On February 24, the cryptocurrency market experienced dramatic fluctuations, with prices of cryptocurrencies such as Bitcoin and Ethereum plummeting and market panic spreading. The trigger for this market crash was the Bybit hacker attack on the evening of February 21.
On the evening of February 21, Beijing time, the cryptocurrency trading platform Bybit was hacked. Hackers used platform vulnerabilities to steal more than 400,000 ETH and stETH with a total value of more than US$1.5 billion (approximately RMB 10.8 billion). This attack is considered to be the largest theft in the history of cryptocurrency.
Security agencies confirmed that the attacker was the hacker group Lazarus Group, which hacked into a South Korean exchange in 2017 and stole $200 million in Bitcoin.
Affected by the Bybit theft, the cryptocurrency market fell collectively in the early morning of February 22. Bitcoin fell sharply several times within 24 hours, falling below $95,000, and Ethereum fell to nearly $2,600.
According to CoinGlass data, more than 310,000 people had their positions liquidated across the entire network within 24 hours, with the total amount of liquidations reaching US$945 million.
Bybit said that despite the attack, the platform's other cold wallets are safe and customer funds are not affected. Bybit CEO Ben Zhou stressed that the platform has sufficient assets to compensate for the losses and will continue to operate.
Bybit has released a wallet API blacklist to assist white hat hackers in recovering stolen funds, and will regularly update the blacklist to respond to new threats.
This incident has once again sparked a discussion on cryptocurrency market regulation. Global cryptocurrency regulation is still in the exploratory stage and lacks unified standards. The Bybit incident may accelerate the establishment of a global cryptocurrency regulatory framework.
Industry experts pointed out that the high volatility and high leverage risks of the cryptocurrency market cannot be ignored, and investors should remain rational and invest prudently.
The Bybit hacking incident dealt a heavy blow to the cryptocurrency market, but it also provided an opportunity for reflection and progress in the industry. Investors should pay attention to asset security, choose reliable trading platforms, and pay attention to regulatory developments.
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