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Ethereum (ETH) drops 5% after $1.5 billion Bybit hack: What’s next?

The Bybit hack rocked the market today, with over $1.46 billion worth of Ethereum stolen, marking one of the largest security breaches in history. As the stolen assets were liquidated, the price of Ethereum fell 5% in a straight line, impacting key technical indicators.

Speculation is mounting about Bybit’s next steps, with some suggesting a potential market buyback to compensate users, which could create significant buying pressure. However, it remains uncertain how the Ethereum price will behave in the coming days as the situation continues to evolve.

Will the Bybit hack trigger a massive buyback?

Earlier today, one of the largest cryptocurrency exchanges, Bybit, was hacked. Over $1.46 billion worth of Ethereum was stolen from its hot wallets, marking one of the largest security breaches in cryptocurrency history.

CEO Ben Zhou confirmed that the attackers tricked Bybit’s security system, causing wallet signers to unknowingly approve changes to smart contract logic, giving the hacker control.

The stolen Ethereum is being liquidated, causing the price of Ethereum to drop by more than 4%. After the assets were stolen, the hacker’s addresses began sending funds to dozens of different wallets.