On February 21, 2025, the cryptocurrency world was shaken by a major security breach at the Bybit exchange. Approximately 401,000 Ethereum (ETH), valued at around $1.5 billion, was stolen in one of the largest hacks in crypto history. However, in the days following this alarming event, Ethereum has shown remarkable signs of recovery.
The Impact of the Hack
The hack occurred during a routine transfer from Bybit’s cold wallet to a warm wallet. Hackers exploited vulnerabilities in the transaction interface, leading to a significant loss of funds. The immediate aftermath saw Ethereum’s price plummet by 8%, dropping from $2,845 to $2,614. This swift decline sent shockwaves through the market, triggering panic among investors and leading to over 350,000 withdrawal requests from users concerned about their assets.
Read More : https://onthenode.com/technology/ethereums-resilience-recovering-from-the-bybit-hack
The Impact of the Hack
The hack occurred during a routine transfer from Bybit’s cold wallet to a warm wallet. Hackers exploited vulnerabilities in the transaction interface, leading to a significant loss of funds. The immediate aftermath saw Ethereum’s price plummet by 8%, dropping from $2,845 to $2,614. This swift decline sent shockwaves through the market, triggering panic among investors and leading to over 350,000 withdrawal requests from users concerned about their assets.
Read More : https://onthenode.com/technology/ethereums-resilience-recovering-from-the-bybit-hack
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