Bybit News: CEO Addresses Ethereum Price Drop and Hackers’ Use of Tornado Cash

Recent developments in the cryptocurrency world have garnered significant attention, with Bybit CEO Ben Zhou addressing a major price drop in Ethereum and reports of hackers using Tornado Cash for money laundering. Here’s a closer look at these events and their implications.

Bybit CEO Addresses Ethereum Price Drop Below $1900

Bybit CEO Ben Zhou recently addressed the issue of a whale that liquidated millions of Ethereum (ETH), causing the price to drop to $1900. This event exposed possible weaknesses and highlighted the necessity of improved risk management systems in exchanges. Zhou explained the mechanics of liquidation and its impact on leverage practices in the crypto ecosystem.

Tornado Cash Allows Lazarus Group To Launder 400 ETH

The Lazarus Group, a hacking collective affiliated with North Korea, continues its illegal activities by exploiting crypto. Recently, a transaction amounting to approximately 750,000 dollars was identified on Tornado Cash, a platform known for anonymizing blockchain transactions. The group has launched a new malware campaign targeting developers, confirming its evolution towards increasingly sophisticated attacks. On March 13, 2024, the security firm CertiK detected this transaction linked to Lazarus. The group is responsible for several major crypto hacks, including Bybit (1.4 billion dollars in February) and Phemex (29 million in January), and regularly uses services like THORChain to launder its funds.