💰 ByBit’s Billion-Dollar Nightmare: The Biggest Crypto Theft in History

FTX begins repayments, XRP’s Big Break, and Coinbase’s Unexpected Win

Feb 24, 2025

Hey Alphafellaz,

Hope your bags are pumping and your wallets are not getting drained, unlike ByBit’s… 👀 $1.5 billion just vanished in the biggest crypto heist ever, XRP is flexing with its first spot ETF, and somehow, Coinbase finessed the SEC without paying a cent. What a time to be alive.

But forget the FUD for a second — ETH Denver is this week! Whether you’re here for the alpha, the airdrops, or just the free food, we’ve got you covered. Check out our side events list at sheeets.xyz and make sure you don’t miss the best parties (and panels, I guess).

Now, let’s get into the chaos. 🚀

— 🩸💀 AMERICAN RADASS

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📰 ByBit Hit with Largest Crypto Theft in History

The ByBit Exchange has just taken a huge blow. One of the largest in crypto history, in fact, with a whopping $1.5 billion stolen, reportedly from a cold wallet.

North Korea’s Lazarus Group, known for state-sponsored cyber attacks, seems to be behind the heist, according to blockchain researchers ZachXBT and Arkham. ByBit has offered a 10% reward to anyone with information leading to the recovery of the stolen funds.

This attack is bigger than any previous crypto hack in scope and audacity. Analysts note that the breach of a cold wallet, previously seen as a safer storage method, poses serious questions about business practices and insider risks.

As global regulators begin to scrutinize crypto platforms more closely, this attack could accelerate calls for greater transparent security practices, rigorous audits, and mandatory insurance to protect user balances.

📰 Brazil Approves Spot XRP ETF as Trump Shows Ripple Support

Brazil just gave XRP a huge lift by approving its first spot ETF for the token, showing that altcoins are gaining ground in Latin America.

Donald Trump even showed some love for the token on Truth Social, sparking more interest from institutions.

All of this could pave the way for broader adoption of XRP and other altcoins, especially if high-profile endorsements and official regulatory nods keep rolling in.

📰 Coinbase and the SEC Patch Things Up With No Fines

The SEC finally seems to be on crypto’s side, dropping their lawsuit against Coinbase with no fines to pay, pending final approval.

It seems like a sign that regulators might be shifting to a more cooperative stance. It also gives a bit of breathing room for U.S. exchanges hoping to stay on the right side of the law without long legal battles.

However, their battle with Coinbase may now be a bit more personal, with their decision to register their own yield-bearing Stablecoin. Looks like more regulatory clarity could be rolling in soon, which can go a long way in this market.

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🤓 DISCLAIMER: NFA & DYOR

This newsletter is a curated overview of the most exciting things I’ve read the past week, the projects I’ve researched, and the Coins or NFTs I’ll be trying to buy.

This means I’m - per definition - biased, so don’t consider this as financial advice, and keep doing your own research if you see something you like.

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