Crypto exchange Bybit was the victim of a major hack that resulted in the theft of $1.4 billion. Let's take a look at the details of the incident and its consequences for the crypto market.
What Did the Bybit Hacker Steal?
According to data from Nansen, hackers stole a total of $1.44 billion. Bybit's wallet contained 401,347 ETH worth approximately $1.12 billion, and another $320 million in staked ETH tokens. This includes 90,376 Lido staked ETH (stETH) worth $253.16 million and 15,000 Mantle restaked ETH (cmETH) worth $44.13 million. The hacker also made off with 8,000 Mantle staked ETH (mETH) worth $23 million.
Movement of the Stolen Funds
The hacker's main wallet, according to Nansen, had the address 0x47666fab8bd0ac7003bce3f5c3585383f09486e2. After the attack, the hacker started moving the stolen funds. The stETH, cmETH, and mETH tokens were first converted to Ether, then the funds were offloaded in chunks of up to $27 million across more than 40 wallets, where most of the funds remain today.
Crypto Market Reaction to the Bybit Hack
The crypto market reacted negatively to the news, with the total market cap dipping more than 4%, and Ethereum losing more than 4% of its value. Bitcoin also dropped nearly 3%, trading around $95,500 for BTC and $2,630 for ETH. Experts suggest that since the hacker is unlikely to cash out via stablecoins, the incident could eventually lift $1.4 billion worth of selling pressure off ETH.
Bybit has faced one of the largest cyberattacks in the history of cryptocurrencies, with the full implications yet to unfold. The market reaction highlights the vulnerability and unpredictability in the industry.
