A $1.4 billion Bybit hack, efforts to “Kill Tether” and a Bitcoin price crash headline a rough week for the crypto markets.
Whether you’re new to crypto or a seasoned vet, there’s no sugar-coating that it has been a horrible week for markets. Bybit suffered the largest hack in the industry’s 15-year history, Bitcoin (BTC) plunged more than 20% from its high and US President Donald Trump inched closer to slapping 25% tariffs on imports from Canada and Mexico. Bitcoin proxy stocks also plunged due to a combination of earnings misses, operational losses and a strong correlation with BTC.
This week’s Crypto Biz newsletter dissects the fallout from the Bybit hack, Strategy’s latest price tumble and Paolo Ardoino’s warning that politicians want to “kill Tether.”
On Feb. 21, Bybit suffered a $1.4 billion exploit at the hands of North Korea-affiliated Lazarus Group, which targeted the exchange’s staked Ether token wallets. Bybit CEO Ben Zhou later declared “war” on Lazarus Group and vowed to do anything in his power to recover the lost funds. In the meantime, he assured users that Bybit was “back to 100% 1:1 on client assets.”
