Ethereum News: Price Volatility Amidst Infini Hack, Future Target Price in Focus

Recent developments in the cryptocurrency world have brought Ethereum (ETH) back into the spotlight. Here's a summary of the key information and insights into the future price prospects of Ethereum.

Ethereum Price Drop as Infini Hacked: Can ETH Still Reach $10K?

Ethereum price today is seeing increased volatility. At the time of writing, Ethereum is priced at $2,701.94, down 2.15% over the past 24 hours. The market cap stands at $325.77B, with a significant surge in trading volume to $24.24B. Traders are closely watching ETH as it searches for support. If it holds above the 20-day SMA, it could ignite bullish momentum, pushing ETH towards higher resistance levels. However, a breakdown could mean sideways action and tighter price ranges.

Bybit Hack Proceeds May Be Routed Through Mixers

The $1.4b stolen from crypto exchange Bybit will likely be laundered through mixers as hackers attempt to erase the transaction trail, according to blockchain analytics firm Elliptic. Elliptic warned that hackers may use crypto mixers next if past laundering patterns continue. However, the large amount of stolen assets could make this process more challenging. The Bybit hack, one of the largest crypto thefts to date, took place on Feb. 21, 2025, exploiting a vulnerability in Bybit’s Ethereum (ETH) cold wallet system during a routine transfer to a warm wallet.

Bybit CEO Announces Full Restoration of Ethereum Holdings

Bybit CEO Ben Zhou announced that the exchange has fully restored its Ethereum holdings following a major security breach that resulted in a $1.5b loss in liquid-staked Ether (ETH) and MegaETH (mETH). To reassure users, Zhou said an audited proof-of-reserves (PoR) report will be released soon to verify that Bybit’s client assets are fully backed on a 1:1 basis. After the attack, Bybit obtained about 446,870 ETH ($1.23b) using a mix of loans, large investor deposits, and direct ETH purchases to replenish its holdings.

Bybit Seals ETH Shortfall, New Proof-of-Reserves Incoming

Bybit has fully closed the ETH gap following a recent attack. The CEO, Ben Zhou, confirmed that a new audited Proof-of-Reserves (POR) report will be published soon, showing that Bybit is back to 100% 1:1 on client assets through a Merkle tree. This means every dollar of customer assets is now fully backed, restoring balance after the attack.

Bybit Acquires Over 106,000 ETH via OTC Transfers

Bybit, a leading crypto exchange, has recently made massive ETH acquisitions. According to Lookonchain, Bybit purchased 34,743 ETH, raising its cumulative ETH acquisition to over 106,000 ETH in the past 24 hours. This move likely aims to ensure smooth withdrawals after losing $1.4 billion worth of ETH to a crypto hack. Lookonchain shared insights into Bybit's aggressive ETH buyouts on social media.

Bybit Hack: Exchange Actively Working Towards Financial Recovery

Bybit faced a major hack after a hacker exploited the exchange. However, the platform has been actively working towards financial recovery. According to an update by Ben Zhou, Bybit has already fully closed the ETH gap and will soon publish a new audited POR report to show that it is back to 100% 1:1 on client assets through Merkle tree. Lookonchain data suggests that Bybit has received approximately 446,870 ETH ($1.23 billion) through loans, whale deposits, and ETH purchases since the hack, nearly closing the gap.