The largest hack in crypto history at Bybit raises questions about Ethereum's ability to breach the $3,000 mark.
Massive Attack on Bybit
On February 21, 2025, Bybit fell victim to the largest crypto theft ever, losing $1.4 billion in stETH and other assets. Initial investigation findings suggest the Lazarus group, connected to North Korea, as the attackers. Bybit responded with an aggressive strategy, purchasing 106,498 ETH through over-the-counter transactions to offset its losses.
Impact on the Ethereum Market
Since the incident, Ether has risen by 5.38% in two days. This increase is likely driven by Bybit's buybacks and a reduction in ETH reserves on centralized platforms to 18.95 million, indicating a market shift towards accumulation. However, for a true bullish reversal, Ether must break through the $2,700-$3,000 resistance zone.
Future of Ethereum: Potential and Risks
If Ethereum breaks the $3,000 mark, it could trigger the liquidation of $623 million in short positions, potentially boosting growth. However, the threat of sudden selling pressure remains, especially if hackers sell their holdings. Investors are closely watching Ethereum's ability to overcome resistance and turn the crisis into an opportunity.
While Bybit's strategy may mitigate the immediate effects of the hack, the real test lies in long-term investor confidence. Will Ethereum be able to turn this crisis into an opportunity?
