Bitcoin 2025: How the Bybit Hack, Regulatory Shifts, and Stablecoins Redefined Crypto’s Landscape

In 2025, the crypto landscape shifted as operations and custody risks moved into core variables within the macro risk cycle. Regulatory clarity and financial-system integration elevated stablecoins and other assets into mainstream risk management.

Bybit reported a $1.4 billion theft early in the year, attributed to a North Korea–linked actor. The incident intensified focus on custody controls, signature processes, and exchange counterparty risk.

Regulatory momentum grew with the GENIUS Act, clarifying stablecoin issuance, reserves, and audits, while efforts to standardize crypto ETPs aimed to widen access and improve pricing in public markets.

Year-end developments included cross-border policy moves, national trust-bank pilots, and HKEX listings, underscoring governance and risk controls. The cycle closed with enforcement actions that shape ongoing crypto regulation.