Summary: Ethereum experienced significant losses following a security breach at Bybit, resulting in an estimated $1.4 billion in stolen funds. Bybit's CEO confirmed the attack, which targeted ETH, mETH, and stETH holdings. The incident caused Ethereum's value to drop, with ETH initially plunging to $2,675 and later rebounding to $2,763. The hack also affected derivatives markets, leading to liquidated positions worth $48 million within an hour and a total of $109 million over 24 hours. The impact extended beyond Ethereum, impacting assets like bitcoin and solana. This breach highlights the vulnerabilities of centralized exchanges and renews concerns regarding custodial risks in the crypto sector.



Other News from Today