Accumulation Outlook The chart illustrates three previous instances where the Sell-Side Risk Ratio reached similarly low levels, marked by black arrows: November 2023: The ratio touched the red line, signaling a local bottom. This was followed by a strong rally as accumulation increased.September 2024: A similar dip occurred, leading to another price surge as long-term holders refrained from selling.February 2025: The current drop mirrors these historical patterns, suggesting a potential bottoming out and a favorable accumulation period. The current low Sell-Side Risk Ratio reflects a low sell-side risk environment, indicating that long-term holders are not under pressure to sell at current prices. This trend aligns with the notion of an accumulation phase, where investors accumulate BTC at lower prices, potentially setting the stage for a future bullish cycle. If historical patterns hold, Bitcoin could be entering a prolonged accumulation phase, with reduced selling pressure leading to price stability and eventual appreciation. This phase typically precedes a bull run as market confidence and buying momentum increase. The Bitcoin Sell-Side Risk Ratio’s current low values provide a critical insight into market sentiment and potential future price movements. By indicating reduced selling pressure and increased accumulation, this metric suggests that Bitcoin may be nearing a local bottom, making it a key indicator to watch in the coming weeks.