- Hacker stole $1.4B, moving 10K ETH per address, raising security concerns.
- Bybit transferred $200M USDT, unclear if for withdrawals or ETH buyback.
- Withdrawals remain open as reserves cover losses, but market uncertainty grows.
A hacker just pulled off a massive heist, stealing $1.4 billion and sending shockwaves through the crypto market. Thousands of ETH keep shifting across wallets, each transaction moving 10,000 ETH at a time. Meanwhile, Bybit reacted fast, shifting $200 million USDT from a cold wallet to a hot wallet. Despite the turmoil, withdrawals remain active, though user demand continues to surge.
Massive Transfers Spark Panic
Blockchain analysts flagged the unusual movement of funds, raising serious concerns. The hacker strategically divided stolen assets into smaller portions, each containing 10,000 ETH. Many believe this tactic aims to cover digital tracks and evade detection. The timing of Bybit’s $200 million USDT transfer only deepens speculation.
The market reacted quickly, with Ethereum briefly dropping 3% before bouncing back. Uncertainty still looms, as investors try to determine the real impact of this breach. The crypto community remains on edge, questioning whether more hacks could follow in the wake of this massive theft.
Bybit Holds Strong Despite Crisis
Even with a $1.4 billion loss, Bybit Exchange continues operations without major disruptions. On-chain data reveals that the stolen funds account for only 8.64% of total reserves, which stand at $16.2 billion. This financial cushion allows the exchange to handle the spike in withdrawal requests without breaking stride. Many traders, fearing potential fallout, are moving assets elsewhere, further testing Bybit’s ability to maintain stability.
Market sentiment remains uncertain as traders and analysts monitor further developments. The scale of this attack suggests an extremely sophisticated operation, possibly executed by an organized group with deep knowledge of exchange vulnerabilities. Security experts are now digging through blockchain records, hoping to uncover patterns that could expose weaknesses.
The crypto world stands at a crossroads. Exchanges must adapt quickly to counter growing threats, reinforcing security measures to protect user funds. The coming days will reveal whether Bybit can fully recover from this breach or if confidence in centralized exchanges will continue to erode.
