Ethereum News: Adam Back Blames EVM for Bybit’s $1.4B Crypto Heist

In a significant development in the cryptocurrency world, Adam Back, CEO of Blockstream and a prominent figure in the Bitcoin community, has laid blame on Ethereum’s Virtual Machine (EVM) for a massive $1.4 billion crypto heist that hit the popular exchange Bybit. Here’s a closer look at what happened and the implications of Back’s criticism.

Adam Back Blames Ethereum’s EVM for Bybit’s $1.4B Crypto Heist

Bybit lost $1.4 billion worth of Ethereum in a massive security breach. Adam Back, CEO of Blockstream and a well-known figure in the Bitcoin community, blamed Ethereum’s Virtual Machine (EVM) for the hack. He argued that the complexity of EVM allowed hackers to manipulate the transaction process and drain the exchange’s Ethereum cold wallet. Back criticized the EVM, stating that its complexity made it easier for attackers to exploit vulnerabilities.

Infini Stablecoin Platform Hacked, Loses $50M

Infini, a stablecoin payment company, has suffered a hack losing 17,696 ETH valued at about $50 million. The incident was caused by a compromised private key. The hacker converted $49.5 million in stolen USDC to DAI, swapped it for ETH, and then moved the funds. Reports suggest that a developer who still had administrative access after finishing the project may have been responsible for the breach. Infini’s founder Christian Li promised full compensation and is actively investigating the incident.

Can ETH Explode to $4,000 in 2025 Bull Run as Whale Interest in Lightchain AI Surges?

Ethereum (ETH) has been driving decentralized apps (dApps) and smart contracts with impressive scalability. Many experts predict ETH could reach the $4,000 mark in the 2025 bull run due to growing institutional interest and ongoing network upgrades. However, whales are also showing significant interest in Lightchain AI, a blockchain-powered AI project priced at $0.005625 in its presale and has already raised $13.8 million.

Bybit’s Ethereum Reserves Recover Post-Hack

After a significant Ethereum (ETH) theft from Bybit on February 21, 2025, the exchange saw its reserves plunge but notably recovered, surpassing 200,000 ETH by February 23. Before the incident, Bybit held 443,691 ETH, but following the attack, reserves dropped to 39,692 ETH. The swift recovery is seen as a positive sign, indicating efforts to restore liquidity and reassure the market. However, uncertainty remains as market sentiment is mixed.