Ethereum News: Bybit Launches LazarusBounty.com to Combat Crypto Crime Following Major Hack

In a bid to tackle the rising incidents of crypto-related crimes, Bybit has introduced a bounty platform named LazarusBounty.com. This comes on the heels of a major hack on the exchange that saw the loss of nearly $1.5 billion in Ethereum and ETH synthetic tokens.

Bybit Unveils Bounty Platform to Tackle Crypto Crime

Bybit has announced a bounty platform named LazarusBounty.com to combat crypto-related crime. The platform employs a structured, four-pronged approach to identify illicit activity, hold hackers accountable, and enhance crypto security. The initiative follows a hack on Bybit on Feb. 21, which resulted in the loss of nearly $1.5 billion in Ethereum (ETH) and ETH synthetic tokens. LazarusBounty.com consolidates blockchain security data from leading firms, including Chainalysis, Arkham, and GoPlus, into a unified security repository. This real-time database provides investigators and the broader community with critical insights to detect, analyze, and counteract illicit activities.

Ethereum Price Drops Amid Tariff Threats and Massive Liquidations

Ethereum (ETH) has seen a sharp decline of over 14.30% in the last 24 hours, dropping to around $2,330 on February 25. This price plunge marks the lowest level for ETH since the beginning of the month and is driven by a mix of negative market sentiment and external factors. A major catalyst for Ethereum’s decline is the renewed threat of tariffs under U.S. President Donald Trump. On February 24, Trump confirmed that tariffs on goods from Canada and Mexico would be reintroduced next week, following a temporary pause. This move is part of a broader strategy that includes 25% tariffs on Mexican and Canadian products and an additional 10% duty on Canadian energy exports. The statement has spooked investors, causing a downturn in both stock markets and cryptocurrencies.

SEC’s Bold Move Could Transform Ethereum ETFs Forever

The Securities and Exchange Commission (SEC) is reviewing Grayscale’s proposal to integrate staking into their Ethereum Trust ETFs, with a decision expected by May 2025. This proposal could allow investors to earn additional rewards from staking, alongside their regular Ethereum holdings. Grayscale aims to ensure security and simplicity by having the Sponsor handle all staking activities through Coinbase Custody. The move is poised to enhance ETF appeal, attracting both institutional and retail investors by offering steady ether rewards. Approval could set a precedent for future ETF innovations, merging traditional finance with cutting-edge crypto strategies.

Ethereum’s $2B Liquidation Risk: Short Squeeze Ahead

Ethereum (ETH) faces a potential market shift with over $2 billion in short positions at risk of liquidation if the price reaches $3,000. This could lead to a short squeeze, pushing ETH`s price higher. At press time, ETH is trading at $2,479.30. Short sellers are at risk of significant losses if the price rises, forcing them to cover their positions, which could further drive the price up.