Original Article Title: "Forbes: The Five Most Controversial Cryptocurrency Moments of 2025"

Original Article Author: Becca Bratcher, Forbes

Original Article Translation: Saoirse, Foresight News

From multi-billion-dollar hacks to presidential-level Meme coin launches, 2025 was a year in the cryptocurrency space marked by intricate entanglements with politics and power, both worrisome and enlightening. As the fourth quarter of 2025 unfolded, there were five particular moments that stood out — profoundly showcasing how the cryptocurrency industry continues to push the boundaries of public trust and regulatory tolerance.

Bitcoin reached a historic high in 2025, yet the industry remains embroiled in controversy. (Image Illustration: Miguel Candela / SOPA Images/LightRocket via Getty Images)

January: Trump Meme Coin Makes Its Debut

At the start of 2025, an unexpected move by the incoming U.S. President garnered attention.

Just hours before the inauguration ceremony, Donald Trump launched the official Meme coin TRUMP. The token's initial price was around $1, skyrocketing to over $70 at one point, only to plummet rapidly thereafter. Shortly after, First Lady Melania Trump also introduced her personal token MELANIA, whose price trend mirrored that of TRUMP. As of now, the TRUMP token is trading at around $7, while MELANIA hovers around $0.13.

These tokens were promoted as "commemorative digital collectibles," but upon their release, they sparked questions about ethics and legality. Previously disdainful of cryptocurrency, Trump has now repositioned himself as a "supporter" of the industry — actively courting the growing voter base within the cryptocurrency space and pledging to make the U.S. a global hub for digital assets. Meanwhile, his family business, "World Liberty Financial," has expanded its presence in the cryptocurrency field.

Within a few hours, the combined market capitalization of these two Meme coins approached $11 billion. What was initially a mere political branding exercise swiftly evolved into the first major controversy of the 2025 cryptocurrency industry.

February: Largest Financial Heist in History

Only a month later, public trust in cryptocurrency security took a heavy blow.

The cryptocurrency exchange Bybit, based in Dubai, disclosed that hackers had stolen approximately $1.5 billion worth of ETH from one of its offline cold wallets. This unprecedented security breach plunged investors into panic, and subsequently, blockchain analysis company Elliptic confirmed that this was the largest single theft in history in terms of scale, bridging digital finance and the traditional financial sector.

Bybit Exchange (Photo Illustration: Thomas Fuller/SOPA Images/LightRocket via Getty Images, used under Getty Images license)

Subsequent investigations revealed that this data breach was linked to a hacker group supported by the North Korean government. This finding transformed what could have been categorized as a "routine exchange security flaw" into an incident that instantaneously gained geopolitical significance.

May: U.S. President Rewards Top Buyer of TRUMP Meme Coin

In May, a news announcement triggered a significant increase in TRUMP Meme Coin trading volume, characterized by being "small in scale but significant in meaning"—President Trump declared that only the top holder of TRUMP token would be invited to attend a formal dinner at his private golf club. This "exclusive paid participation" model effectively turned the token into a "bidding tool": anyone holding a sufficient amount of the token could gain an opportunity to personally meet the president through this mechanism.

The dinner attendees included TRON founder Justin Sun, who had previously invested over $18 million in TRUMP tokens and had faced charges from the U.S. SEC (later suspended).

This event sparked dual controversies: with protesters gathering outside, and intense scrutiny from the U.S. Congress inside. Although the White House asserted that Trump's assets were under a "blind trust" arrangement (meaning assets managed by a third party without direct involvement from the owner), blockchain on-chain analysis revealed that entities linked to Trump controlled approximately 80% of the token's remaining supply and had earned over $320 million in transaction fees through token trades.

U.S. Representatives Adam Smith and Sean Casten led 35 Democratic House members in authoring a letter to the Department of Justice, requesting an investigation into Trump's actions: whether providing a "dining experience" to top TRUMP token investors constituted bribery or violated the "Emoluments Clause" of the U.S. Constitution (which prohibits federal officials from accepting unauthorized payments from foreign governments or individuals).

They noted in the letter that this event "has opened the door to foreign interference in U.S. policy decisions, may constitute corruption, and is suspected of violating pay-to-play provisions. This is just the latest example of President Trump ignoring ethical norms, exacerbating conflicts of interest, and using his position for personal gain."

October: The "10/11" Incident

Fast forward to October: Blockchain analysts discovered that an anonymous trader suddenly shorted Bitcoin and Ethereum just minutes before President Trump announced new tariffs on China. Trump's tariff announcement directly triggered the largest "liquidation cascade" in cryptocurrency history (i.e., a massive liquidation of leveraged positions due to a price crash, further exacerbating the price drop in a chain reaction).

Reports indicated that before the market stabilized, this anonymous trader had already made a $160 million profit. Observers, including the commentary institution "The Kobeissi Letter," openly questioned, "Did someone have advance knowledge of the tariff news?"

There is currently no direct evidence of "insider trading," but this event once again raised public concerns about the digital asset market—issues of asymmetric information and political influence on the market intervention may be much more serious than imagined.

October: A "Lucrative" Pardon

Just a few weeks later, another controversy erupted: President Trump pardoned Binance founder CZ.

CZ had previously admitted to "anti-money laundering violations" in 2023, serving a 4-month prison sentence; Binance exchange itself paid over $4 billion in fines for this.

On April 30, 2024, former Binance CEO CZ left the U.S. Federal Court in Seattle, Washington. The world's largest cryptocurrency exchange platform Binance's founder and former CEO CZ was sentenced to 4 months in prison that day for admitting to violating anti-money laundering laws. (Photo: Jason Redmond / AFP via Getty Images, authorized by Getty Images)

This pardon not only erased CZ's criminal record but also cleared the way for his return to the cryptocurrency industry. The White House explained that this action was taken to correct the "regulatory overreach issues of the Biden administration era."

However, the controversy was further fueled by a report from the British Broadcasting Corporation (BBC): A company under CZ's leadership had collaborated with a "company related to the Trump family's cryptocurrency project." This association raised public concerns about the possibility of "quid pro quo behind the pardon."

Objectively speaking, this pardon has further solidified the "alliance relationship" between the current U.S. government and the digital asset industry, while also triggering deeper questions: To what extent will political influence influence regulatory outcomes?

Conclusion: Another "Eventful Year" in the Cryptocurrency Field

These five events have made 2025 another "headline year" for the cryptocurrency industry. Despite ongoing controversies, this year is far from being the industry's "worst period" compared to history.

The debut of the Meme coin in January blurred the lines between "hype" and "governance"; the Bybit hack in February exposed vulnerabilities even in the most trusted systems; the May banquet turned "token holdings" into a "political gateway"; the October trading scandal revealed the control of the entire market by "speculation" and "timing"; and the presidential pardon of the same month made 2025 a year where the cryptocurrency industry's "legitimacy and ethical boundaries were repeatedly challenged."

Every year in the cryptocurrency field comes with new innovations, challenges, breakthroughs, and controversies—2025 is no exception.

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