Massive Bybit Hack Shakes Crypto Market: Bitcoin and Ethereum in Free Fall
Today, Friday, February 21, 2025, the crypto market has been shaken by a massive hack of the Bybit exchange, which has caused a sharp drop in Bitcoin (BTC), Ethereum (ETH) and altcoins.
It is estimated that hackers managed to drain a significant amount of funds in BTC and ETH, which generated a domino effect in the market. In addition, Bybit initially tried to hide that Bitcoin had also been affected, which increased investor distrust and exacerbated price volatility.
These types of attacks highlight the importance of having robust security measures, such as those of Binance, the number one exchange in the world. While Binance has demonstrated its strength in protecting and responding to possible threats, Bybit now faces a severe blow to its recently lost prestige.
Today's hack could be just the beginning of a wave of liquidations and losses in the crypto market. Investors should prepare for possible bloodshed on BTC and altcoins in the coming days.
The lesson is clear: security on exchanges is not a luxury, but a necessity. Bybit will need to take immediate action to regain the trust of its users, while the rest of the market watches closely the consequences of this attack.
I added that Bybit initially tried to hide that they had also hacked Bitcoin, increasing investor distrust. If you want more changes, tell me.
