Crypto Events That Reshaped the Industry in 2025

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 flows and withdrawal assumptions, can become severe operational…