{"id":22669,"date":"2025-02-22T09:02:06","date_gmt":"2025-02-22T10:02:06","guid":{"rendered":"https:\/\/medexperts.pro\/?p=22669"},"modified":"2025-02-22T10:25:04","modified_gmt":"2025-02-22T10:25:04","slug":"big-day-for-crypto-goes-south-after-bybit-hack","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=22669","title":{"rendered":"Big Day for Crypto Goes South After Bybit Hack"},"content":{"rendered":"
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Hours after Coinbase said the S.E.C. was dropping a lawsuit against it, another major cryptocurrency exchange reported a potentially record-setting theft.<\/p>\n

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The good news for cryptocurrency investors arrived just after 8 a.m. on Friday: Coinbase, the largest crypto marketplace in the United States, had reached a deal<\/a> with U.S. regulators to dismiss a lawsuit that had hung over the industry for years.<\/p>\n

But within hours, the crypto market descended into a new crisis. At 10:51 a.m., Bybit, another leading crypto exchange, 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

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

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<\/div>\n

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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

\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

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Hours after Coinbase said the S.E.C. was dropping a lawsuit against it, another major cryptocurrency exchange reported a potentially record-setting theft.The good news for cryptocurrency investors arrived just after 8 a.m. on Friday: Coinbase, the largest crypto marketplace in the United States, had reached a deal with U.S. regulators to dismiss a lawsuit that had hung over the industry for years.But within hours, the crypto market descended into a new crisis. At 10:51 a.m., Bybit, another leading crypto exchange, said it had been hacked \u2014 with industry analysts estimating the loss at nearly $1.5 billion, the largest theft in crypto history.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.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.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.\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?\u201dWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and\u00a0log into\u00a0your Times account, or\u00a0subscribe\u00a0for all of The Times.Thank you for your patience while we verify access.Already a subscriber?\u00a0Log in.Want all of The Times?\u00a0Subscribe.<\/p>\n","protected":false},"author":1,"featured_media":22671,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-22669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22669"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22669\/revisions"}],"predecessor-version":[{"id":22672,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22669\/revisions\/22672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/22671"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}