Ethereum News: Major Hack Triggers Debate Over Fork to Recover $1.46B in Stolen Funds

In a significant event that has rocked the cryptocurrency world, Ethereum has suffered a massive $1.46 billion hack, leading to intense discussions about the possibility of a fork to recover the stolen funds. Here's a closer look at the incident and its implications for the future of Ethereum.

Ethereum Fork Debate Over $1.46B Hack Recovery Proposal

Ethereum lost $1.46 billion in a Bybit hack, triggering a debate about whether Ethereum should fork to recover the stolen funds. The incident caused major market disruptions, with the ETH price plummeting from $3,500 to $3,200. Over 2.5 million ETH were traded on Binance and Coinbase following the hack. Bybit has suffered one of the largest security breaches in digital asset history, with Lazarus Group suspected. The hack surpassed the Ronin Network's $624 million theft, while Bitcoin rose 1.5% to $50,000.

Bybit Launches $140M Bounty to Recover Stolen Funds After $1.4B Hack

Bybit has launched a $140 million bounty program in response to a historic hack that saw the loss of over $1.4 billion in liquid-staked Ether (ETH) and MegaETH (mETH). The attack prompted swift actions from Bybit and industry partners to secure funds and track the stolen assets. Bybit announced a Recovery Bounty Program which offers 10% of recovered assets to security experts to recover the stolen funds, demonstrating its commitment to combat crypto crime and secure the future of the space. Mantle’s protocol has recovered $43M worth of stolen assets, and Tether has frozen $181K USDT linked to the Bybit breach.

Ethereum Death Cross Confirmed, Price Surges Despite Bearish Signal

Ethereum (ETH) has officially confirmed the formation of a death cross, a technical indicator often associated with bearish market conditions. A death cross occurs when a cryptocurrency’s 50-day moving average (MA) crosses below its 200-day moving average, signaling potential downward price momentum. Despite this bearish signal, Ethereum’s price has shown resilience and signs of strength.

Ethereum Rallies with Bybit’s $297M ETH Buyback

Ethereum (ETH) has shown signs of bullish momentum recently, driven by a significant purchase from the cryptocurrency exchange Bybit. With the asset surging 3.79% in the last 24 hours, many traders are now considering whether Ethereum can fully recover from its recent 17.84% loss over the past week. The market’s reaction to Bybit’s $297 million purchase, alongside the current trends in the derivatives market, suggests that ETH’s recovery might be on the horizon. According to data from Lookonchain, Bybit purchased ETH in two large transactions, buying a total of 108,648 ETH, valued at $297 million.