Neil Holloway, founder and CEO of M2 Recovery, on the rise (and rise) of crypto recovery
We are now a year on from the largest cryptocurrency heist in history, when Bybit CEO Ben Zhou authorised what seemed like a routine transaction, only to lose $1.5bn in a single stroke. Hackers intercepted the request, altered the code, and redirected the funds into their own wallets. The anniversary of this event serves as a chilling reminder that while cryptocurrencies may have matured into a credible alternative to traditional finance, they still lack many of the safeguards that underpin global institutions.
Blockchain data platform Chainalysis now estimates that in 2025, cryptocurrency scams received at least $14bn on-chain, a significant increase from the $9.9bn first reported in 2024. This figure is expected to exceed $17bn as the team at Chainalysis identifies more illicit wallet addresses in the coming months for 2025.
For legal professionals, regulators, and financial institutions alike, this trajectory underscores the urgency of building a framework not only for prevention but for meaningful recovery.
Increasing sophistication
Gone
