Bybit Implements Extensive Security Overhaul After $1.4 Billion February Hack

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a comprehensive security overhaul following a $1.40 billion hack in February 2025. The breach, considered one of the biggest in history of cryptocurrency occurred when liquid-staked ether (stETH), mantle-staked ether (mETH), and other ERC-20 tokens were compromised.

To strengthen its security, Bybit has now implemented a three-part security upgrade focusing on security audits, wallet protections, and information security improvements. The exchange adopted 50 additional security measures after completing nine security audits in less than a month which were carried out by both internal teams and outside specialists.

On the hardware side, Bybit tightened cold wallet protocols, introduced stricter operational procedures requiring constant supervision by security experts, and adopted multiparty computation to enhance wallet security. The exchange also consolidated hardware security modules for improved protection.

Stablecoin Issuer Circle Raises $1.05 Billion in Expanded US IPO

Stablecoin issuer Circle has priced its upsized US initial public offering (IPO) at $31 per share, raising $1.05 billion. The company and its shareholders sold 34 million shares, valuing Circle at approximately $8 billion on a fully diluted basis. The IPO was initially marketed at $27-28 per share.

Circle’s IPO is one of the largest IPO this year, following Coinbase’s market debut in 2021. Samuel Kerr, head of equity capital markets at Mergermarket, told Cointelegraph that there is strong demand for Circle’s IPO, highlighting growing investor interest in Stablecoins and other less-volatile crypto assets, such as infrastructure and exchanges.

California Approves Bill on Unclaimed Crypto and Merchant Payments

California’s state assembly has approved the Assembly Bill 1052, which sets new rules for cryptocurrency payments and unclaimed digital assets.

The Bill was passed unanimously with a 78 to 0 vote on June 3, 2025. It allows the authorities to seize cryptocurrency assets stored in exchange accounts if the owner hasn’t used the account for three years in any significant way, such as accessing it or making trades.

With this legislation, California’s unclaimed property laws are now updated to cover cryptocurrencies which ensures that dormant cryptocurrency is not turned into cash. The law mandates that exchanges move dormant Bitcoin to a state-approved custodian so that owners can eventually reclaim their funds, according to Eric Peterson of the pro-Bitcoin organisation Satoshi Action Fund.

There has been a mixed reaction from the public though, with some saying that the Bill is an overreach by the government, while some say it is a step in the right direction to better protect cryptocurrency assets.