Ethereum's price demonstrated resilience, quickly recovering after the hack of the crypto exchange Bybit. The hackers, allegedly affiliated with the Lazarus Group, caused a $1.4 billion damage, but Bybit is working to mitigate the consequences.
Bybit Hack and Its Consequences
Ethereum lost 7% of its value after the Bybit hack, dropping to $2,629. However, this decline was temporary, and by February 23, Ethereum reached the $2,800 level again, although it soon began losing ground again.
Dealing with the Aftermath
According to Lookonchain, Bybit managed to recover approximately 446,870 ETH worth around $1.23 billion after the incident. Bybit co-founder and CEO Ben Zhou stated that the exchange has 'already fully closed the ETH gap'. Meanwhile, banking and regulatory bodies, including Interpol, are supporting efforts to pursue the hackers and freeze the stolen funds. Assets worth $42.89 million were successfully frozen.
Ethereum Price Outlook
Despite the initial recovery, ETH did not remain above $2,800, falling back to $2,740. The ETH price has been within a $2,600-$2,800 range over the past week, although February is historically a bullish month.
The Bybit incident highlighted the importance of security measures in crypto exchanges and Ethereum's ability to recover from crises. Continued active measures to combat the hack demonstrate the industry's commitment to improving security and maintaining user trust.
