hacked

Do not compromise your account ⚠️❗⚠️❗
Even if it has no balance.
"Do not compromise your account for any reason."
Recently, a dangerous phenomenon has spread among some individuals who are looking for a verified account on Binance, offering tempting sums of money in exchange for obtaining it.
A heartfelt brotherly advice: do not compromise your account and do not give your account to anyone, no matter the justification.

The recent hack of Bybit Exchange on February 21, 2025 has once again highlighted the significant impact of cyber-attacks on the cryptocurrency market. This incident, which resulted in the theft of approximately $1.5 billion worth of Ethereum ($ETH ), stands as the largest digital heist in cryptocurrency history. Let's examine some interesting statistics and data surrounding cyber attacks in the crypto space and their consequences.
Scale and Frequency of Attacks and Market Impact
The Bybit hack is part of a worrying trend of increasing cyber attacks on cryptocurrency platforms. In 2024, North Korea-linked hackers alone stole approximately $1.34 billion in 47 incidents, a 102.88% increase from the $660.5 million stolen in 20 incidents in the previous year. The Bybit hack in 2025 has already surpassed the entire amount stolen by North Korea in 2024 by nearly $160 million.

The immediate market reaction to the Bybit hack demonstrated the volatility that such incidents can cause:
$ETH dropped 4.2% from $2,828 to $2,708 within minutes of the announcement.A brief rebound of 3.36% followed, bringing the price back to $2,759.

The initial drop in the $ETH price was followed by a quick rebound, fuelled by speculation. This speculation was based on the assumption that Bybit would have to buy back ETH on a 1:1 basis to compensate affected users.
Bybit has secured a bridging loan for 80% of the lost $ETH , as clarified by Bybit co-founder and CEO Ben Zhou during a live stream. He also stated that Bybit had no immediate plans to buy large amounts of ETH on the spot market. This news caused a rapid shift in market sentiment from bullish to bearish, due to concerns that the hacker would sell the stolen ETH and a general increase in risk aversion among investors.
Today we see a further decline in the ETH price that reflects a general market slow down.

Types of Cyber Attacks
While previous major hacks have often targeted vulnerabilities in smart contract code or cross-chain bridges, the Bybit incident represents a shift towards targeting the human element:
The attackers used social engineering tactics to compromise the exchange's user interface.They manipulated cold wallet signatories into authorising malicious transactions.
This trend is consistent with research showing a shift from traditional security attacks to more sophisticated methods.
In terms of the amount stolen by type of victim platform, 2024 also showed interesting patterns. In most quarters between 2021 and 2023, decentralized finance (DeFi) platforms were the main targets of crypto hacks. It's possible that DeFi platforms were more vulnerable because their developers tend to prioritize rapid growth and getting their products to market over implementing security measures, making them prime targets for hackers.
Although DeFi still accounted for the largest share of stolen assets in Q1 2024, centralized services were the most targeted in Q2 and Q3.

This shift in focus from DeFi to centralized services highlights the increasing importance of security mechanisms commonly exploited in hacks, such as private keys. Private key compromises accounted for the largest share of stolen crypto in 2024, at 43.8%. For centralized services, ensuring the security of private keys is critical as they control access to users' assets.

User Education: A Critical Component

While exchanges bear significant responsibility for security, user education plays a critical role. Comprehensive education initiatives should equip users with the knowledge to:
Create and manage strong, unique passwords.Recognize social engineering tactics and phishing attempts.Understand the importance of regular backups.

In conclusion, the Bybit hack is a stark reminder of the ongoing security challenges in the cryptocurrency space. As the market continues to grow, so too will the methods used by hackers. It is imperative that the industry stays ahead of the curve by adopting advanced technologies, fostering collaboration and continuously educating users. By implementing comprehensive security measures and remaining vigilant, we can work towards creating a safer environment for all participants in the crypto ecosystem.
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#Hacked

The Coinbase hack saga continues following a breaking development about the US Justice Department’s plans to open an investigation into the data breach against the top crypto exchange.
This follows the company’s debut on the S&P 500, with the COIN stock price closing the day in the red.
US Justice Department To Investigate Coinbase Hack
According to a Bloomberg report, the US DOJ has opened a probe into the recent data breach at crypto exchange Coinbase.
Investigators, including those in the department’s criminal division in Washington, are reportedly digging into the events that led to the breach.
As we reported last week, the top crypto exchange suffered a cyberattack. The criminals allegedly bribed and recruited rogue customer service agents overseas to gain access to users’ personal data.
The company claimed that the hackers didn’t gain access to any sensitive data. Meanwhile, the exchange promised to reimburse affected customers of the Coinbase hack.
Additionally, they launched a $20 million reward to track down the exploiters, who had blackmailed them for the said amount in exchange for not releasing the data.
The Coinbase data breach affected top executives, including Sequoia Capital’s Roelof Botha. Meanwhile, exchanges Binance and Kraken reportedly also faced similar incidents.
Crypto millionaires have moved to hire bodyguards following the hack. The exchange is also facing up to six lawsuits due to the compromised user personal data.
Exchange Debuts On S&P 500
Amid the launch of the probe into the Coinbase hack, the exchange debuted on the S&P 500 today, becoming the first and only crypto company to achieve this milestone.
We also reported last week that the crypto exchange would replace Discover Financial Services, following Capital One’s acquisition of the latter.
Despite the debut, the COIN stock price closed the day in the red, trading at around $263.
The stock rebounded to this price level last Friday following the crash on May 15 due to reports of the data breach and the ongoing SEC investigation into alleged misleading user numbers in past disclosures.
The exchange’s Chief Legal Officer, Paul Grewal, confirmed that they are cooperating with the SEC on the investigation, although he believes it shouldn’t continue.
Meanwhile, concerning the Coinbase hack, Grewal also revealed that they have notified and are working with the DOJ and other US and international law enforcement agencies.

#CoinbaseExchange. #coinbase #Hack #Hacked #HackerAlert