The $2.4 billion hack that has rattled the crypto world

The good news for cryptocurrency investors arrived just after 8 am Friday: Coinbase, the largest crypto marketplace in the United States, had reached a deal with US 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 am, Bybit, another leading crypto exchange, said it had been hacked — with industry analysts estimating the loss at nearly $US1.5 billion ($2.4 billion), the largest theft in crypto history.
The prices of bitcoin, ether and other major cryptocurrencies plunged. Even Coinbase’s share price had dropped 8 per cent by the end of the day.
This split-screen contrast was a telling illustration of the state of crypto in 2025. Even as President Donald Trump embraces the industry, it remains the Wild West of the financial world, prone to scams, thefts and sudden market meltdowns.