Bybit News: Major Hack Leads to $720M ETH Conversion to BTC, Sparking Market Volatility Concerns

A significant hack on the Bybit cryptocurrency exchange has led to the conversion of 417,348 ETH, valued at approximately $720 million, into Bitcoin. This high-stakes move has raised concerns about potential market volatility and has triggered widespread fear, uncertainty, and doubt (FUD) within the crypto community.

ETH Converted to BTC: Market Volatility Ahead After Bybit Hack

A massive event has shaken the crypto market following the infamous Bybit hack, with 417,348 ETH, valued at approximately $720 million, being converted into Bitcoin. This high-profile move has raised concerns about market volatility, with the potential to impact both the ETH and BTC markets. The Bybit hack compromised $1.4 billion worth of funds, triggering significant fear, uncertainty, and doubt (FUD) within the crypto community. The hack led to the theft of 500,000 ETH, and the funds’ movement is under intense scrutiny. Of the total stolen funds, 77% remain traceable, which gives some hope for recovery. However, 20% of the funds have disappeared, making them nearly impossible to track. On a more positive note, 3% of the stolen assets have been successfully frozen.

Crisis Of Confidence: Solana Records Massive Capital Loss

In February 2025, Solana experienced a capital hemorrhage amid increasing uncertainty in the crypto market. Investors, impacted by scandals related to memecoins and the record hack of Bybit where 1.4 billion dollars were stolen, turned towards safer digital assets. Solana saw outflows of 485 million dollars, primarily migrating to Ethereum, Arbitrum, and the BNB chain. This massive outflow reflects a broader movement of distrust towards risky digital assets.