Ethereum News: ETH Prices Plunge, Risking Further Losses Amid Market Turmoil

Ethereum Price Analysis: ETH Loses $2,500 Support, Faces Further Losses

Ethereum price plunged 7%, trading as low as $2,327 on Thursday after losing the $2,500 psychological support. Bulls recorded $99 million in long liquidation losses, outpacing short liquidations by 40%. With a death cross in play and U.S. tariffs commencing on March 1, ETH price risks further losses. The cryptocurrency tumbled 17% in the last 48 hours, with bear traders asserting dominance amid the Bybit hack resolution and looming tariffs.

Safe Wallet Confirms Role in $1.5 Billion Bybit Hack

The attack on Bybit reportedly originated from a compromised developer machine involving a disguised malicious transaction. Safe Wallet clarified in an official statement that its smart contracts were not compromised in the attack, as confirmed by a forensic review by external security researchers. The team has restored its services on the Ethereum (ETH) mainnet through a phased rollout, completely rebuilding and reconfiguring its infrastructure while rotating all credentials to prevent future exploits. Users have been urged to exercise caution.

The Onchain Summit: Special ETH Denver Side Event Hosted by Venus and THENA

This Friday, 28th February 2025, The Onchain Summit will take place, bringing together teams from a wide range of innovative crypto projects. The event will feature an engaging program, with well-known projects like Venus and THENA hosting the event and showcasing their contributions to the blockchain space. The Onchain Summit is an exclusive ETH Denver side event for people in Web3, uniting DeFi, RWAs, Web3 banking, and memecoins to discuss the future of finance and the next steps for the industry. The event schedule includes Vibing & Arrival (3:30 – 4:00 PM) for connecting with fellow attendees, Opening Speech & Keynotes (4:00 – 4:30 PM) with insights from Venus, THENA, Solv, Cheems, and Enfineo on the future of DeFi, RWAs, and the memecoin sector, and a Panel Discussion (4:30 – 5:00 PM) exploring on-chain finance and liquidity.

Ethereum Foundation Donates $1.25 Million To Tornado Cash Developer’s Legal Defense

The Ethereum Foundation (EF) is donating $1.25 million to help Tornado Cash developer Alexey Pertsev with his legal defense. The contribution follows Pertsev’s supervised release to prepare to appeal his money laundering conviction in the Netherlands. The Foundation shared their contribution, affirming that “privacy is normal, and writing code is not a crime.”