URGENT – BYBIT PIRATE: 1.4 MILLIARD VOLATED! Bitcoin & ETH in DANGER?

The bad news just fell: Bybit got hacked for $1.4 billion. What impact on the short term? What are the repercussions? How important is this hack to the ecosystem? What impact on the short term but also on the medium term? Should we panic or worry? We’ll talk about it now.

You must have seen it, we had a BTC that was approaching the $100,000 psychological barrier, and we know how important it is. Right after my daily life, there was a big dump. I promise, I’m not responsible. The reason is simply that Bybit was hacked for $1.4 billion, or about 400,000 ETH. We will see this directly, but what impact on the market?

Here we’ve known about Bitcoin, for now at the moment I’m making this video (7:15 pm), a drop of 274 dollars. On ETH, we are a little lower, with a drop of 6.78% compared to the peak a few hours ago. Why? Simply because 1.4 billion in ETH was stolen. There were also ETH stacked in it. We don’t have all the details yet, but it’s confirmed. At the blockchain level, we saw some weird transactions, and there was some doubt that it was potentially hacked. This is the biggest hack in history. In 2014, there was a hack by Mt. Gox. At the time, Bitcoin was not as expensive as it was, we were talking about a few hundred dollars, and the stolen amount was 350 million dollars. If you do the calculation, we’re about a factor 4 compared to Mt. Gox’s hack, which had repercussions for a very long time. I hope it’s not the Black Swan. For now, the market is reacting negatively, but liquidity and the Market Cap are much larger than the $350 million at the time.

Market impact

Bybit’s hack had an immediate impact on the market. Bitcoin dropped by $274, and Ethereum lost 6.78% compared to its recent peak. These movements are directly related to the $1.4 billion ETH flight. Suspicious transactions on the blockchain confirmed fears of a major hack. This flight is considered one of the most important in cryptocurrency history, surpassing even Mt. Gox’s famous hack in 2014.

Comparison with Mt. Gox hack

Mt’s hack. Gox in 2014 had resulted in the loss of $350 million, a huge amount for the time. Today, with $1.4 billion stolen, we face a four-fold greater event. However, the cryptocurrency market has changed considerably since 2014. Liquidity and Market Cap are much higher, which could mitigate long-term impacts. Nevertheless, this event recalls the risks inherent in exchange platforms.

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The hacking of Bybit, one of the largest cryptocurrency exchanges, has caused a lot of ink to sink recently. With $1.4 billion stolenThis attack is one of the most important in crypt history. To put this into perspective, the total cryptocurrency market is currently valued at approximately $3,200 billion. Thus, although the amount stolen is enormous, it represents a relatively small fraction of the overall market.

Current market context

The cryptocurrency market has evolved significantly since 2014, when trade like Mt. Gox was still at the forefront of the industry. Today, we are seeing increasing adoption by institutions and businesses, making the market more mature and resilient. However, this does not mean that the risks have disappeared. Attacks like Bybit’s remind us that security remains a major issue.

Bybit reaction and insurance

Benzu, Bybit’s CEO, was very responsive to this crisis. In a recent tweet, he confirmed the piracy but assured that client funds were protected and that losses would be covered. However, a Bybit representative mentioned that all users were affected, especially those with funds or ETH staked on the platform. Bybit is committed to paying back users, although the details of the time and percentage of reimbursement remain unclear.

Impact on French users

In France, Bybit has been unavailable since 8 January, when users had to withdraw their funds. If you are using a VPN or are outside France, you may still have access to the platform. However, it is crucial to check the status of your funds and keep track of Bybit’s updates to refunds.

Bybit hacking, one of the largest cryptocurrency trading platforms, has had a significant impact on the market. With $1.4 billion stolen, this incident represents 16% of all previous hackswhich makes it one of the most important in history. This has led to increased volatility in the market, notably for Bitcoin and Ethereum. Currently, Bitcoin is looking for a support level around $2685, which could lead to more short-term fluctuations.

Despite this tense situation, there are some reassuring news. 80% of stolen ETHs were found, and withdrawals on Bybit take place without major problems. The platform has been transparent and responsive, reducing panic among users. However, it is essential to remain vigilant and to monitor developments in this situation, as it could have a longer-term impact on the cryptocurrency market.

Market volatility

Bybit hacking has caused significant volatility in the cryptocurrency market. Bitcoin, in particular, has undergone significant fluctuations, passing through phases of decline and recovery. This instability may persist in the short term, especially if new information feeds investors’ fears. It is therefore crucial to keep informed and monitor market developments to anticipate future movements.

Transparency and Bybit Reactivity

Despite the scale of piracy, Bybit has shown remarkable transparency and responsiveness. 80% of stolen ETHs were foundand withdrawals take place without major problems. This crisis management has helped to limit panic among users and maintain a certain level of confidence in the platform. However, it is essential to remain vigilant and to monitor developments in this situation, as it could have a longer-term impact on the cryptocurrency market.

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