Bybit hacked - $1.4 billion in ETH

[Aanuoluwatofunmi]

If we never be a victim of any form of hack, we may not know what and how it feels to be affected by this kind of scenario, though we have been saying but over and again that people should understand also the difference between a custodial and non custodial wallet, if they had known, majority would not have taken their entire asset centralized exchange for any reason, and now the can't help reverse the ugly situation.

[bitmover]

If we never be a victim of any form of hack, we may not know what and how it feels to be affected by this kind of scenario, though we have been saying but over and again that people should understand also the difference between a custodial and non custodial wallet, if they had known, majority would not have taken their entire asset centralized exchange for any reason, and now the can't help reverse the ugly situation.

You were not hacked because you are not a vector of attacks.

professional hackers are not going to try to hack you to get 500 usd, they prefer to hack millions from exchanges, casinos, mixers, etc... Those are the true vector of hackers.

Although people really a lot in exchanges, i understand that keeping a small amount of money in exchanges is handy when you are trading altcoins, which sometimes are complicated to hold them by yourself in your own wallet

[Aanuoluwatofunmi]

If we never be a victim of any form of hack, we may not know what and how it feels to be affected by this kind of scenario, though we have been saying but over and again that people should understand also the difference between a custodial and non custodial wallet, if they had known, majority would not have taken their entire asset centralized exchange for any reason, and now the can't help reverse the ugly situation.

You were not hacked because you are not a vector of attacks.

professional hackers are not going to try to hack you to get 500 usd, they prefer to hack millions from exchanges, casinos, mixers, etc... Those are the true vector of hackers.

Although people really a lot in exchanges, i understand that keeping a small amount of money in exchanges is handy when you are trading altcoins, which sometimes are complicated to hold them by yourself in your own wallet

Well said, then on this note I count myself among the lucky ones that have not been a prey for their kind of attack, am just a crayfish holder and hackers go for the big whales, but nevertheless, I don't think any amount is too small for them to also swindle if we are being careless about how we handle our wallet security, especially if we are the type that like flaunting on all we've got to the public and being reckless in visiting sites through links.

[trendcoin]

I read that Lazarus laundered more than half of the money through Thorchain. Ethereum is under serious selling pressure, but it still resists it well...

North Korea already has a bad image because it is closed to the outside world. Moreover, they earn everyone's hatred with incidents like this...

Fortunately, Bybit promised to pay for the stolen funds of all users, so we didn't face a bigger problem. However, stolen funds may one day fall on our heads as an atomic bomb. We must continue to be careful... :)

[Z-tight]

Fortunately, Bybit promised to pay for the stolen funds of all users, so we didn't face a bigger problem. However, stolen funds may one day fall on our heads as an atomic bomb. We must continue to be careful...

Yeah, Bybit were able to handle the situation, everyone who put up a withdrawal request immediately after the incident were allowed to withdraw and since then their operation has been going on smoothly. I don't know if they will run into further problems in the future or if they are truly solvent right now, but people should not forget that 'not your keys, not your coins'.

[rdluffy]

One interesting thing is that the market seems to have turned downwards exactly when the Bybit hack happened
Combined with the global scenario where the American stock markets have also fallen, could this be the start of the bear market?
In the past, the fall of FTX was a major milestone in the decline of cryptos...

[Asiska02]

One interesting thing is that the market seems to have turned downwards exactly when the Bybit hack happened
Combined with the global scenario where the American stock markets have also fallen, could this be the start of the bear market?
In the past, the fall of FTX was a major milestone in the decline of cryptos...

This may as well just be a coincidence and nothing of such is going to happen. The bear market is far from coming now as their are a lot we are anticipating in the market that is yet to be seen, if they don’t happen, the the market has ultimately changed its form and not so many people will trust in the market in the coming bull cycle again. The alt season is yet to occur and I think from previous happenings, they do happen just after the bull run which we may have already witness the whole or some part of it. Ethereum is yet to reach its All time high in this bull run also, these with others are enough reason to still feel that the bearish market is not yet upon us now.

[rdluffy]

This may as well just be a coincidence and nothing of such is going to happen. The bear market is far from coming now as their are a lot we are anticipating in the market that is yet to be seen, if they don’t happen, the the market has ultimately changed its form and not so many people will trust in the market in the coming bull cycle again. The alt season is yet to occur and I think from previous happenings, they do happen just after the bull run which we may have already witness the whole or some part of it. Ethereum is yet to reach its All time high in this bull run also, these with others are enough reason to still feel that the bearish market is not yet upon us now.

Hehehe, you're quite optimistic about ETH in particular reaching ATH again
I'm quite skeptical, but confident with cryptos, that the price can improve in a few days or weeks

However, I found it very coincidental that Bybit was hacked at the highest value in history and then the market turned downwards
A good explanation would be the big liquidation of longs that we've seen, some exchanges making big moves selling coins like Binance, who lent Bybit a lot of money to rebuild its cash flow

[Z-tight]

could this be the start of the bear market?

I don't think so, i feel we are not close to a bear market yet and the crash was just due to the bybit hack and other issues happening around the world that can affect crypto. I don't even think we are close to the peak of the bull cycle, only then can we start talking about a bear market.

[Baofeng]

Also interesting that SEC has lift up the ban on Tornado Cash https://home.treasury.gov/news/press-releases/sb0057

As there was as a report that the Lazarus group has used such mixer in their theft here,

North Korea-linked Lazarus Group transferred 400 ETH (worth $750,000) to Tornado Cash on March 12, 2025, likely laundering proceeds from the record $1.5 billion Bybit hack, blockchain researchers report.

https://news.bitcoin.com/north-koreas-lazarus-group-moves-400-eth-to-tornado-cash-following-1-5b-bybit-hack/

Although the US says that they are going to continue to monitor the activity of the Lazarus group if they are still going to used Tornado Cash.

[hugeblack]

Also interesting that SEC has lift up the ban on Tornado Cash https://home.treasury.gov/news/press-releases/sb0057

I believe this is due to the legal implications of Van Loon v. Department of the Treasury. This will provide a positive signal regarding the development of such software or the creation of decentralized protocols.

[Baofeng]

Also interesting that SEC has lift up the ban on Tornado Cash https://home.treasury.gov/news/press-releases/sb0057

I believe this is due to the legal implications of Van Loon v. Department of the Treasury. This will provide a positive signal regarding the development of such software or the creation of decentralized protocols.

Yes, this seems to be a very positive signal to the crypto market. And obviously, we all know that Trump's administration has been dropping it's cases as well against crypto project.

So for now we should take this as positive news, at least they are very open to this kind of crypto projects (mixer). Of course, Bybit can still go after the criminals and get their money back.