Bybit Hack Triggers Ethereum Sell-Off
One of the biggest factors driving ETH lower is the $1.5 billion exploit of Bybit, which involved over 401,000 ETH and large amounts of staked ETH (stETH, mETH, cmETH).
Hackers compromised one of Bybit’s Ethereum cold wallets on Feb. 21, gaining access through a deceptive multisig transaction.
Investigators, including ZachXBT, linked the attack to the North Korean Lazarus Group, a cybercrime syndicate responsible for multiple high-profile crypto thefts.
Market fears of the stolen ETH being dumped led to a wave of sell-offs, pressuring prices downward.
Bybit has secured an emergency bridge loan covering 80% of the stolen funds, ensuring that withdrawals continue.
