Read very well: The Bybit hack and the drop of $ETH
What happened in the market has been very bad and continues to affect us all to this day. Here are the points we will discuss in this article that you ALL SHOULD READ.
📍Ethereum will drop significantly in the next 7 days.
📍Vitalik Buterin could soon fork $ETH as a last resort.
📍The scammers stole over $1.5 billion in ETH and destroyed the ecosystem.
Here is a full description and what you need to do now:
1/ Market Check:
Last month, the cryptocurrency market was hit hard. $BTC is still struggling to stay above the resistance level of $96,200.
The recent price drop was caused by a crypto fraud, where hackers exploited Bybit to steal $1.5 billion in ETH.
2/ Fraud Details:
On February 21, 2025, 400k ETH were transferred from Bybit's cold wallet to the scammers.
The founder of Bybit stated that they experienced massive withdrawals due to the $1.4 billion hack in ETH.
A huge group of scammers has managed to bypass Bybit's security measures.
3/ Lazarus Group:
This is the leader of the notorious scam organization. They hacked Sony Pictures and stole money from the central bank of Bangladesh.
Three days ago, they made a significant score and disappeared with over $1.5 billion from Bybit.
4/ Bybit Reward Offer:
Bybit has offered a $150 million reward for the return of the stolen ETH.
However, the hackers have started selling the stolen ETH across different exchanges.
The hackers are likely based in North Korea, so they are not afraid of the investigation.
5/ Aftermath:
With the drop in ETH's price, the market reacted in the same way.
The top 100 altcoins have lost over 10% of their price, while long position liquidations have created a figure of over $1 billion.
This is the second time we see such negative news this month.
6/ Overview of Ethereum:
ETH is now back to a stable price below $2800.
A key level to watch is $2730, and if ETH can get above that, it could signal further gains.
On-chain data shows that savvy investors are buying, which is something to watch.
7/ Ethereum Fork:
Buterin has been proposed to fork Ethereum just like it happened with Ethereum Classic.
In fact, this is the only solution that will lead to an increase in the price of ETH.
However, there has not yet been any comment from Buterin on this matter.
8/ Possible movements of the hackers:
▸ If the hacker sells ETH in small quantities, we will simply remain in a range.
▸ If the hacker starts dumping ETH quickly, the whole market will collapse with Ethereum, as there are no strong buyers at the moment.
That's why you need to be ready.
9/ Fact Check:
▸ The price of Ethereum will continue to fall as there are no reasons for growth without positive news.
▸ The hackers currently hold more ETH than Vitalik Buterin and the Ethereum Foundation combined.
By leveraging this advantage, they will have a huge impact on the market.
10/ Future perspectives:
Ethereum has always been a very important crypto asset.
The price of many altcoins depends on the situation of ETH, so the most recent hack could impact the market as a whole.
To stop the drop, we need to hear VERY strong news from Vitalik Buterin or Donald Trump.
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Finally, trade safely and smartly🥂