Ethereum News: Major Hack on Bybit Exchange Results in $1.4 Billion Loss, with 20% of Stolen Funds Untraceable

A significant hack on the Bybit exchange has led to the loss of approximately $1.4 billion worth of cryptocurrency, with the Lazarus Group believed to be responsible. Here’s a closer look at the incident and its implications.

20% of Stolen Bybit Funds ‘Gone Dark,’ CEO Says

Bybit’s CEO, Ben Zhou, has provided updates on the recovery of funds stolen in a hack on February 21. The incident involved approximately $1.4 billion worth of cryptocurrency, making it one of the largest hacks on a centralized exchange. The attack, attributed to the Lazarus Group, resulted in the loss of 400,000 ETH-related tokens and other assets. Zhou stated that around 20% of the stolen funds have “gone dark,” while 77% remain traceable, and 3% have been frozen. The upcoming weeks are crucial for halting the hackers’ efforts to cash out through exchanges, over-the-counter platforms, and peer-to-peer channels.

Ethereum Price Attempts Recovery After $2,000 Drop

Ethereum price started a fresh decline below the $2,350 zone and tested the $2,000 support. ETH is now correcting some losses but might face hurdles. The price is trading below $2,220 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $2,080. The pair must clear the $2,230 and $2,275 resistance levels to start a decent increase.

Bybit Ethereum Heist: Hacker’s Laundering Scheme Exposed

A hacker infiltrated the Bybit trading platform and stole 499,395 Ethereum (ETH), valued at approximately $1.04 billion. This breach has caused shockwaves in the cryptocurrency community, raising concerns about digital trading platform security. According to Lookonchain, a blockchain analytics firm, the hacker has successfully laundered the stolen ETH through THORChain, a decentralized liquidity protocol.

Ethereum Price Falls Below $2,000, Hits 15-Month Low

Ethereum (ETH) retested the $2,000 support zone on Tuesday, falling below this level for the first time in over a year. Some analysts suggested the second-largest crypto risks a 40% correction as its price attempts to hold its support level. The cryptocurrency has dropped to a yearly low of $1,993, according to Binance market data, hitting its lowest price since late November 2023. During February, ETH failed to hold the $3,000 level and hovered between $2,500 and $2,800, before correcting end-of-month to a new low of $2,076.