Bybit exchange experienced a hacking incident resulting in the theft of approximately $1.5 billion in digital assets. This news caused significant fluctuations in the cryptocurrency market.
Incident Details
Reports indicate that the majority of stolen assets consisted of 400,000 ETH, with a total estimated value of over $1.1 billion. Later, part of the assets was swapped for stETH and mETH. Sources such as popular analyst ZachXBT confirmed that this was indeed a security incident.
Community Reaction
Many users expressed concern and distrust on social media. Bybit has not yet made an official statement, leading to further unrest. A real blow to the exchange was that previously respected users, such as @0xFinish, made statements about the hack.
Market Impact
As soon as the news broke, the price of Bitcoin dropped by more than $2000. Most other altcoins also experienced a rapid decline. The total cryptocurrency market capitalization decreased by $70 billion in just half an hour.
Currently, Bybit is working on mitigating the hack's consequences, while the cryptocurrency market experiences significant volatility amid this instability.
