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Big Day for Crypto Goes South After Bybit Hack

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  • Post last modified:February 22, 2025

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 — 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 plummeted. Even Coinbase’s share price had dropped 8 percent by the end of the day.

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