Looking back at 2025: Multiple key events reshape the structure of the crypto industry and risk awareness

On December 26, Cointelegraph published a review of events that will reshape the cryptocurrency industry in 2025. The crypto sector has not been dominated by a single narrative but has been reshaped through a series of events involving hacking attacks, macro shocks, regulatory legislation, and integration with the financial system. February | CEX suffers $1.4 billion theft At the beginning of the year, one of the largest exchange thefts in history occurred, with the attack attributed to North Korean hackers. The incident refocused the market on custody, signing processes, exchange and counterparty risks, highlighting that “operational risk” has become one of the core systemic risks. April | Tariff conflicts trigger risk asset resonance Global tariff tensions escalated, with Bitcoin dropping to a low point during the year. Crypto assets showed high beta macro characteristics under pressure, with prices highly sensitive to non-crypto news. July | US GENIUS Act enacted President Trump signed the GENIUS Act, officially bringing “payment stablecoins” into the federal regulatory framework, clarifying issuance, reserve, and audit requirements. Stablecoins received their first clear legal classification in the US. Late summer to fall | Stablecoins become financial infrastructure Circle announced an IPO pricing, and Swedish fintech company Klarna launched the USD stablecoin KlarnaUSD. Stablecoins are shifting from trading tools to foundational infrastructure for payments and settlements, entering the core focus of policy and institutions. September | SEC opens a “fast lane” for spot crypto ETP The US approved the general listing standards for commodity trust shares, allowing crypto ETPs to be listed under unified rules, marking a key step toward the commodification and standardization of crypto assets in capital markets. October | Explosive liquidation after reaching new highs Bitcoin briefly surged past $125,000, then sharply declined, triggering over $19 billion in leveraged position liquidations, exposing systemic reflexivity risks under the resonance of ETP funds and high leverage. December | Accelerated integration with tightening regulation Circle and Ripple received approval to establish or transition into US national trust banks; the UK launched comprehensive crypto regulatory consultations; Hong Kong CEX listed on the HKEX. Meanwhile, Terra founder Do Kwon was sentenced to 15 years in prison for fraud, marking the end of a significant case from the previous cycle. In summary, 2025 established four long-term trends: operational and custody risks becoming unavoidable core variables; crypto assets fully integrated into macro risk cycles; stablecoins upgraded to financial infrastructure; market access expanding faster than risk constraints, with volatility not disappearing but instead being amplified.