The most likely reason for ETH's loss tonight is that $1.5 billion of Ethereum in Bybit's wallet was stolen. Crypto KOL Finish posted that a multi-signature address of Bybit transferred $1.5 billion worth of ETH to a new address. The address is currently using 4 different DEXs to exchange stETH and mETH for native ETH. This large-scale operation is usually carried out through over-the-counter transactions because of the high wear and tear. Therefore, most people outside believe that such a large amount of funds may be due to the security of funds in Bybit. $ETH
