Crypto Biz: Weeks like this will rattle your conviction

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.

The Fallout from Bybit: A $1.4 Billion Hack

On February 21st, Bybit suffered the largest hack in the industry’s 15-year history, with North Korea-affiliated Lazarus Group targeting the exchange’s staked Ether token wallets. The exploit resulted in a staggering $1.4 billion loss.

Bybit CEO Ben Zhou vowed to do everything in his power to recover the lost funds, declaring “war” on Lazarus Group. He also assured users that Bybit was back to 100% 1:1 on client assets. A forensic investigation later confirmed Lazarus Group’s involvement in the attack and identified Safe(Wallet) as the compromised vector.

Bitcoin Price Plunges: A 20% Drop from its High

Brian's price plunged more than 20% from its January all-time high, causing shares of Bitcoin mining stocks to plummet. Bitdeer Technologies' stock fell by more than 25% after releasing weaker-than-expected earnings and revenue.

Cipher Mining’s share price was down more than 17% after reporting a significant increase in operating losses on a year-over-year basis. Some miners have struggled to adapt following Bitcoin's 2024 halving, which cut mining rewards in half.

Strategy's Latest Price Tumble: A 16% Decline Since the Start of the Year

Shares of Michael Saylor’s Strategy have also declined sharply since the start of the year. MSTR has plummeted by 16%. The company's strength lies in its ability to raise capital backed by its expanding Bitcoin treasury.

A Warning from Tether CEO: Politicians Want to "Kill" Stablecoin Issuer

Tether CEO Paolo Ardoino warned that hostile politicians are trying to push the world’s largest stablecoin issuer out of the cryptocurrency market. Ardoino stated that competitors should focus on building a better product than Tether.

However, “their real intent is to ‘Kill Tether,’” Ardoino said. “Every single business or political meeting that they have culminates with this intent,” he continued. The irony of trying to kill Tether is that USDt (USDT) is the “most successful tool for US dollar hegemony and distribution across emerging markets.”

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