February: Security Crisis + Geopolitical Shocks + Mining Sector Signals
- Feb 21: Bybit’s cold wallet was hacked, with 400,000 ETH stolen (approx. USD 1.5 billion), one of the largest thefts in crypto history.
- Feb 20: BitDeer, owned by Wu Jihan, liquidated 1,132 BTC, triggering market panic.
- Feb 28: Escalating conflicts in the Middle East caused BTC to drop over 5% in a single day and over 24% for the month, with a sharp correction across the crypto market.
- Frequent vulnerabilities in multi-chain protocols, including attacks on Solana, resulting in total losses exceeding USD 600 million.
The market faced a confluence of extreme risks in February, including exchange security incidents, large-scale mining sell-offs, escalating geopolitical tensions, and multi-chain vulnerabilities, leading to a severe market-wide correction.
Against this backdrop, Fund No.1 recorded a temporary drawdown of 42.73% for the month, but its performance remains strong across the full cycle.
The team has immediately optimized position structure, strengthened risk hedging and asset diversification, and fully prepared for the next market stage.
We remain committed to long-term value and rigorous risk management, and are confident in quickly restoring performance as the market stabilizes to deliver consistent and robust long-term returns for investors.