Bybit Hack: $1.5 Billion in Ethereum Stolen
A massive security breach has rocked the crypto world as hackers stole $1.5 billion worth of Ethereum (ETH) from Bybit’s cold wallet. The attack, which exploited a vulnerability in Bybit’s multisig wallet system, resulted in the loss of nearly 70% of the exchange’s ETH reserves.
Bybit CEO Ben Zhou confirmed the breach, triggering panic among traders and fears of a massive ETH sell-off. This comes on the heels of Bybit’s recent controversy involving the arrest of an ex-WeChain manager, adding to concerns about the platform’s security measures.
Costa Rica Joins the Crypto Movement with Bitcoin ETF
In a major step toward crypto adoption, Banco Nacional’s investment arm, BN Fondos, has introduced Costa Rica’s first Bitcoin ETF. Despite the country’s lack of formal cryptocurrency regulations, investors can now trade Bitcoin ETFs under its civil code.
The launch includes the BN ETF 500, which tracks the S&P 500, alongside the Bitcoin ETF. With a minimum investment requirement of just $100, these funds provide an accessible gateway for traditional investors to enter the digital asset space.
XRP Investors Eye Gains After SEC-Coinbase Settlement
XRP holders are optimistic following news that the U.S. SEC has dropped its lawsuit againstq Coinbase, fueling speculation that Ripple could be next in line for a legal victory.
XRP is currently trading at $2.57, marking a 50% surge from its recent lows. With Ripple’s legal battle against the SEC ongoing since 2020, investors remain hopeful after last year’s ruling that XRP is not a security on public exchanges. The case saw Ripple pay a $125 million fine, far less than the $2 billion originally sought by regulators.
Ethereum Price Drops After Bybit Hack
Ethereum’s price has taken a hit in the wake of the Bybit hack, with 401,347 ETH stolen from the exchange. Reports suggest that the North Korean-linked Lazarus Group may be responsible for the exploit, further shaking investor confidence.
ETH is now testing a critical $2,600 support level. If prices drop further, Ethereum could see extended losses. However, if ETH holds steady, a rebound may be on the horizon. Traders are closely monitoring these key levels amid heightened volatility.
Cryptocurrency Market Overview
The global crypto market cap currently stands at $3.16 trillion, reflecting a 2.41% decline in the past 24 hours. However, market activity remains strong, with total trading volume surging to $132.41 billion, a 35.54% increase from the previous day.
DeFi platforms accounted for $8.62 billion (6.51%) of the total trading volume, while stablecoins dominated liquidity, making up $125.58 billion (94.84%) of the 24-hour trading volume.
Fear and Greed Index: Market Sentiment Turns Cautious
Investor confidence has taken a hit, as reflected in the Crypto Fear and Greed Index, which dropped from Greed (55) to Neutral (49) within 24 hours. This shift signals rising caution among traders as uncertainty looms over the market.
With Bybit’s security breach, regulatory pressures, and Ethereum’s price volatility, the crypto market remains on edge. Will this downturn be temporary, or is a bigger correction on the way? Time will tell.
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