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The cryptocurrency industry was shaken when Bybit, one of the leading crypto exchanges, reported a massive security breach that resulted in the theft of approximately $1.46 billion in digital assets . Initially, details surrounding the attack were scarce, with Bybit confirming that a cold Ethereum wallet had been compromised. However, recent developments have now identified the perpetrators. According to the latest findings, the North Korean hacking collective Lazarus Group is behind the Bybit hack. This group, known for its previous cyberattacks on financial institutions and crypto platforms, has been implicated in multiple high-profile thefts, including: The breakthrough in the investigation came from on-chain detective ZachXBT , a well-known figure in blockchain forensics. On February 21, 2025, at 19:09 UTC, ZachXBT submitted a detailed report proving Lazarus Group’s involvement. His findings included: This evidence was shared with Bybit’s security team, strengthening their ongoing investigation and potential legal action. Investigators believe the hackers executed the attack by manipulating a routine transfer between Bybit’s cold wallet and hot wallet. The attack involved: Despite the staggering loss, Bybit’s CEO reassured users that all funds are backed 1:1, and customer withdrawals remain unaffected. The exchange has since: The Bybit hack is a reminder of ongoing security risks in the crypto space. The involvement of Lazarus Group, which allegedly funds North Korea’s nuclear program through cyber thefts, raises serious concerns for regulators and exchanges. Moving forward, exchanges and investors must: With the Lazarus Group now confirmed as the mastermind behind the Bybit hack, the focus shifts to fund recovery and preventive measures. The work of ZachXBT and other blockchain investigators highlights how forensic analysis can expose even the most sophisticated cybercriminals. The crypto industry will undoubtedly tighten its defenses, but this attack proves that no exchange is completely immune. As investigations continue, Bybit and the broader crypto ecosystem must adapt and fortify their security frameworks against future threats.

Marty Party, the crypto commentator and music producer, shared on X an optimistic view on the US Securities and Exchange Commission (SEC) and the future of crypto startups. The post focuses on the regulatory shifts currently underway within the SEC related to digital assets. He recalls how the agency had previously adopted a stringent, enforcement-centric approach toward cryptocurrencies. This was especially true under former SEC Chair Gary Gensler. The lack of clarity in rules made it difficult for startups to navigate this environment, deterring many from entering the space due to fears of legal repercussions and challenges in securing legal representation or banking services. However, a wave of optimism in the crypto world started to spread in recent times. For instance, Gensler resigned as SEC Chair in January, and US President Donald Trump nominated Paul Atkins, a known advocate for free markets and digital assets, as his successor. In addition, acting SEC Chair Mark Uyeda and Commissioner Hester Peirce have established a dedicated Crypto Task Force. This initiative aims to develop clear guidelines for digital asset issuance, moving away from the previous enforcement-heavy approach. All of this suggests a shift toward a more business-friendly regulatory environment for digital assets. To illustrate the previous, tougher stance, consider the past few years. Several crypto businesses ran into trouble with the SEC. In February 2023, the SEC charged cryptocurrency exchange Kraken for offering unregistered securities through its staking services. This ended with Kraken paying a $30 million settlement and ceasing its staking operations in the US. Coinbase, a major cryptocurrency exchange, faced a Wells notice from the SEC in March 2023, indicating potential enforcement actions over its staking products. The SEC subsequently sued Coinbase in June 2023, alleging it operated as an unregistered broker and exchange since 2019. In May 2023, Flint Money, an Indian decentralized finance startup backed by Sequoia Capital and Coinbase, shut down its operations in the US. The shutdown was directly linked to regulatory concerns. These concerns, it was argued, created a tough environment for its services. In July 2023, Pillow, a crypto investment platform, announced it would discontinue its services. The decision was primarily driven by regulatory uncertainties and a challenging business environment, despite raising $18 million in a Series A funding round just eight months prior. The takeaway, however, is positive in that the regulatory situation is undergoing changes. Specifically, there is a transition in SEC leadership, and these developments suggest a possible easing of the strict regulatory environment that previously led to the shutdown of several crypto startups. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The US Securities and Exchange Commission (SEC) is downsizing and rebranding its crypto enforcement unit, signaling a shift away from its aggressive crackdown on the industry. Once nearly doubled under former SEC Chair Gary Gensler, the SEC’s crypto task force unit will now shrink to around 20 specialists and focus on broader financial crimes, including AI-related fraud and cybersecurity threats. The move comes as Elon Musk’s Department of Government Efficiency (DOGE) prepares to audit the agency for wasteful spending. Previously called the Crypto Assets and Cyber Unit, the scaled back SEC division is now the Cyber and Emerging Technologies Unit, according to a Feb. 20 press release . In 2022, former SEC Chair Gary Gensler said that the crypto task force was almost doubling to 50 people. In the recent press release, the securities regulator said that the renamed unit will only include “approximately 20 fraud specialists and attorneys across multiple SEC offices.” The overhauled unit will also clear the way for “innovation to grow,” said Acting Chair Mark Uyeda in a statement. “It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies,” he added. Although the unit will still hunt for “fraud involving blockchain technology and crypto assets,” it will also watch for unlawful uses of artificial intelligence (AI), hacks and other cybersecurity crimes. The change in the SEC’s crypto unit comes shortly after the Department of Government Efficiency (DOGE), led by billionaire Tesla and SpaceX founder Elon Musk, announced that it will audit the SEC for any wasteful spending and potential fraud. Although DOGE has not given a specific date for when the audit will be performed, the scaling back of the SEC’s crypto unit could be a proactive move on the regulator’s part with DOGE expected to show up in the next few days. The shift away from aggressive enforcement action in the crypto space also aligns with US President Donald Trump’s campaign promises to make the US the “crypto capital” of the world.

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