What Happened in the Crypto Markets Last Week?

1/ Bybit Hit by $1.5 Billion Hack, Shaking Web3 Trust

Bybit suffered the largest crypto hack ever, surpassing even Ronin. The attack exploited a phishing attack targeting a Safe Multisig wallet, draining $1.5B.

This serves as a harsh reminder of the risks associated with centralized exchanges and highlights the need for stronger security measures.

Bybit has promised to cover user losses, but trust is shaken.

2/ Howard Lutnick, a Champion of Cryptocurrency, Appointed as U.S. Secretary of Commerce

Howard Lutnick, a known supporter of cryptocurrency, has been confirmed by the U.S. Senate as the new U.S. Secretary of Commerce.

Reports indicate that Lutnick holds Bitcoin assets worth hundreds of millions of dollars. He will be responsible for shaping the Department of Commerce's cryptocurrency and tariff policies.

Additionally, he will lead a newly issued executive order by Trump to establish the U.S. government's sovereign wealth fund.

3/ Multiple Crypto Exchanges Plan to Launch Proprietary Stablecoins

In response to new EU regulations mandating the delisting of unlicensed stablecoins, major exchanges are taking action:

?? Kraken Digital Asset Exchange is developing a USD-pegged stablecoin through its Irish subsidiary.

?? Crypto.com plans to launch its own stablecoin in Q3 2025, focusing on the European market.

4/ U.S. Congress Begins Work on Stablecoin and Digital Asset Legislation

Senators Bill Hagerty & Tim Scott, alongside Rep. French Hill, have proposed a regulatory framework for crypto assets.

If passed, it could provide long-overdue clarity to stablecoins, exchanges, and DeFi platforms in the U.S.

Elliptic provides a deep dive on this topic:

5/ SEC Staff Agree to Dismiss Coinbase Lawsuit

The SEC has agreed to dismiss its lawsuit against Coinbase, a significant win for the U.S. crypto industry.

This removes a major legal barrier, enabling:

?? More institutional investment

?? Coinbase to expand both onchain and offchain

?? Greater clarity for crypto regulation in the U.S.

6/ SEC Ends Investigation into OpenSea

The SEC is closing its investigation into OpenSea, a win for NFT creators and marketplaces.

Efforts to classify NFTs as securities would have hindered innovation. This ruling protects decentralized digital ownership and ensures creators can continue building without unnecessary regulatory barriers.

7/ Crypto Regulations: A Hot Topic in 2025

How should builders and entrepreneurs approach blockchain compliance? What regions should you look into, and which jurisdictions should you avoid?

Dive into Kade Almendinger ' article to stay ahead ????

Onchain's author: Leon Waidmann.

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