Unchained The Chopping Block: Crypto’s Worst Week? Bybit Hack, Libra Scandal, & The Memecoin Reckoning - Ep. 788
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Feb 23, 2025 A shocking $1.5 billion hack at Bybit raises alarms, allegedly tied to North Korea's Lazarus Group, while CEO Ben Zhou maneuvers deftly to cover the fallout. Insider trading scandals surrounding Argentina’s Libra token expose the darker side of the memecoin bubble, as celebrity-driven coins face growing skepticism. Dave Portnoy's controversial pump and dump of Greed and Greed 2 lingers, mocking his followers. Amidst this chaos, the SEC drops its lawsuit against Coinbase, hinting at resilience in the crypto markets.
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Bybit Hack
- Bybit, the world's second-largest crypto exchange, suffered a $1.5 billion hack, likely by North Korea's Lazarus Group.
- CEO Ben Zhou's quick response, confirming the hack and assuring users of Bybit's solvency, was praised.
The Problem with Stealing a Billion Dollars
- Stealing such a large amount presents a challenge for the hackers due to its high visibility and difficulty in laundering.
- Ironically, smaller amounts are often easier to get away with.
Libra Coin Scandal
- The Argentinian meme coin Libra, promoted by President Javier Milei, crashed 95% after a $4 billion market cap.
- Hayden Davis, CEO of Kelsier Ventures, admitted to insider trading and exposed the rigged meme coin playbook.