The post Ethereum Falls 5% Following $1.5 Billion Bybit Hack appeared on BitcoinEthereumNews.com.

The Bybit Hack has shaken the market today, with over $1.46 billion in ETH stolen, marking one of the largest security breaches in history. As the stolen assets are being liquidated, Ethereum’s price dropped by 5% in a straight line, impacting key technical indicators. Speculation is growing about Bybit’s next moves, with some suggesting a potential market buyback to compensate users, which could create significant buying pressure. However, it remains uncertain how Ethereum’s price will behave in the coming days as the situation continues to unfold. Will Bybit Hack Lead to a Strong Buyback? Earlier today, one of the largest crypto exchanges, Bybit, was hacked. Over $1.46 billion worth of Ethereum was stolen from its hot wallets, marking one of the largest security breaches in crypto history. CEO Ben Zhou confirmed that attackers tricked Bybit’s security system, leading wallet signers to unknowingly approve changes to the smart contract logic, giving the hacker control. The stolen ETH is being liquidated, causing Ethereum’s price to drop by over 4%. After the assets were stolen, the hacker’s addresses started to send money to dozens of different wallets. Bybit Hacker Transfers. Source: Nansen. Some users are speculating about Bybit’s next moves to recover users’ funds. Some analysts claim that if Bybit can’t recover the stolen $1.5 billion, they might market-buy ETH to maintain users’ funds, potentially creating bullish buy pressure. However, nothing guarantees this will happen or when, as Bybit’s next steps are still unfolding. Recently, Arkham published on X that a Bybit Cold wallet transferred more than $500 million to another Bybit wallet, suggesting the exchange could be getting ready to prepare funds for user reimbursements following the hack. Indicators Suggest Stolen Assets Impacted Ethereum Price The recent hack impacting Bybit caused Ethereum’s Relative Strength Index (RSI) to drop sharply from 62.8 to…

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Filed under: News - @ February 21, 2025 9:23 pm