Ethereum News: Sudden Drop in ETH Price Amid Market Uncertainty and $1.5B Bybit Hack

Ethereum (ETH) Price Prediction for March 4

Ethereum (ETH) is currently trading at $2,094, experiencing an 11.26% decrease in the last 24 hours. This sudden drop may be due to short-term profit-taking, market uncertainty, or broader bearish sentiment. Over the past 30 days, ETH has seen a more significant downturn of 31.53%. Technical analysis is needed to determine if this is a temporary correction or part of a sustained bearish phase.

Crypto Market in Full Bear Mode After the $1.5B Bybit Hack

On February 21, 2025, the North Korean hacking group Lazarus managed to steal approximately $1.5B worth of Ethereum from Bybit. Subsequent investigations showed that the hackers used malware to display a fake UI to all signers, suggesting that the hack was more complex than initially thought. The conclusion was that the weakest LINK was probably the human element. The stolen 499K ETH caused the crypto market to crash, but paradoxically, it could boost the best meme coins in 2025 and beyond.

Bybit Demands 44.67 ETH Back from Paraswap DAO

Bybit is seeking the return of 44.67 ETH from Paraswap DAO, claiming the funds were generated as swap fees from a hacker using stolen stETH. The transaction, carried out by North Korea’s Lazarus Group, involved eight separate swaps on Paraswap following a February 21 attack. These funds were automatically collected as protocol fees and later wrapped into wETH. The Paraswap proposal presents new technical insights into how the hack was executed, emphasizing how stolen funds were laundered through decentralized exchanges.

Ethereum (ETH) Crashes Below $2,000

Ethereum (ETH) dipped as low as $1,993 on Binance, later recovering to $2,050. This is the lowest level since April 2023, dashing recent hopes of a recovery. ETH fell along with the rest of the market but also faced its own pressures, sliding further down to 0.025 BTC. Soon after dipping under $2,000, ETH recovered to $2,138.65.