Bybit was the victim today of one of the largest cryptography hacks ever recorded, the hackers have stolen more than $ 1.4 billion in the cold exchange. According to the co-founder and CEO of bybt, Ben Zhou, the attacker operated a user interface and a “masked” URL, deceiving the portfolio signatories by without knowing a malicious transaction. This allowed them to modify the logic of the intelligent contract and take control of the Cold ETH portfolio, draining its funds. Although the incident remains in investigation, Zhou has reassured users that other cold portfolios are secure and that withdrawals remain operational.
Market reaction: initial speculation and volatility
After the hack announcement, the cryptography market reacted with increased volatility. Initially, speculation has appeared that Bybit should buy the ETH on a 1: 1 basis to compensate for affected users, which could lead to a significant price rally. This speculation briefly bounced ETH after an initial decline. CMC data shows that ETH increased from $ 2,828 to $ 2,708 (a drop of 4.2%) before bouncing from $ 3.36% in 10 minutes.
ETH prices drop after relay hacking
However, Zhou clarified later in a live flow that Bybit had obtained a bridge loan covering 80% of the lost eth and had the immediate intention of buying large quantities of ETH on the market at cash. This has led to a rapid change in feeling, transforming the lowering market in the midst of concerns concerning the pressure of the pressure of the pirate and a broader risk aversion among investors.
Will the pirate sell?
The pirate now holds more than 500,000 ETH – more than the co -founder of Ethereum Vitalik Buterin, which has 240,000 ETH. The stolen ETH was distributed on 53 portfolios, which are actively monitored by the safety and audit teams of smart contracts. Given the highly publicized nature of the attack, selling such an amount of eTH poses a challenge. The wallets are Real -time monitoringThis makes it difficult for the hacker to unload the funds without detection.
In addition, current market conditions are not favorable to liquidate such a quantity of ETH. If the pirate was to sell on a large scale, this would probably trigger a major slowdown in the market – in Vitalik Buterin, pouring his assets twice as much. However, since the pirate has acquired the ETH mainly at a zero cost, the realization of the highest sale price may not be a priority.
Wider implications for ETH
The time of hacking coincides with Ethdenver, one of the largest annual conferences of Ethereum ecosystem, where projects generally announce major updates and new versions. Ethdenver has always been a bullish event for the market, with ecosystem projects revealing their latest developments.
However, the feeling in the Ethereum community has been low in the past five weeks, exacerbated by internal controversies, the criticism of Vitalik Buterin and the concerns concerning the future of the Ethereum Foundation. The hacking further reduces enthusiasm, throwing a lower shadow on an event that generally stimulated positive impetus for ETH.
What is the next step? Expect market volatility
The cryptography market is currently in a hyper-sensitive state, traders strongly reacting to any new, whether factual or speculative. Rumors, such as the false hypothesis that Bybit would buy Eths to cover losses, have already demonstrated their potential to generate net price oscillations.
With increased uncertainty, traders should be cautious, in particular when using the lever effect. Like more details on emerging hacking and market players assess the potential effects of Knock-on, significant price movements are probably in the coming days.
