🚨 Bybit Hack Sparks Market Chaos 🚨
Bybit faced a historic hack on February 21, 2025, losing 403,996 ETH (~$1.13B) due to a smart contract exploit. This breach triggered panic withdrawals, with total outflows reaching $4.3B across Bitcoin and stablecoins.
The hack led to a sharp market downturn, with Bitcoin dropping -13.6% and Ethereum -22.9%. Solana and Meme Coins saw even steeper declines, resetting market momentum to April 2024 levels.
Short-term holders are under pressure, realizing significant losses, as the market seeks demand to stabilize. The coming weeks are crucial for determining whether Bitcoin can recover or face further declines.
Bybit faced a historic hack on February 21, 2025, losing 403,996 ETH (~$1.13B) due to a smart contract exploit. This breach triggered panic withdrawals, with total outflows reaching $4.3B across Bitcoin and stablecoins.
The hack led to a sharp market downturn, with Bitcoin dropping -13.6% and Ethereum -22.9%. Solana and Meme Coins saw even steeper declines, resetting market momentum to April 2024 levels.
Short-term holders are under pressure, realizing significant losses, as the market seeks demand to stabilize. The coming weeks are crucial for determining whether Bitcoin can recover or face further declines.