On February 21, 2025, Bybit, a Dubai-based cryptocurrency exchange, experienced a significant security breach resulting in the theft of approximately $1.5 billion worth of Ethereum (ETH). The incident occurred during a routine transfer from the exchange's cold walletādesigned for secure, offline storageāto a warm wallet used for daily operations. Hackers exploited this process, gaining unauthorized access to the cold wallet and transferring 401,000 ETH to an unknown address.
In response to the breach, Bybit's CEO, Ben Zhou, assured clients that the company remains solvent, with all client assets backed 1:1. He emphasized that unaffected wallets and withdrawals continue to operate normally. Bybit is collaborating with blockchain forensic experts to trace the stolen funds and has initiated a recovery bounty program, offering up to 10% of the recovered amount to ethical hackers assisting in the retrieval of the stolen cryptocurrency.
Blockchain analytics firms Arkham Intelligence and Elliptic have attributed the attack to North Korea's Lazarus Group, a cybercrime organization known for previous cryptocurrency thefts. Elliptic's analysis suggests that the group employed sophisticated methods to launder the stolen assets through numerous blockchain transactions.
This event underscores the vulnerabilities present even in systems designed with enhanced security measures, such as cold wallets. It highlights the necessity for continuous advancements in security protocols within the cryptocurrency industry to safeguard digital assets against increasingly sophisticated cyber threats.
In a significant security breach, Infini, a stablecoin-focused neobank, reported a loss of $49.5 million in USDC due to a cyberattack on February 24, 2025. The attacker exploited administrative privileges to drain funds, subsequently converting them into Ethereum-based assets. Blockchain security firm Lookonchain detailed that the stolen USDC was swiftly exchanged for 49.5 million DAI and then used to purchase 17,696 ETH, which were transferred to a new wallet under close surveillance.
In response, Infini's founder, Christian, has pledged full repayment to affected users and assured that withdrawals will resume promptly.
This incident follows closely on the heels of a massive $1.5 billion hack targeting the cryptocurrency exchange Bybit, marking one of the largest thefts in the crypto industry's history.
These successive breaches underscore the pressing need for enhanced security measures within the cryptocurrency sector to protect user assets and maintain trust in digital financial platforms.
As of February 24, 2025, Bitcoin (BTC) is trading at approximately $95,528, reflecting a slight decrease of 0.485% from the previous close.
Recent market dynamics have influenced this trend. A significant $1.5 billion hack on Bybit's Ethereum wallet has heightened security concerns, contributing to downward pressure on cryptocurrency prices.
Additionally, Bitcoin's price has been consolidating around the $95,500 support level for the past three weeks. Analysts suggest this could indicate potential heightened volatility in the near future.
In the broader financial landscape, U.S. stock futures are trending higher as investors anticipate a recovery from last week's downturn. Key developments include Apple's commitment to a $500 billion investment in U.S. operations and Alibaba's planned $52 billion investment in AI and cloud infrastructure over the next three years.
Overall, Bitcoin's recent price movements are influenced by a combination of security incidents within the crypto space and broader economic developments.
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š Bitcoin has rocketed past 109k, smashing ATHs! Where's it going next? Drop your prediction for this week's $BTC closing price in the comments of this post š šThe top 3 closest predictions will win 300 USDC, 150 USDC, and 50 USDC. Jump in and share your prediction now!Ā *Campaign Period: 2025-01-20 07:30 to 2025-01-26 20:00 (UTC) ā¼ļøEnsure you have updated your app to at least version 2.92. Also, make sure the "Also Repost" box is checked when replying to be eligible for entry. Terms and Conditions: This campaign may not be available in your region. Eligible users must be logged in to their verified Binance accounts whilst completing tasks during the campaign period eriod.Ā Ensure the "Also Repost" box is checked when replying, or your comment won't count as a valid entry.To ensure fairness, entries closed at 2025-01-26 20:00 UTC. The campaign's outcome will be based on the BTCUSDT price atĀ 2025-01-26 23:59:59 UTC.If users made multiple comments, only the first comment will be considered as an eligible entry. Deleted comments are not eligible for rewards.In case of same predictions by multiple users, the earliest comment will be prioritized.Winners will be announced in the comments section of this post within 14 working days after the campaign ends and notified via a push notification under Creator Center > Square Assistant.Ā Rewards will be distributed in the form of token vouchers to eligible users within 14 working days after the Activity ends. Users will be able to log in and redeem their voucher rewards via Profile > Rewards Hub.Ā Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards.Ā Binance reserves the right to disqualify any account acting against the Binance Square Community Guidelinesor Terms and Conditions.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this activity, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all participants shall be bound by these amendments.Binance reserves the right of final interpretation of this activity.Where any discrepancy arises between the translated versions of this post and the original English version, the English version of this post shall prevail.Additional promotion terms and conditions can be accessed here.
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