Bybit News: Exodus Movement Garners Buy Rating Amid Bybit Hack Highlighting Self-Custody Importance

In the wake of a significant hack on the crypto exchange Bybit, a new player in the crypto wallet space has received a positive rating from a broker, highlighting the growing importance of self-custody wallets.

Exodus Movement Initiated with Buy Rating by Benchmark

Exodus Movement (EXOD) has been initiated with a buy rating and a $38 price target by broker Benchmark. The Nebraska-based crypto wallet firm is considered to have the "right product at the right time," following the recent hack of crypto exchange Bybit, which underscored the value of self-custody wallets. The hack involved 400,000 ether (ETH), worth about $1.5 billion. The shares of Exodus Movement rose 5.7% to $25.89 in early trading. Benchmark noted that Exodus Movement has lost more than 60% of its market cap in the last five weeks, providing a compelling entry point for investors.

Skyren DAO’s Yield Strategy Beckons as Ethereum Falls Below $2,300

Ethereum is facing one of its most significant price corrections in months, slipping below $2,300 after weeks of market instability. A significant factor in Ethereum’s price drop is the recent theft of $1.5 billion worth of ETH from the Dubai-based crypto exchange, Bybit. This heist, attributed to North Korean-backed hackers known as the Lazarus Group, has shaken confidence in the security of cryptocurrency exchanges. Geopolitical tensions and economic policies have also impacted the cryptocurrency market. For instance, President Donald Trump’s proposal to impose 25% tariffs on Mexico and Canada has sparked fear, contributing to a significant market sell-off.