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Why do hackers target ETH instead of BTC? In-depth analysis of the Bybit theft incident
Speculated reasons for the theft of ETH from Bybit:
Combining the Bybit theft incident with industry background, the true reasons hackers chose ETH over BTC may be closer to the following points:
Asset Distribution and Opportunity Cost
Exchanges' hot wallets usually store multiple assets, but due to ETH's high liquidity in DeFi and trading pairs, it often has a larger share. Hackers might have discovered that based on Bybit's asset allocation, ETH is easier to obtain or more abundant, while BTC’s storage may be more dispersed or better protected.
Convenience of Attack Path
The Bybit theft may stem from internal system vulnerabilities (such as API key leaks or employee phishing attacks) rather than on-chain technical differences. When hackers attack, they often choose the point that is “easiest to breach.” If there are oversights in the management of ETH’s hot wallet, or if ETH-related accounts are easier to infiltrate, they naturally become the primary target.
Washing and Cashing Efficiency
The mixing tools and decentralized exchanges (DEX) in the ETH ecosystem provide hackers with quick channels for washing and cashing out. In contrast, cashing out BTC may require more over-the-counter (OTC) transactions, increasing time and exposure risks. Hackers pursue efficiency, and ETH clearly has an advantage.
Market Sentiment and Concealment
The impact of the theft of ETH on the market may not be as severe as that of BTC. BTC, as a “barometer,” may trigger greater panic and regulatory attention if stolen, while ETH’s fluctuations are relatively easier for the market to digest. Hackers may deliberately avoid BTC to reduce subsequent tracing pressure.
Technical Irrelevance, Strategy First
The hackers' decisions are not necessarily based on the underlying technical differences between ETH and BTC, but rather on more pragmatic strategic considerations: which asset is easier to steal, quicker to wash, and more discreet to move. The theft of ETH from Bybit may simply be the result of what was “easiest to grab,” rather than an inevitable technical vulnerability.
In simple terms, hackers are like “smart thieves,” they go where the doors are not locked, and where the loot is easy to take!
Speculated reasons for the theft of ETH from Bybit:
Combining the Bybit theft incident with industry background, the true reasons hackers chose ETH over BTC may be closer to the following points:
Asset Distribution and Opportunity Cost
Exchanges' hot wallets usually store multiple assets, but due to ETH's high liquidity in DeFi and trading pairs, it often has a larger share. Hackers might have discovered that based on Bybit's asset allocation, ETH is easier to obtain or more abundant, while BTC’s storage may be more dispersed or better protected.
Convenience of Attack Path
The Bybit theft may stem from internal system vulnerabilities (such as API key leaks or employee phishing attacks) rather than on-chain technical differences. When hackers attack, they often choose the point that is “easiest to breach.” If there are oversights in the management of ETH’s hot wallet, or if ETH-related accounts are easier to infiltrate, they naturally become the primary target.
Washing and Cashing Efficiency
The mixing tools and decentralized exchanges (DEX) in the ETH ecosystem provide hackers with quick channels for washing and cashing out. In contrast, cashing out BTC may require more over-the-counter (OTC) transactions, increasing time and exposure risks. Hackers pursue efficiency, and ETH clearly has an advantage.
Market Sentiment and Concealment
The impact of the theft of ETH on the market may not be as severe as that of BTC. BTC, as a “barometer,” may trigger greater panic and regulatory attention if stolen, while ETH’s fluctuations are relatively easier for the market to digest. Hackers may deliberately avoid BTC to reduce subsequent tracing pressure.
Technical Irrelevance, Strategy First
The hackers' decisions are not necessarily based on the underlying technical differences between ETH and BTC, but rather on more pragmatic strategic considerations: which asset is easier to steal, quicker to wash, and more discreet to move. The theft of ETH from Bybit may simply be the result of what was “easiest to grab,” rather than an inevitable technical vulnerability.
In simple terms, hackers are like “smart thieves,” they go where the doors are not locked, and where the loot is easy to take!
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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