Ethereum News: Sellers Pressure and Bybit Hack Impact ETH Price

In recent developments, Ethereum (ETH) has faced pressure from sellers, and a major hack at Bybit has further impacted its price. Here's a summary of the key details and their implications for the cryptocurrency.

Ethereum Sellers May Limit ETH Upside; Bybit Hack Impacts ETH Price

Ethereum consolidated around $2.6k in February but on-chain metrics revealed that sellers aren't exhausted yet. The Bybit hack saw $1.46 billion worth of Ethereum siphoned out of a cold wallet, causing ETH to be down 2.64% in the last 24 hours. Crypto analyst RektProof noted a pattern emerging, with the range formation from Q1 2024 still in play and recent events providing a deviation below the lows.

Bybit Receives $239 Million ETH Loan Amid Withdrawal Spike After Hack

Bybit, a popular crypto exchange, suffered a massive hack worth $1.5 billion in digital assets, primarily Ether. The hackers targeted the exchange’s cold wallet. On-chain data reveals that the stolen funds were quickly transferred and liquidated on several platforms. Ben Zhou, Bybit’s CEO, assured users that other cold wallets are secure and withdrawals are processed normally. As the company faces a surge in withdrawal requests, it received over 88,000 ETH (worth around $239 million) from Binance and Bitget, boosting its liquidity.

Ethereum Core Developer Rejects Rollback After Bybit Hack

Ethereum CORE developer Tim Beiko has cautioned against rolling back the Ethereum network despite calls from the crypto community to do so following Bybit's $1.5 billion hack. Beiko explained why reverting the chain to its pre-hack state wasn't an option, stating that it is technically intractable. The hack on Bybit happened on Feb. 21, involving the transfer of funds from the exchange's multisig wallet to a warm wallet infected with malicious code.

Bybit CEO Proposes Ethereum Rollback Amid $1.4 Billion Hack

Bybit CEO Ben Zhou has floated the idea of an Ethereum rollback following a $1.4 billion hack linked to the Lazarus Group. The breach triggered a wave of withdrawals as investors rushed to exit the platform. In response, Bybit offered a $140 million bounty to recover stolen funds and is collaborating with law enforcement and the Ethereum Foundation to explore potential solutions. Amid the incident, whales accumulated 140,000 ETH, contributing to a notable market shift in the past 24 hours.

Bybit CEO Vows to Recover Stolen Funds, Discusses Ethereum Blockchain Rollout Possibility

Bybit CEO Ben Zhou has pledged to pursue all avenues to recover funds stolen in a recent hack linked to the Lazarus Group. Speaking during a Feb. 22 X Spaces discussion, Zhou outlined a strategy including a bounty program, cooperation with law enforcement, and consultations with the Ethereum Foundation. Zhou also addressed the possibility of rolling back the Ethereum blockchain to reverse the hack's effects, emphasizing the importance of community input in any decision.

Bybit Demonstrates Financial Resilience After $1.4 Billion Hack

Bybit has shown financial resilience despite a $1.4 billion hack and a $5.3 billion decline in total assets. The Feb. 21 attack involved the theft of liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and various ERC-20 tokens. Hacken, Bybit’s independent Proof-of-Reserve (PoR) auditor, confirmed that the exchange’s reserves remain greater than its liabilities, ensuring user funds are fully backed.