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3 Ways Bybit’s $1.5 Billion Hack Will Impact the Staking Industry

The $1.5 billion hack of Bybit — the largest in crypto history — has put the entire industry on high alert. The attack, reportedly carried out by North Korea’s Lazarus Group, resulted in the theft of over 401,000 ETH, reinforcing the reality that no exchange is safe from sophisticated cyber threats, and any platform can be at risk.
Bybit’s response is critical. The positive takeaway is that Bybit has re-established a 1:1 asset backing for its clients and closed the “ether gap.” However, this temporary situation — where users shoulder the burden of centralized exchange (CEX) security failures could drive staking participants toward self-custody, keeping only the bare minimum on exchanges for transactions.
While the full fallout of this breach is still unfolding, it may serve as a catalyst for both retail and institutional staking participants to rethink their strategies. Here’s how the hack could reshape staking.
Potential Staking Losses
The hack resulted in the theft of approximately 400,000 ETH, which is nearly $1 billion in losses at an average price of $2,600 per ETH. Beyond the immediate financial hit, the Ethereum staking yield — hovering around 4% annually — means a loss of roughly 16,000 ETH in yearly staking rewards.
For perspective, if these stolen ETH were spread out across 100 stakers, each would have lost 160 ETH in rewards. This is a significant blow, particularly for retail investors who may lack the financial resilience to absorb such losses.
Declining Staking Share on Centralized Exchanges
The Bybit hack may be a turning point for the crypto industry, highlighting the risks of staking on centralized platforms. The trend is already visible in recent data: in the last six months, the amount of staked ETH on centralized exchanges has dropped from 8,597,984 ETH in September 2024 to 8,024,288 ETH in February 2025, representing a 6.67% decline. This change comes amid growing concerns about security and transparency on centralized platforms.
Additionally, following the hack from Feb. 20 to Feb. 23, staked ETH on CEXs fell by 0.56%, while on-chain staking (excluding CEXs) increased by 0.31%. This suggests a shift in the staking landscape, with users increasingly moving their assets away from centralized exchanges to more secure, non-custodial staking solutions or hardware wallets.
This change could have long-term implications for the crypto market. Centralized exchanges, which have long dominated the staking ecosystem, may see their influence wane. As stakers migrate to decentralized alternatives, CEXs’ roles in governance, reward distribution, and network upgrades could diminish. In the long-term, this may result in the reshaping of the staking market, with decentralized alternatives taking center stage.
Institutional Adoption at Risk
High-profile hacks like Bybit’s inevitably make institutional investors more cautious about entering the crypto market. When auditors evaluate staking products, including ETH ETFs, billion-dollar security breaches can prompt legal and compliance teams to hit the brakes on crypto allocations.
This stagnation could push back the timeline for achieving new price highs and delaying broader adoption.
Given the rising threat of hacks, it is crucial for both retail and institutional investors to embrace audited and certified self-custody solutions. Securing assets through non-custodial wallets and decentralized platforms can significantly mitigate the risks posed by centralized exchanges. At the same time, exchanges need to work to rebuild trust by enhancing their security measures, conducting regular audits, and offering insurance schemes for users affected by breaches.
Moreover, the entire crypto community — including developers, exchanges, regulators, and users — needs to come together to balance innovation with security. This collaboration is essential for the long-term viability of the industry. By strengthening the overall security infrastructure, we can create an environment where both retail and institutional participants can confidently engage with the crypto market.
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Bitcoin Treasury Corp Boosts Holdings to 771 BTC, Plans Lending After $51M Buy

Bitcoin Treasury Corporation, a Canadian firm focused on bitcoin-related services, has wrapped up the first leg of its bitcoin buying campaign, adding 478.57 bitcoin (BTC) for CAD $70 million ($51 million) and boosting its total holdings to 771.37 BTC.
The accumulation works out to roughly 0.0000634 BTC per fully diluted share, the company said in a Friday press release. The Toronto-based firm plans to lend part of its BTC treasury to trading desks and other counterparties that need ready access to the cryptocurrency.
The approach mirrors that of numerous other companies adopting bitcoin as a treasury reserve asset.
Publicly-traded companies now hold a total of 841,715 BTC worth over $90 billion, according to Bitcointreasuries data, while private firms are estimated to hold 290,878 BTC worth over $31 billion.
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Ripple to Drop Cross-Appeal Against SEC, Ending Years-Long Legal Battle With SEC

The years-long legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) appears to have finally come to an end, after Ripple Labs CEO Brad Garlinghouse announced Friday that the company plans to drop its cross-appeal in the case.
“Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said,” Garlinghouse wrote on X. “We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.”
XRP climbed a modest 1.4% on the news.
The decision comes just a day after U.S. District Judge Analisa Torres of the Southern District of New York (SDNY) rejected a joint request from the SEC and Ripple to approve a proposed settlement agreement that would slash Ripple’s civil penalty to $50 million and dissolve the permanent injunction against the firm. It was the latter that appeared to be the sticking point for Torres, who argued:
“Indeed, if the Court should not be concerned about Ripple violating the law, why do the parties want to eliminate the injunction that tells Ripple, ‘Follow the law’?,” Torres wrote. “When the Court imposed the injunction, it did so because it found a ‘reasonable probability’ that Ripple would continue violating federal securities laws. This has not changed, nor do the parties claim that it has.”
The joint request was the second such request slapped down by Torres, who rejected an earlier attempt in May citing both jurisdictional and procedural flaws. With the court showing no signs of budging on the terms of the settlement, Ripple’s decision to withdraw its cross-appeal ends the case by accepting the initially-imposed civil penalty of $125 million and presumably leaving the permanent injunction against the firm in place.
A spokesperson for Ripple Labs did not immediately respond to CoinDesk’s request for comment.
The SEC first sued Ripple in 2020 under then-Chair Jay Clayton, alleging that the company violated federal securities laws through its sales of XRP. After years of litigation, Torres eventually concluded in a 2023 ruling that the sales of XRP to retail traders on public exchanges did not constitute securities transactions, but found that XRP sales to institutional investors did, thus violating securities laws.
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Bitvavo Secures a MiCA License From the Netherlands

Bitvavo is the latest crypto exchange to receive a Markets in Crypto Assets License from the Dutch Authority for the Financial Markets (AFM) to operate across the 30 nations in the European Economic Area.
Crypto companies have been applying for the licenses since the regulatory regime came into force in December last year. MiCA, which came into force in 2023 harmonizes rules across the European Union’s bloc of 27 nations plus Iceland, Norway and Liechtenstein.
The Netherlands also awarded licenses to four exchanges in December last year, as the rules took effect. Other exchanges like OKX, Crypto.com and Bitpanda secured a MiCA license from Malta. Kraken was awarded a license on Thursday from Ireland, Coinbase was awarded a MiCA license from Luxembourg in June and Bybit was awarded an EU license from Austria in May.
«This license provides clarity, confidence and enables Bitvavo to fulfil its ambition: to become the leading digital asset trading platform in Europe,» said Mark Nuvelstijn, CEO and co-founder of Bitvavo, in a statement.
Bitvavo, which is the largest player globally in the EUR spot market, already held registrations in France, Austria, Italy and Spain, in addition to the Netherlands, the company’s release said.
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