The Bybit Hack Made Kim Jong Un Crypto’s Most Influential in 2025
A $1.4 billion hack on Bybit in February 2025 exposed custody weaknesses, leading to increased regulatory scrutiny and naming Kim Jong Un crypto's most influential figure.Summary
The February 2025 $1.4 billion hack on the cryptocurrency exchange Bybit exposed critical structural weaknesses in industry-standard custody systems like cold storage and multisignature wallets, shifting custody architecture to a first-order risk concern. The incident prompted the Financial Action Task Force (FATF) to cite the theft as the largest ever in crypto and urge global regulators to address illicit finance risks amplified by crosschain activity and stablecoins. Because the exploit was linked to North Korean hackers, the FATF report dominated by the hack led some observers to name Kim Jong Un as crypto's most influential person in 2025. The breach also shifted industry focus from mixers to the risks inherent in decentralized routing infrastructure, as stolen funds were rapidly moved across chains. Furthermore, Bybit's response—keeping withdrawals open and communicating transparently—set a new standard for crisis management, moving away from default withdrawal freezes.
(Source：Cointelegraph)