A major crypto hack occurred where a suspected Bybit wallet transferred $48 million to Galaxy Digital and FalconX's OTC addresses. The same wallet then bought 34,800 ETH and deposited it into Bybit. This raised speculation about institutional trading strategies or security-related responses. Bybit experienced a historic breach, losing over $1.4 billion in liquid-staked Ether and MegaETH. However, the exchange received support from the crypto community, with security firms blacklisting addresses and Chainalysis identifying the hacker's wallet. Bybit implemented strong cybersecurity measures, and institutional giants held their ground to prevent panic-driven market swings. Bybit launched a $140 million Recovery Bounty Program to incentivize the recovery of stolen funds, highlighting the importance of collaboration and security in the crypto industry.



Other News from Today