Ethereum News: Bybit Hack Results in Partial Recovery of Stolen Funds

Bybit CEO Updates on $1.4B Hack: 77% of Stolen Funds Traceable

Over 77% of the funds stolen in a record hack on crypto exchange Bybit remain traceable, while 20% have "gone dark" and are untraceable, according to CEO Ben Zhou. Roughly 417,348 ETH (worth $1 billion) remain traceable on the blockchain after being moved using privacy-focused THORChain. Another 20% of the funds, approximately 79,655 ETH ($200 million), have "gone dark" through ExCH. A smaller portion, 40,233 ETH ($100 million), had passed through OKX’s web3 proxy, but 23,553 ETH ($65 million) remain untraceable. Zhou emphasized that the coming week is critical for fund freezing as hackers attempt to launder and convert the stolen funds to cash.

Ethereum (ETH) Potential Bounce and Growth Signals

Ethereum (ETH) has shown its ability to bounce back from significant price declines, with a past recovery from $900.39 in June 2022 to $2,793.05 as of February 23, 2025. The market speculates that ETH could soar again, much like in 2022, potentially influencing the growth of ERC-20 token Rexas Finance (RXS). Recent figures indicate rising Optimism about Ethereum, with a 12.1% rise in fresh Ethereum addresses within a week. Experts project that ETH may average $6,105 by 2025, driven by institutional investments and legislative clarity.

Bybit Seeks Refund from ParaSwap DAO Over Hacker’s Swap Fees

Cryptocurrency exchange Bybit has sparked debates in the decentralized finance community by requesting a refund of over $90,000 in Ethereum (ETH) swap fees from ParaSwap DAO. These fees were paid by a hacker in connection with the $1.46 billion theft. The request has raised ethical and legal questions about the responsibility of DAOs and could set a precedent for the wider DeFi ecosystem. Prominent DeFi analyst Ignas, who is also a ParaSwap DAO delegate, expressed his divided opinion on the matter.

Ethereum Falls to $2,000, Approaching Key Support at $1,900

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen a sharp 15% decline, dropping its price to $2,000. This is its lowest value since November 2024. The dramatic fall was due to whale-driven sell-offs, erasing post-election gains. Despite Ethereum’s inclusion in strategic reserves, whale activity and market uncertainty have caused a significant retreat. The downturn can be attributed to various internal and external factors affecting market sentiment. Notably, a tweet from former U.S. President Donald Trump also influenced the market.