Ethereum News: Bybit Hack Results in $1.5 Billion Ethereum Theft, OKX Denies Involvement

A major security breach has shaken the cryptocurrency world, with Bybit losing approximately $1.5 billion in Ethereum to hackers. Amidst the chaos, rumors emerged that OKX was being investigated by the EU for its potential involvement in the hack, but the exchange has since refuted these claims.

OKX Denies Involvement in Bybit Hack Investigation

OKX has refuted claims that the EU is investigating its involvement in the recent Bybit hack, where approximately $1.5 billion in Ethereum was stolen. The security breach occurred during a routine transfer from Bybit’s offline ’cold’ wallet to a ’warm’ wallet for daily operations. Hackers manipulated the transaction, gained control of the cold wallet, and transferred 401,000 ETH to an unidentified address. This incident is one of the largest digital heists to date, shaking market confidence.

Ethereum Struggles Below $1,900 Due to Weak DeFi Demand and Increased Competition

Ethereum’s price is still attempting to recover the $1,900 mark, weighed down by weak DeFi metrics and increased competition. The network’s total value locked has decreased from $63 billion in January to $44 billion in February due to decreased liquidity and investor participation. Stablecoin inflows have slowed, indicating slower capital rotation into Ethereum protocols. Additionally, decentralized exchange trading volumes have dropped from $92 billion in December to $82 billion in February. Futures trading on Ethereum has also suffered, falling from $31 billion in December to $18 billion in February as other chains like Hyperliquid and Solana register growing perpetual futures trading volumes.

Ethereum Crashes To 16-Month Low: Is It Time To Buy?

Ethereum has fallen below $2,000, its lowest price since November 2023. Pressured by liquidation risks and macroeconomic conditions, analysts debate whether this is a buying opportunity or the start of a downturn. Additionally, the Ethereum Foundation’s substantial position has become a focus of concern for the community.

Ethereum Price Prediction: ETH to $10K Before End of 2025

Although the global market nosedived, Ethereum’s price prediction has become a focal point. Projections suggest that ETH could surge to $10,000 by the end of 2025. The prospect of staking on ETH ETFs emerges as a pivotal factor that could boost demand. With federal interest and SEC approval, the flow into these funds could bolster the altcoin market. Over 1.1 million ETH has been scooped up by whales amid the global downturn, sparking Ethereum price predictions with hopes for a major breakout.