Bybit Hack Largest In Crypto History After $1.5B In ETH Stolen; Can Remittix and Cardano March Catalysts Save The Market?
The post Bybit Hack Largest In Crypto History After $1.5B In ETH Stolen; Can Remittix and Cardano March Catalysts Save The Market? appeared on BitcoinEthereumNews.com.
The Ethereum price is again under pressure after Bybit snatched $1.5 billion in ETH in the largest hack in crypto history. This huge security breach shook investor confidence and further threw doubts over the Ethereum price and wider market. Analysts are looking to March catalysts from Remittix (RTX) and Cardano to help stabilise sentiment and reignite bullish momentum as panic spreads. With both projects introducing major developments, could they provide the boost needed to counteract the latest market turmoil? Bybit Hack Shakes Market as Ethereum Price Drops Bybit suffered a major security breach today, with attackers stealing approximately $1.4 billion in Ethereum-based tokens. The hack sent shockwaves through the market, causing the Ethereum price to drop 2% to $2,685. Bybit CEO Ben Zhou explained that the attackers exploited a routine wallet transfer. The team unknowingly approved a transaction that altered the cold wallet’s smart contract logic, allowing the hackers to withdraw funds. The stolen assets were then distributed across 39 different addresses to obscure the money trail. Rather than buying back ETH to cover losses, Bybit is working with partners to secure bridge loans. Transaction volumes on the platform have surged 100 times above normal, causing processing delays for large withdrawals. Despite the breach, Zhou confirmed that Bybit remains financially stable. However, the incident has increased selling pressure, further affecting the Ethereum price. With investors watching closely, it remains to be seen how quickly the Ethereum price can recover from the shock. Cardano Price Eyes Breakout as Key Levels Hold Cardano (ADA) is preparing for a breakout, with market analysts closely watching the $0.74 and $0.83 price levels. If ADA breaks resistance at $0.83, a sharp increase might push the price towards $1. A close below $0.74 might see ADA plunge to $0.56, doubling down on bearish sentiment. Source: CoinMarketCap …
Filed under: News - @ February 23, 2025 12:28 pm