Good news for cryptocurrency investors arrived after 8 am on Friday: The largest crypto marketplace coinbase in the United States, reached a deal with American registers to dismiss a lawsuit which had been hanging in the industry for years .
But within hours, the Crypto market got into a new crisis. At 10:51 am, Bibit, another major crypto exchange, Said It was hacked – industry analysts estimated a loss of about $ 1.5 billion, the biggest theft in Crypto history.
Bitcoin, ether and other major cryptocurrency prices fell. Even the share price of the coinbase fell by 8 percent by the end of the day.
It was a portrayal of the Crypto state in divided-screen contrast 2025. Even President Trump embraced the industry, it lives in the wild west of the financial world, prone to scams, theft and sudden market corresponds.
A series of policy changes in Washington is ready to encourage millions of investors to dub it for the first time, despite the industry’s constant conflict and preventing criminal activity. Hack was a reminder that, for all its growing influence in politics, Crypto is an international free-a chaotic market in which the most experienced investors also sometimes face extreme loss.
“These people who have a full business crypto, being smart about these issues, have lost only $ 1.5 billion,” said Corey Fire, who worked on a crypto policy in the Securities and Exchange Commission during the Biden administration. . “So how do we expect regular Americans who just want to work to use their debit cards safely?”
The news about coinbase and bybit came to the world for a few days at the end of a roller-coaster. A proliferation of new memecoin – an internet joke or digital currencies based on a celebrity mascot, without any practical work – has inspired comprehensive complaints about scams.
Last week, a memecoin promoted by the Argentina President, Xavier Mil, suddenly fell into the price, establishing a political crisis and Cost of Investors over $ 250 million.
Recently, Crypto officials have expressed concern about the spread of these high-risk cryptocurrency, giving them a shock that they can undo the progress that the industry has done to MPs. Shortly before his inauguration, Mr. Trump placed his own memecoin on sale – he shot in value before crashing. More than 800,000 crypto accounts lost money.
Crypto venture investor, Haseeb Qureshi wrote on social media this week, “Memcoin is not just a casino – they are worse.” “They are a casino where each slot machine has a separate owner, each trying to rip you as much as possible before going to the next one.”
Under the Biden administration, federal regulators overturned a widespread crack on Crypto, filed against several largest companies in the industry.
At the top of that list, the coinbase was a $ 60 billion company, which was made public in 2021. Two years ago, the SEC sued the coinbase, arguing that the digital currencies sold on its platform were securities, such as stock and bond traded on Wall Street. , The regulators argued that the coinbase should register with the SEC and follow strict rules to protect investors from financial losses.
But when Mr. Trump took over, the government’s seat towards Crypto changed. The President has his own crypto business, World Liberty Financial, which gives him a personal stake in the success of the industry. And he has nominated a crypto industry partner, securities lawyer Paul Atkins to lead the SEC, who has quickly cut his enforcement efforts.
In a regulatory filing on Friday morning, the Coinbase announced that the SEC agreed to give up its case without implementing any financial penalty. (The agreement requires approval by the agency commissioners, a procedure that is expected to be a formality.)
In a social media post celebrating, industry officials announced the termination of “siege against Crypto” by the federal government.
The excitement did not last long. Bybit, which is located in Dubai and processing tens of billions of dollars in daily transactions, revealed that the thieves had violated their system, stole a large amount of ether.
Crypto has a long history of damaging hack, but theft from bibit Dwarf The previous record, when the thieves stole $ 611 million in a cryptocurrency from a platform called Polynetwork in 2021.
Crypto is also a big example for theft, even outside the world. “This can also be the biggest single theft ever,” said Tom Robinson, co-founder of the Crypto analysis firm, Endaka.
On social media, bybit’s chief executive, Ben Jhou assured the customers that the company was still solvent. “Even though this hack is not recovered, all clients are assumed from 1 to 1,” he wrote. “We can cover the loss.”
In a livestream on Friday, Mr. Zhou, who was rotating the Red Bull, Said The “affected amount” was 401,000 ether, or approximately $ 1.1 billion. Crypto forensic experts estimated a total of $ 1.5 billion in total based on analysis of public transactions records.
Bybit does not offer services to customers in the United States, according to this WebsiteRepresentatives of the company did not immediately respond to the remarks request.
A Crypto Research Group, Arakham Intelligence, Said North Korean hackers were behind Bite Breech. The attacks of North Korean groups have plagued the industry over the years.
The price of bitcoin increased from about $ 100,000 to 5 percent to more than $ 95,000 in early Friday. The other cryptocurrency fell even more.
And a day of the celebration for the coinbase ended with a stock market: by the time the market closed on Friday, its shares were trading at the lowest price since November.
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