| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $107251.5500000000 |
| ETH | $2430.4260000000 |
| BNB | $649.1998200000 |
| XRP | $2.1821880000 |
| ADA | $0.5617808000 |
| SOL | $149.9494000000 |
| DOGE | $N/A |
| DOT | $3.3877000000 |
| LTC | $86.3774000000 |
| LINK | $13.3116600000 |
Category: CRYPTO NEWS
The post Cybersecurity Wake-Up Call – Lessons From Bybit’s $1.5 Billion Breach appeared on BitcoinEthereumNews.com. HodlX Guest Post Submit Your Post As someone with deep experience in cross-chain crypto exchanges within Telegram mini-apps, I’d like to share my insights on the current state of crypto security and key measures to prevent cyber attacks. The recent hack of the Bybit Exchange on February 21, 2025, has once again highlighted the significant impact of cyber attacks on the cryptocurrency market. This incident – which resulted in the theft of approximately $1.5 billion worth of Ethereum (ETH) – stands as the largest digital heist in cryptocurrency history. Let’s examine some interesting statistics and data surrounding cyber attacks in the crypto space and their consequences. Scale and frequency of attacks and market impact The Bybit hack is part of a worrying trend of increasing cyber attacks on cryptocurrency platforms. In 2024, North Korea-linked hackers alone stole approximately $1.34 billion in 47 incidents, a 102.9% increase from the $660.5 million stolen in 20 incidents in the previous year. The Bybit hack in 2025 has already surpassed the entire amount stolen by North Korea in 2024 by nearly $160 million. The immediate market reaction to the Bybit hack demonstrated the volatility that such incidents can cause, including the following. ETH dropped 4.2% from $2,828 to $2,708 within minutes of the announcement. A brief rebound of 3.4% followed, bringing the price back to $2,759. The initial drop in the ETH price was followed by a quick rebound, fueled by speculation that Bybit would have to buy back ETH on a one-to-one basis to compensate affected users. Bybit has secured a bridging loan for 80% of the lost ETH, as clarified by Ben Zhou, co-founder and CEO of Bybit, during a live stream. He also stated that Bybit had no immediate plans to buy large amounts of ETH on the spot market. This…
2025-03-04T04:43:30+00:00