{"id":7998,"date":"2025-02-22T10:58:30","date_gmt":"2025-02-22T10:58:30","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/big-day-for-crypto-goes-south-after-bybit-hack\/"},"modified":"2025-02-22T10:58:30","modified_gmt":"2025-02-22T10:58:30","slug":"big-day-for-crypto-goes-south-after-bybit-hack","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/big-day-for-crypto-goes-south-after-bybit-hack\/","title":{"rendered":"Big Day for Crypto Goes South After Bybit Hack"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The good news for cryptocurrency investors arrived just after 8 a.m. on Friday: Coinbase, the largest crypto marketplace in the United States, had <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/21\/technology\/coinbase-sec-lawsuit.html\" title=\"\">reached a deal<\/a> with U.S. regulators to dismiss a lawsuit that had hung over the industry for years.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But within hours, the crypto market descended into a new crisis. At 10:51 a.m., Bybit, another leading crypto exchange, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/Bybit_Official\/status\/1892965292931702929\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> it had been hacked \u2014 with industry analysts estimating the loss at nearly $1.5 billion, the largest theft in crypto history.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The prices of Bitcoin, Ether and other major cryptocurrencies plunged. Even Coinbase\u2019s share price had dropped 8 percent by the end of the day.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">This split-screen contrast was a telling illustration of the state of crypto in 2025. Even as President Trump embraces the industry, it remains the wild West of the financial world, prone to scams, thefts and sudden market meltdowns.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">A series of policy changes in Washington are poised to encourage millions of investors to dabble in crypto for the first time, despite the industry\u2019s continued struggles to police and prevent criminal activity. The hack was a reminder that, for all its growing influence in politics, crypto remains something of an international free-for-all \u2014 a chaotic market in which even the most experienced investors sometimes suffer extreme losses.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThese guys whose whole business is crypto, being smart about these issues, just lost $1.5 billion,\u201d said Corey Frayer, who worked on crypto policy at the Securities and Exchange Commission during the Biden administration. \u201cSo how do we expect regular Americans who just want their debit card to work to safely use the products?\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The news about Coinbase and Bybit came at the end of a roller-coaster few days in the crypto world. A proliferation of new memecoins \u2014 digital currencies based on an internet joke or a celebrity mascot, with no practical function \u2014 has prompted widespread complaints about scams.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last week, a memecoin promoted by the president of Argentina, Javier Milei, suddenly plummeted in value, setting off a political crisis there and <a class=\"css-yywogo\" href=\"https:\/\/research.nansen.ai\/articles\/libra-the-aftermath\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">costing<\/a> investors more than $250 million.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Recently, crypto executives have expressed worry about the spread of these high-risk cryptocurrencies, <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/25\/us\/politics\/trumps-crypto-venture-divides-the-industry-he-aims-to-support.html\" title=\"\">fretting<\/a> that they could undo some of the progress the industry has made with lawmakers. Shortly before his inauguration, Mr. Trump put his own memecoin on sale \u2014 it shot up in value before crashing. More than 800,000 crypto accounts <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/09\/us\/politics\/trump-crypto-memecoin.html\" title=\"\">lost<\/a> money.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cMemecoins aren\u2019t just a casino \u2014 they\u2019re worse,\u201d Haseeb Qureshi, a crypto venture investor, wrote on social media this week. \u201cThey\u2019re a casino where each slot machine has a different owner, each trying to rip you off as much as they can before you move on to the next one.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Under the Biden administration, federal regulators oversaw a wide-ranging crackdown on crypto, filing lawsuits against many of the industry\u2019s biggest companies.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">At the top of that list was Coinbase, a $60 billion company that went public in 2021. Two years ago, the S.E.C. sued Coinbase, arguing that the digital currencies sold on its platform were securities, just like the stocks and bonds traded on Wall Street. The regulators argued that Coinbase should have to register with the S.E.C. and follow strict rules to protect investors from financial harm.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But the government\u2019s posture toward crypto transformed when Mr. Trump took office. The president has his own crypto business, World Liberty Financial, giving him a personal stake in the industry\u2019s success. And he has nominated a crypto industry ally, the securities lawyer Paul Atkins, to lead the S.E.C., which has quickly cut down on its enforcement efforts.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In a regulatory filing on Friday morning, Coinbase announced that the S.E.C. had agreed to drop its lawsuit without imposing any financial penalty. (The agreement requires approval by the agency\u2019s commissioners, a process that is expected to be a formality.)<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In celebratory social media posts, industry executives declared the end of a \u201csiege against crypto\u201d by the federal government.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The euphoria didn\u2019t last long. Bybit, which is based in Dubai and processes tens of billions of dollars in daily transactions, revealed that thieves had breached its system, stealing huge quantities of Ether.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Crypto has a long history of damaging hacks, but the theft from Bybit <a class=\"css-yywogo\" href=\"https:\/\/www.linkedin.com\/posts\/tomarobinson_almost-15-billion-in-crypto-was-stolen-activity-7298798116160368641-Okp-\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">dwarfed<\/a> the previous record, when thieves stole $611 million in cryptocurrencies from a platform called PolyNetwork in 2021.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Even outside the crypto world, there is little precedent for a theft so big. \u201cIt may even be the largest single theft of all time,\u201d said Tom Robinson, a co-founder of Elliptic, a crypto analysis firm.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">On social media, Bybit\u2019s chief executive, Ben Zhou, assured customers that the company was still solvent. \u201cEven if this hack loss is not recovered, all of clients assets are 1 to 1 backed,\u201d he wrote. \u201cWe can cover the loss.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In a livestream on Friday, Mr. Zhou, who was swigging Red Bull, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/Bybit_Official\/status\/1892986507113439328\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> the \u201caffected amount\u201d was 401,000 Ether, or about $1.1 billion. Crypto forensics experts estimated the total at closer to $1.5 billion, based on analysis of public transaction records.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Bybit does not offer services to customers in the United States, according to its <a class=\"css-yywogo\" href=\"https:\/\/www.bybit.com\/en\/help-center\/article\/Service-Restricted-Countries\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">website<\/a>. The company\u2019s representatives did not immediately respond to a request for comment.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A crypto research group, Arkham Intelligence, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/arkham\/status\/1893033424224411885\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> North Korean hackers were behind the Bybit breach. Attacks by North Korean groups have <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2022\/06\/30\/business\/north-korea-crypto-hack.html\" title=\"\">plagued<\/a> the industry for years.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The price of Bitcoin plunged from about $100,000 early Friday to just over $95,000 that evening, a 5 percent drop. Other cryptocurrencies fell even further.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">And a day of celebration for Coinbase ended with a stock market plunge: By the time the market closed on Friday, its shares were trading at their lowest price since November.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/02\/22\/technology\/crypto-exchange-bybit-hack.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The good news for cryptocurrency investors arrived just after 8 a.m. on Friday: Coinbase, the largest crypto marketplace in the<\/p>\n","protected":false},"author":1,"featured_media":7999,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[174,2882,2118,114,1798,1797,219,113,176],"class_list":["post-7998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-bitcoin-currency","tag-coinbase-inc","tag-cyberattacks-and-hackers","tag-donald-j","tag-javier","tag-milei","tag-regulation-and-deregulation-of-industry","tag-trump","tag-virtual-currency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Big Day for Crypto Goes South After Bybit Hack - World News<\/title>\n<meta name=\"robots\" content=\"index, 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