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The crypto events that reshaped the industry in 2025
1. February: The Bybit theft recenters the market on operational risk: On Feb. 24, the crypto industry faced a renewed security reckoning after about $1.4 billion was stolen from Bybit, making it one of the largest exchange-related thefts on record. US authorities publicly attributed the attack to actors linked to North Korea and warned that the stolen assets would likely be laundered through a network of addresses and intermediaries. For operator-led businesses, the takeaway was not “don’t use crypto.” It was that counterparty exposure and custody decisions, including exchange risk, wallet providers, signing ... (full story)
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