icon
icon
icon
icon
🏷️$300 Off
🏷️$300 Off

News /

Articles /

Bybit's $1.4B ETH Heist: Exchange Buys Back Tokens, Boosts Price

Coin WorldSaturday, Feb 22, 2025 2:21 pm ET
1min read

Bybit, a leading cryptocurrency exchange, faced a significant setback on February 21st when a hacker group, reportedly linked to North Korea, stole approximately 1.4 billion US dollars worth of ETH. While details regarding the recovery of the funds or the apprehension of the individuals behind the heist remain unclear, Bybit has initiated damage control measures.

In response to the incident, Bybit has begun purchasing ETH to mitigate the impact of the theft. According to crypto intelligence company Arkham Intelligence, Bybit has spent around 100 million USDT to acquire 54,393 ETH. The average price of each ETH token in this transaction was approximately $2,711. Bybit procured these tokens through over-the-counter trades with FalconX and Galaxy Digital.

Following this substantial purchase, Bybit's CEO, Ben Zhou, took to social media to express his gratitude towards various crypto companies that offered support during the critical time. The list of companies thanked by Zhou includes Galaxy, Tether, Bitvavo, Ghaf Capital, Blockchain Center Dubai, TON Foundation, Solana Foundation, Sosovalue, Mirana, MEXC, Pionex, Bitget, and Antalpha.

The purchase of ETH by Bybit has had a positive impact on the token's price and trading volume. At the time of writing, ETH is trading at $2,870, with a 2.50% price surge within 24 hours of the purchase. Additionally, the overall trading volume of the token has increased by 10%, indicating positive participation from traders. This could potentially drive the token towards a bullish movement.

Technical experts suggest that ETH is currently consolidating in a tight band between $2,560 and $2,800. If the token breaks out of this consolidation and rests just above $2,820, there is a possibility that the price could soar by 10% and reach $3,100 in the coming month(s).

Comments

Add a public comment...
Post
No Comment Yet
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App