Bybit’s $1.4 Billion ETH Hack: Market Impact And Future Implications

Category: Cryptocurrency

Bybit experienced a major hack resulting in the theft of over $1.4 billion worth of ETH from its cold wallet. The attacker exploited a masked UI to manipulate wallet signers into approving a malicious transaction. While Bybit's CEO reassured users about the security of other wallets, the incident caused significant volatility in the crypto market, with ETH prices fluctuating sharply. The hacker now controls over 500,000 ETH, complicating potential liquidation without detection. The hack coincided with ETHDenver, further dampening market sentiment amid existing community controversies.

Keywords: Bybit, crypto hack, Ethereum

Source: Forbes

Update At: 2/22/2025

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