Son of General Sani Abacha, Nigeria’s former military ruler, Sadiq Abacha, has expressed admiration for his late father, stating that his leadership remains significant despite persistent scrutiny.

Sadiq, in a Facebook post on Saturday, suggested that his father was a victim of jealousy and subtle betrayal but insisted that history would ultimately be kind to him.

“The man Abacha—you have always been the one they envied with silent deceit. History shall remember you for being a better leader, no matter how much they try to put you down. As a son, I am most proud of you today. You indeed are the man they wish they were half of”, he wrote.

He ended his message with a Hausa proverb: “Duk wanda yayi jifa a kasuwa,” which translates to “whoever throws a stone in the market…”—a phrase often interpreted as a warning that actions have consequences.

Sadiq’s statement comes just days after the launch of the long-awaited memoir by former military President, Ibrahim Babangida, which has triggered extensive discussions.

A major highlight of the book is the controversial annulment of the June 12, 1993, presidential election, which Babangida admitted was won by MKO Abiola.

The former leader disclosed that while he regretted the decision, the move was largely orchestrated by forces within his government, allegedly led by Abacha, without his full awareness.

The late Abacha, who ruled Nigeria from 1993 until his passing in 1998, remains one of the country’s most debated figures.

While his government is credited with economic stabilisation and strong security policies, allegations of corruption and human rights violations continue to shape his legacy.

[Punch]

A man cancels a free and fair election. When crisis ensues, he panics and steps aside, foisting a one-legged contraption on the country. Soon, his co-conspirators are fed up with the pretence. They sweep away the props and seize power. And a plague feasts on the nation 

A man cancels the freest and fairest election his county has seen. He knows the consequences will be calamitous. He cancels it and allows his country to slide into the most brutal dictatorship it has ever known. The brute is his best friend. All who stand stubbornly in the way are mowed down and buried. Kudirat. Rewane. Onagoruwa Jr. Etc. Some escape the bullets and live with fractured minds. Ibru, Adesanya etc. Those who are fearful of dying or of the opposition being decapitated run into exile to live like refugees. The country is treated as a leper for seven whole years. 

A man anulls a credible election and puts his country on the precipice. Riots break out. Poor folks run back to their villages. The land convulses. A strike squad is formed. Mustapha and Omenka settle on the country. Press freedom flees. Journalists become pet dogs; otherwise, they become bushmeat. People are thrown into dungeons for wincing. Death squads roam while torture squads sit in the basements, bending minds.  

A man cancels free and fair elections. His friends seize the government and throw the winner of the election into a dungeon. His sin is that he refused to forsake his mandate. They keep him there. The world cries for his freedom. Mandela curses the oppressors. Traditional rulers go to bow and lick the feet of the junta. They keep the winner of the election in the dungeon till he dies. Till he dies. 

Before Judas sold Jesus he was the treasurer of the ministry. He was part of the good works of that cohort. He was stealing from the purse but perhaps not enough to cripple the group. On the outside, he was chief amongst the miracle workers whom Jesus led. After Judas sold Jesus, no one said Judas bought food for me when I was hungry. Or Judas helped my wife to slaughter a goat. Or Judas introduced innovations into treasury management. Judas had committed a destiny-defining crime. His only reward would be infinite opprobrium. No caveats. Demons understood the conclusive enormity of his greed and treachery and besieged him. Judas didn’t seek a gathering to tender vacuous apologies or build a library. 

Despite fates like Judas’ every man deserves a second chance. Man is fallible. Nobody is a saint. And time wipes away the pain of transgressions. We are enjoined to forgive. But as a country, we must keep records. Grant amnesties but keep records. Grant amnesties but don’t become amnesic. We can understand Authrur Eze. But Tinubu now says he owes it all to the man who annulled June 12. Dangote says the man who annulled June 12 and destroyed the Abioola mandate is the father of the private sector. Some state governors might say without him, they would have had no states to govern. The gods must be amused. 

We have become incurable worshipers of our leaders. At every major gathering, one former Nigerian leader will be eulogised. He will be called a great man

Because these gatherings aren’t infrequent, all former leaders have been extolled to high heavens

So Balewa, Zik and Awo were all great. Gowon and Murtala were great. Obasanjo was wonderful 

Shagari was fabulous. He died poor. IBB is now outstanding. Abacha, they also say was great and humane. Obasanjo, during his second coming, was a messiah. Yar’adua was marvellous. Jonathan was fantastic. Buhari, the incorruptible, was impeccable. Now Tinubu is loved more than hot Agege bread by many. 

So why exactly is Nigeria poor? Why have our contemporaries like Indonesia and Singapore left us being? We have given our past leaders the highest honours. But our best youths fleeing the country. The names of our leaders hang on national monuments and we bow before them. But we have become bankrupt in China. We have abundant natural resources. We have overflowing human capital. So why are we the poverty capital of the world? We live by the river, but we wash our hands with spittle.

Babangida and his friend Abacha ruled for a combined 13 years. Gowon ruled for 9 years. Obasanjo did 11 years. Buhari did about 10. We celebrate these people every day. We call them heroes. We can excuse Obasanjo who transitioned to civil democratic rule and returned to pay off our debts. But how can this country gather to celebrate Babangida, who cancelled a credible election and triggered a chain reaction that led to the death of many people and the looting of the national treasury? We agree we have been decimated by chronic bad leadership yet we venerate all our leaders. 

If the aim of a presidential library is partly to Immortalize a president and document history, then a library for Babangida will only serve to immortalize the perfidy he committed. Babangida should have let sleeping dogs lie. He is a Maradona. He ought to know not to stir the hornet’s nest. Sitting and watching some of victims , one after the other, to shower him with encomium, in that dubious sanctification ritual called a book launch, might be his ultimate step over, but hasn’t he roused some sleeping dogs? 

I love books. I think memoirs by our past leaders, especially if confessional, will help the country. So Babangida  could have quietly documented his memoir and released it without fanfare. In absolute penitence. Without the nauseating speeches. Without the donations. Without the grandiose dream of a presidential library. Without bruising sensibilities. 

The question Nigerians must answer is this. Is it forgetfulness or folly? Who did this to us? Sorry, Mama Kudirat. Sorry. 

Ukrainian President Volodymyr Zelensky is “not ready” to sign a deal that would give the United States preferential access to his country’s rare earth minerals, a Ukrainian source told AFP.

US President Donald Trump wants Ukraine to give US companies access as compensation for the tens of billions of dollars of aid delivered under his predecessor Joe Biden.

Mike Waltz, Trump’s national security adviser on Friday predicted that Zelensky would sign the deal soon, but the contours of the proposed agreement have not been made public.

“In the form in which the draft is now, the president is not ready to accept, we are still trying to make changes and add constructiveness,” a Ukrainian source close to the matter told AFP Saturday.

“There are no American obligations in the agreement regarding guarantees or investments, everything about them is very vague, and they want to extract $500 billion from us.”

“What kind of partnership is this? … And why do we have to give $500 billion, there is no answer,” the source added.

The source said that Ukraine had offered amendments.

Ukraine is seeking security guarantees from the United States as part of any deal signing away its natural resources and critical minerals.

The disagreement over the deal comes amid a war-of-words between Zelensky and Trump, who branded his Ukrainian counterpart a “dictator” in a social media post earlier this week.

 [Vanguard]

Since Afenifere leader Pa Ayo Adebanjo passed away on February 14 at 96, many have praised his significant contributions to Nigeria as a frontline nationalist, a key role player in the politics of the first and second republics, and an uncompromising devotee of the late Chief Obafemi Awolowo.

Active in the First Republic Action Group, the Second Republic Unity Party of Nigeria, and Alliance for Democracy from 1999, Baba Adebanjo fought tirelessly for democracy. He consistently advocated for true federalism and the country’s political and economic restructuring based on the 1963 Republican Constitution.

Pa Adebanjo was also a well-known activist who stood for equity, truth, and justice. He fought against all forms of injustice and oppression including military dictatorship.
In this respect, I recall his relationship with President Bola Tinubu.

When Asiwaju Tinubu, then a founding chieftain of the defunct AD, decided to run for Lagos governorship, Pa Adebanjo fully supported him, championing transparency in the process that produced him as the candidate of his party. Despite the initial opposition within the party, Baba Adebanjo and other young party members opted for open party primaries, helping Tinubu to emerge as the candidate. Tinubu went on to win the governorship election and was inaugurated on May 29, 1999.

Grateful for the support, Asiwaju maintained a strong relationship with Baba Adebanjo. Even when their political paths diverged, Tinubu held Baba in high regard. The President said this much in his incisive tribute to Pa Adebanjo, which I quote in part thus:
“In moments of national crisis, Baba’s courage shone brightest. When democracy hung in the balance after the annulment of the June 12, 1993 presidential election, he joined the National Democratic Coalition (NADECO) as one of the leading voices against military dictatorship, helping to galvanise a movement that became the bedrock of our collective struggle to reclaim democratic governance.

“His unwavering commitment to truth and justice extended to my journey as a governorship candidate in 1999. Baba Adebanjo’s steadfast support was instrumental in my election as Governor of Lagos State under the platform of the Alliance for Democracy.

“Though our political paths diverged in later years, my respect and admiration for him never wavered. Until his death, I shared a deep personal bond with Baba Adebanjo; he was like a father figure.”

Many in Tinubu’s position might have taken issue with Baba, who sometimes openly criticised him. But not Asíwájú. As an Omoluabi—a person of good character—Tinubu respects elders and institutions, giving honour where it’s due.

How do I know President Tinubu highly regarded Baba Adebanjo? As a journalist and editor, I was well-known to Baba Adebanjo. I interacted with and interviewed him on many occasions during my active years in journalism. So when I became Asiwaju’s Media Adviser, I became the envoy of sorts, the message-bearer for both. Baba Adebanjo would telephone me, saying, “Rahman, Rahman, so fun Oga e pe mo fe ri. To ba wu yin ke wa, to ba wu yin ke ma wa. Tie na la fe so fun,” meaning “Tell your Principal I would like to see him. If he likes, let him honour my invitation. It’s to his benefit if he comes.”

We visited Baba at his residence in Lekki, Lagos, several times. On other occasions, Baba called at Bourdillon, the Ikoyi residence of Asiwaju, along with his entourage.

There is, however, a hilarious and instructive story about the two, which speaks to the admiration and high regard President Tinubu had for Baba, which essentially is the focus of this article. It was during the 90th birthday of Baba Adebanjo, sometime in April 2018. I remember vividly that that particular birthday fell on a Sunday. But a birthday colloquium came up on a Thursday, three days before the actual birthday. We had lodged in our dairy for Asiwaju, the birthday lecture, as well as other activities and events lined up to celebrate the distinguished elder statesman. While focusing on the birthday date, I forgot the preceding Thursday event at Landmark Event Centre in Victoria Island, Lagos. Luckily for me, around 9am that Thursday, the traditional ruler of Oke-Ila in Osun State, Oba Dokun Abolarin, telephoned me, saying he was in Lagos and asking if Asiwaju was coming for the birthday lecture. Knowing I had failed to alert Asiwaju about the lecture the previous night, I smelled trouble.

I immediately raced to Bourdillion in Ikoyi. When I went upstairs to see Asiwaju, he was reading newspapers, oblivious of any early morning engagement that day, particularly that of Baba Adebanjo. I informed him about the event and apologised that I had my mind set on the birthday date on Sunday. The lecture was slated for 10 am, and time was already 10 am. Asiwaju, livid, sprung to his feet. By this time, my colleague Ademola Oshodi had joined me in Asiwaju’s room. Without any prompting, we prostrated and apologised again.

Those close to President Tinubu know he is a very proficient politician in Yoruba as he is in English, complete with street lingo. Still seething in anger, Asiwaju said in Yoruba, “Hen hen, idobale yin yen ni emi ma te’ bati. Ma de ibi lecture, won a ma so pe mo moo mo pe de ni ki nba le da ijoko won ru,” meaning, “So it’s this your prostrating that will now count. I will get to the event now, and they will allege that I deliberately came late so I can cause a stir and disrupt the lecture.”

Somehow, Asiwaju quickly prepared to attend despite our tight schedule as we were meant to travel to Abuja that same day. We got to the occasion around noon after the program had been on for about two hours. One important personality I could not readily remember was on the podium.
Though we arrived late, Tinubu’s presence stirred excitement, and he delivered a heartfelt speech.

As President Tinubu predicted, his arrival caused a big stir and a temporary halt in the programme. As we made to leave, another commotion that did not subside even after our departure ensued. I suspect Asíwájú’s departure might have signaled the virtual end of the program.

That was not the end of the story, though. A couple of days later, I heard Uncle Jimi Disu, a known Asiwaju critic, on his regular programme then on Classic FM, talking about Baba Adebanjo’s birthday lecture, alleging that Asíwájú ‘sauntered’ into the programme uninvited and disrupted the birthday lecture of the nonagenarian. I could not believe my ears. I went on that program afterward to debunk what he said. I narrated what happened, that Asiwaju had tremendous respect for Baba and that he would have avoided the kind of situation that played out if I had briefed him of the timing of the programme.

This incident underscores the critical role of aides in supporting leaders to function effectively. Aides must guide them accurately, as their actions and inactions can significantly impact leadership outcomes. An oversight on my part unintentionally fueled what would have resulted in animus between Baba Adebanjo and Tinubu.

–Rahman is Senior Special Assistant to President Tinubu on Media, Publicity and Special Duties.

Hashim Abioye, chairman of the Osun State Independent Electoral Commission (OSSIEC), has accused the police of arresting election officials and blocking journalists from covering the local government elections.

In a video shared on X, Abioye said several OSSIEC officials were detained while on their way to polling units on Saturday. 

He also alleged that police officers sealed off the commission’s office, preventing journalists from collecting accreditation tags and jackets needed to cover the election.

Abioye, however, assured voters that materials had been deployed to affected areas, adding that there were sufficient resources on the ground to proceed with the election.

He also apologised to journalists for the accreditation issues, attributing them to the police sealing off the commission’s office.

“So far so good, the reports have been positive and the conduct has been very smooth and peaceful as against the false alarm raised by the police. Everywhere is calm,” Abioye said.

“The only thing is that in some of the areas in which materials are supposed to have arrived for voters to cast their votes, we had reports of police arresting our officials.

“I don’t know on whose order because there is no court order that warranted the arrest of officers of our officials.

“As it is, we have deployed materials to those units because we have enough on the ground.

“For our people in the media community, I want to apologise for the inadequacy on the tags and the jackets because we have enough but the police sealed our office and that was not warranted at all.”

[TheCable]

Nigeria’s democracy is built on laws, fairness, and respect for institutions. It is not meant to be a game of power, manipulation, or interference. As the Osun State local government election approaches on February 22, 2025, there is one simple truth that cannot be ignored—this election must hold. No hidden agenda, no security excuse, no sudden warnings of violence should be used to stop the people of Osun from exercising their democratic right.

The Inspector-General of Police (IGP), Kayode Egbetokun, and Attorney General of the Federation (AGF), Lateef Fagbemi, you know the truth. You know that democracy cannot be bargained away. You know that Osun State has the constitutional right to conduct this election, just as Rivers State did in October 2024. You know that your responsibility is to protect, not obstruct.

Do not repeat the mistakes of history. Do not allow yourselves to be used. The Nigerian people see everything. They are watching, waiting, hoping that, for once, power will be used to strengthen democracy, not weaken it.

This is not just about an election—it is about the soul of Nigeria. The question that lingers in the minds of Nigerians is whether institutions exist to serve the people or to protect the interests of those in power. The duty of the IGP and AGF is not to serve the ambitions of any political figure or party, but to uphold the law, defend democracy, and preserve national unity.

Adeleke’s Stand for Democracy—This is What Leadership Looks Like

Governor Ademola Adeleke has spoken. He has stood firm, just as Governor Siminalayi Fubara did in Rivers State. He has declared that the election will proceed as planned. But this is not just his decision—it is the law.

The Osun State High Court has ruled that the election must go on. The court has ordered security agencies to provide protection, not excuses. It has given a clear verdict:

The Osun State Independent Electoral Commission (OSIEC) is the only legal authority to conduct local elections.

The IGP, AGF, and security agencies are obligated to protect voters, not suppress the process.

There is no justification for withdrawal of security personnel or the use of fear to manipulate the situation.

There is no room for delay, no excuse for disruption, no hidden loophole to stop what must happen.

This election is not just about local government officials. It is about trust. It is about whether Nigerians can believe in their institutions. It is about whether the law means something or nothing at all.

The Cry of Democracy—Do Not Silence It Again

Nigeria is crying for democracy. Its people are tired—tired of manipulations, tired of interference, tired of power games that destroy the very foundation of governance.

The world has seen it too many times—elections obstructed, delayed, tampered with in the name of “security concerns.” But the people know the truth. And IGP, AGF—you know the truth too.

If there is a security concern, then deploy security to protect voters. If there is a threat, neutralize it—but do not use it as an excuse to stop democracy. If there is violence, punish the perpetrators, not the voters.

Nigerians are not fooled anymore. They know the difference between genuine security concerns and politically motivated interference. They have watched elections unfold under worse conditions in this country, and yet, those elections were not stopped.

So why Osun? Why now? Why, after the court has spoken?

Learn from Rivers—Democracy Cannot Be Defeated

The Rivers State local government election in October 2024 should be a lesson to all. The police pulled security, shut down the electoral commission, and tried to halt the process. But Governor Fubara stood firm. The people stood firm. And democracy stood firm

Despite every obstacle thrown in its way, the election was held. The people voted. The courts upheld it. And those who tried to interfere were left exposed.

Do not let history repeat itself in Osun. Do not drag the nation through another battle between political influence and the rule of law. Nigeria is better than this. We should be better than this.

IGP, AGF—Your Actions Will Be Remembered

The weight of history is on your shoulders. The people of Nigeria will not forget what you do now.

If you allow this election to proceed peacefully, you will be remembered as leaders who stood for democracy, who upheld the rule of law, who protected the people’s right to vote.

If you interfere, you will be remembered as those who chose power over justice, as those who betrayed democracy at a moment when it needed protection the most

The choice is yours.

This is Not About Politics—This is About Nigeria

This writer, a psychologist, sides with no one but stands for Nigeria, democracy, and the rule of law. The duty of leaders and institutions is not to serve political interests but to protect the sanctity of democracy and obey judicial rulings.

The Osun State local government elections must be handled in accordance with legal precedents, with full respect for the constitutional mandate of the Osun State Independent Electoral Commission (OSIEC). Security agencies and federal authorities must ensure that democracy is practiced, not manipulated, and that the rights of Nigerians to choose their leaders are upheld without interference.

The law must be followed, institutions must function independently, and the democratic process must not be sacrificed for political power. Nigeria belongs to its people, not to those who wish to control it for their own gain.

History is a merciless judge. It remembers those who stood for justice and those who bowed to pressure. It records those who strengthened democracy and those who tried to break it.

If the IGP and AGF allow themselves to be used, if they permit interference where the law has already spoken, their names will be written in the same pages as those who tried to undermine the will of the people. But if they stand firm, if they obey the law and do their duty, they will be remembered as defenders of democracy, not tools of political oppression.

A Final Call—Let Osun’s Election Happen

This is bigger than one state. This is bigger than one election. This is about Nigeria itself—about whether we are truly a democracy or just pretending to be one.

The federal government, security agencies, and all stakeholders must work together to ensure that the election is conducted peacefully, fairly, and without manipulation.

The world is watching. Nigerians are watching. History is recording every move.

Let Osun vote. Let democracy breathe. Let the people decide.

IGP, AGF—you know the truth. You really do.

The Nigerian Senate, an institution expected to epitomize decorum and democratic principles, has once again been thrown into the spotlight for the wrong reasons. At the center of this latest drama are two familiar names: Senate President Godswill Akpabio and Senator Natasha Akpoti-Uduaghan. Their repeated clashes raise an important question: what exactly is it between Akpabio and Natasha?

The most recent incident unfolded in the Senate chamber when Senator Natasha refused to move to a newly assigned seat without prior consultation. This seemingly administrative decision quickly escalated into a heated exchange, culminating in Akpabio ordering the sergeant-at-arms to walk her out of the plenary session. This is not the first time that Natasha and Akpabio have locked horns, and given the trajectory of their confrontations, it is unlikely to be the last.

Senator Natasha Akpoti-Uduaghan is not one to shy away from a fight, especially when she perceives an injustice. As a vocal member of the opposition (PDP), she has been unwavering in her demand for fair treatment and democratic transparency. On the other hand, Senate President Godswill Akpabio, a former governor and a veteran of Nigerian politics, is known for his authoritative leadership style. His tenure in the Senate has not been devoid of controversy, and he has often been accused of high-handedness.

Their first major public clash came months ago when Senator Natasha accused Akpabio of deliberately sidelining her in Senate proceedings, particularly in matters concerning bill presentations. She claimed that despite meeting all requirements, she was continuously denied the opportunity to present bills for a second reading. These allegations, though unproven, add to the growing perception that Akpabio may be deliberately stifling her contributions to national discourse.

It is difficult to ignore the gender dimension in this saga. The Nigerian political space remains overwhelmingly patriarchal, with women often facing undue resistance in leadership positions. Senator Natasha, despite her political experience and advocacy background, has had to fight harder than her male counterparts to gain her footing in the Senate. Is Akpabio’s attitude towards her an extension of this long-standing institutional bias, or is there a deeper personal and political vendetta at play?

Senator Natasha’s resistance to being pushed around is commendable, but it has also put her at the center of controversy. In a country where women who stand their ground are often labeled as “troublesome” or “disruptive,” her defiance is perceived differently by various factions. To some, she is an uncompromising warrior for justice, while to others, she is an agitator disrupting the Senate’s order.

Beyond personality clashes, political interests cannot be ignored. The Nigerian Senate, much like every other political institution in the country, is deeply influenced by party affiliations, regional interests, and personal ambitions. Akpabio, a stalwart of the ruling All Progressives Congress (APC), has a vested interest in maintaining the dominance of his party’s agenda. Natasha, being an opposition senator from the PDP, naturally finds herself at odds with him.

It is important to note that Senate Presidents, by the virtue of their position, wield enormous influence over legislative proceedings. They decide what bills get priority, who speaks, and, in extreme cases, who stays or leaves the chamber. If Akpabio is indeed using his position to muzzle opposition voices, then this is not just about Natasha; it is about the broader state of Nigeria’s democracy.

The recent decision to move Senator Natasha’s seat may seem trivial at first glance, but in political spaces, symbolic actions often carry significant weight. In many parliaments worldwide, seat arrangements are meticulously planned to reflect power dynamics and alliances. Was Natasha’s seat moved randomly, or was it a subtle power play aimed at diminishing her influence? The lack of prior communication suggests a deliberate attempt to undermine her position.

Her resistance to this move, therefore, is not just about personal comfort but about the principle of consultation and respect. If senators can be randomly displaced without explanation, what stops the leadership from making other arbitrary decisions that stifle dissenting voices?

At a time when Nigerians are grappling with pressing national issues, ranging from economic hardship to insecurity, one would expect the Senate to focus on delivering legislative solutions rather than engaging in internal power struggles. Yet, the chamber appears to be turning into an arena for political gladiators, with the real losers being the Nigerian people.

If the leadership of the Senate is seen as oppressive or biased, it erodes public trust in the institution. Nigerians deserve a Senate that represents all voices, not one that operates as an extension of the ruling party’s interests. Akpabio, as the leader of the chamber, must rise above personal and political differences and ensure fairness in all dealings. On the other hand, Senator Natasha must also find a balance between assertiveness and strategic engagement to avoid being constantly perceived as a disruptor.

The ongoing tension between Akpabio and Natasha must be addressed before it further degenerates. There are a few possible solutions, and this can be attained through clearer communication. In fact, if changes are to be made regarding seating arrangements or legislative procedures, affected senators must be informed beforehand. Transparency can help prevent unnecessary confrontations.

In a similar vein, the Senate should establish stronger mechanisms to address disputes among members. A body that mediates conflicts before they escalate on the floor would be beneficial.

Also, while political affiliations are inevitable, lawmakers must prioritize national interest over party politics. Akpabio must show that he is a leader for all senators, not just APC members.

Again, if Senator Natasha’s claims of being denied the opportunity to present bills are true, then this must be rectified immediately. Every senator deserves a fair chance to contribute to national policymaking.

The repeated clashes between Akpabio and Natasha are a symptom of deeper issues within Nigeria’s legislative system. Whether driven by political rivalry, gender bias, or personal animosity, these tensions must be addressed to ensure the Senate remains a credible institution. If democracy is to thrive, then all voices, especially those in the opposition, must be given a fair platform.

So, again, we ask: what is it between Akpabio and Natasha? Only time will tell. But one thing is clear, Nigerians are watching.

Ether 

 price has slipped by over 5% within the last 24 hours toward $2,700 on Feb. 22.

Key catalysts driving ETH price lower today include:

• A Bybit hack involving over $1 billion in ETH.

• Growing rumors that the Ethereum Foundation may roll back the chain.

• A prevailing bearish continuation setup.

Bybit hack pushes Ether’s price down

A major contributing factor behind Ether’s declines today is the $1.5 billion exploit of cryptocurrency exchange Bybit.

As it happened:

• On Feb. 21, Hackers compromised one of Bybit’s Ethereum cold wallets, which are typically secure due to offline storage.

• Stolen assets included over 401,000 ETH and large amounts of staked ETH tokens (stETH, mETH, cmETH).

• Investigators, including ZachXBT, linked the attack to Lazarus Group through onchain transaction tracing and test transactions conducted before the exploit.

• Analyst “andxt” suggests that the North Korean group will eventually sell the stolen ETH.

• Bybit CEO Ben Zhou assured customers that the exchange remains solvent, with all client assets backed 1:1.

• Bybit secured a bridge loan covering 80% of the stolen funds to ensure withdrawals continue.

Ethereum Foundation in a pickle after Bybit hack

Voices are growing inside the crypto industry discussing Ethereum Foundation’s potential to “roll back” their blockchain to undo the effects of the Bybit hack.

Some of the leading crypto influencers teasing a “hard fork” include:

• Analyst Matthew R. Kratter claims the Ethereum Foundation should be “held responsible for aiding and abetting global terrorism” if they don’t hard fork to defund Lazarus Group.

• Arthur Hayes (BitMEX co-founder) publicly asked Vitalik Buterin if he would roll back the blockchain to help Bybit recover stolen funds.

• Will Reeves (Fold App CEO) argues Ethereum’s ability to reverse transactions is a “critical feature” to maintain faith in the ecosystem.

• This echoes the 2016 DAO hack, where Ethereum split into ETH and ETC after a rollback decision.

The Ethereum Foundation and Vitalik Buterin have not addressed these requests, even though some rumors suggest a potential community vote on a hard fork decision.

Related: Ethereum Foundation wants a social media guru to help it ‘yap better’

• A 2016-like rollback would undermine Ethereum’s credibility and may set a concerning precedent for future hacks.

• Uncertainties like these can cause market panic, leading to price declines such as the one witnessed in the last 24 hours.

Ethereum could drop another 28%

Ether’s price drop today appears after failing to break decisively above what appears to be a bear pennant pattern.

Key points:

• A bear pennant consists of a sharp decline (flagpole) followed by sideways consolidation within converging trendlines.

• If the pattern plays out, the expected target is derived by measuring the height of the flagpole and projecting it downward.

• This calculation places a potential ETH price target near $1,953, suggesting a 28% drop by March if the breakdown is confirmed.

• The price rejection at the upper boundary suggests ETH sellers remain in control, increasing downside risk.

• The Relative Strength Index (RSI) at 48.06 suggests neutral-to-bearish momentum, with room for further downside if it drops below 40.

[cointelegraph]

 The crypto industry started its Friday in a jubilant mood, with Coinbase Global Inc.’s announcement that US securities regulators were poised to dismiss a legal case against the nation’s largest digital-asset exchange.

The happy vibe didn’t last long, however: Less than three hours later and halfway around the world, the exchange Bybit disclosed that it had been hacked in what analysts say was the biggest-ever theft in the industry with almost $1.5 billion worth of tokens looted.

The ensuing whiplash in market prices — not to mention the moods in the crypto trading trenches – served as yet another stark reminder of the unique and ever-present risks lurking in this market. And it also emboldened critics of President Donald Trump’s fervent efforts to reverse his predecessor’s regulatory scrutiny of an industry that’s become more and more entwined with the traditional financial system.

“Deregulated markets sound good until you have this type of attack,” said Hilary Allen, a professor at American University’s Washington College of Law who studies crypto markets. “In the short term, we are seeing a lot of cheering for the peeling away of a lot of regulations. But be careful what you wish for.”

Traders booting up their computers on Friday morning were greeted by news that the Trump-era Securities and Exchange Commission, pending commissioner approval, was poised to permanently dismiss its lawsuit against Coinbase for running an unregistered exchange, brokerage and clearing agency.

Shares of the largest US crypto exchange shot up on the news, surging almost 6% in premarket trading. The crypto market went along for the ride, pushing Bitcoin toward the $100,000 level for the first time in more than two weeks. Ether, the second largest token, jumped more than 4%.

The gains proved to be fleeting.

Vigilant crypto market observers soon began noticing huge, suspicious withdrawals of Ether from another, Dubai-based exchange called Bybit, one of the largest in the world with more than $36 billion in daily average trading volume.

Bybit quickly confirmed that it had been robbed. CEO Ben Zhou explained the caper in crypto jargon undecipherable to most of the world, but all too clear to digital-asset enthusiasts: “Hacker took control of the specific ETH cold wallet we signed and transfered all ETH in the cold wallet to this unidentified address.”