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The Crash of Bybit: Panic Amidst the Collapse or a Real Threat to the Market?
For the Crypto Emergency community, author Yan Krivonosov
A wave of panic swept over the cryptocurrency market on February 6 after a dramatic crash of Bitcoin to $10,000 in a single day. At the center of the rumors was one of the largest global exchanges — Bybit. Social media buzzed about its possible insolvency, mass liquidations, and technical failures. But where is the line between market hysteria and a real threat? The answer lies in the fundamental vulnerability of the entire centralized exchange system, which was clearly illustrated by the recent incident at Bithumb.
A wave of panic swept over the cryptocurrency market on February 6 after a dramatic crash of Bitcoin to $10,000 in a single day. At the center of the rumors was one of the largest global exchanges — Bybit. Social media buzzed about its possible insolvency, mass liquidations, and technical failures. But where is the line between market hysteria and a real threat? The answer lies in the fundamental vulnerability of the entire centralized exchange system, which was clearly illustrated by the recent incident at Bithumb.
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In the P2P world, haste is the best friend of the scammer. If a trader pressures you to "release quickly" before you verify your bank account, stop.
$JELLY surged by 13.99%, combined with a spike in open interest, showing typical characteristics of a short squeeze or a major player driving up the price. This impulsive rise lacks structural support and can easily create a liquidity trap.
🎯Direction: No position
Price action indicates this is a short-term emotional fluctuation driven by open interest, rather than a healthy trend initiation. Market logic suggests distinguishing between major player entry and short squeezes; the current high trading volume accompanied by a high rise is more likely a result of the latter or short-term capital games. The risk of chasing highs is significant; it is advisable to wait for a price structure (like a pullback confirmation or new supply-demand areas) to form before making a judgment. The key to small losses and big gains is to avoid betting in ambiguous zones, earning money based on probabilities, rather than gambling on a single impulse.
Trade here 👇$jellyjelly
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#bybit #BTC #ETH
@币安广场
$ETH
🎯Direction: No position
Price action indicates this is a short-term emotional fluctuation driven by open interest, rather than a healthy trend initiation. Market logic suggests distinguishing between major player entry and short squeezes; the current high trading volume accompanied by a high rise is more likely a result of the latter or short-term capital games. The risk of chasing highs is significant; it is advisable to wait for a price structure (like a pullback confirmation or new supply-demand areas) to form before making a judgment. The key to small losses and big gains is to avoid betting in ambiguous zones, earning money based on probabilities, rather than gambling on a single impulse.
Trade here 👇$jellyjelly
---
Follow me: Get more real-time analysis and insights on the crypto market!
#bybit #BTC #ETH
@币安广场
$ETH
$SPACE is showing strong consolidation after a surge, with price action indicating that buying pressure continues to absorb. This is a healthy reset rather than a top.
🎯 Direction: Long
🎯 Entry: 0.00655 - 0.00670
🛑 Stop Loss: 0.00630 (rigid stop loss)
🚀 Target 1: 0.00720
🚀 Target 2: 0.00780
The price is tightly consolidating at a high level after the breakout, with increased volume and high open interest, suggesting that the main force is entering rather than a simple short squeeze. The market shows that pullbacks are quickly absorbed, with no significant selling pressure. The LTF structure remains intact, and as long as the key support range holds, the probability of continuation to the upside is favorable. Small losses and large gains; what you earn is money based on probability.
Trade here 👇 $SPACE
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Follow me: Get more real-time analysis and insights on the crypto market!
#美国政府部分停摆结束 #bybit #BTC
@币安广场
$ETH
🎯 Direction: Long
🎯 Entry: 0.00655 - 0.00670
🛑 Stop Loss: 0.00630 (rigid stop loss)
🚀 Target 1: 0.00720
🚀 Target 2: 0.00780
The price is tightly consolidating at a high level after the breakout, with increased volume and high open interest, suggesting that the main force is entering rather than a simple short squeeze. The market shows that pullbacks are quickly absorbed, with no significant selling pressure. The LTF structure remains intact, and as long as the key support range holds, the probability of continuation to the upside is favorable. Small losses and large gains; what you earn is money based on probability.
Trade here 👇 $SPACE
---
Follow me: Get more real-time analysis and insights on the crypto market!
#美国政府部分停摆结束 #bybit #BTC
@币安广场
$ETH
The Dark World of Epstein in Millions of Documents; The Scandals of the Powerful Revealed in 3 Million Pages
#WhenWillBTCRebound #JeffreyEpstein #Binance #bybit #BitcoinETFWatch
#WhenWillBTCRebound #JeffreyEpstein #Binance #bybit #BitcoinETFWatch
🚨 Heavy Losses
❗️A liquidation of #Liquidations more than 1.65 billion dollars from purchase deals (#long ) occurred in the last 24 hours, after Bitcoin dropped below $82,000.
The total losses in purchase positions reached 1.65 billion dollars, led by platforms
(603M$) #Hyperliquid
(347M$) #bybit
(158M$) #Binance
The most affected assets were
Bitcoin (804M$) $BTC
Ethereum (405M$) $ETH
Solana (71.7M$) $SOL
❗️A liquidation of #Liquidations more than 1.65 billion dollars from purchase deals (#long ) occurred in the last 24 hours, after Bitcoin dropped below $82,000.
The total losses in purchase positions reached 1.65 billion dollars, led by platforms
(603M$) #Hyperliquid
(347M$) #bybit
(158M$) #Binance
The most affected assets were
Bitcoin (804M$) $BTC
Ethereum (405M$) $ETH
Solana (71.7M$) $SOL
🚀 Bybit & Mantle: From Chaos to Banking Expansion in 2026
.
After facing the challenge of a US$ 1.5 billion security breach in early 2025, the ecosystem shows impressive resilience. The focus has now shifted from "recovery" to "institutional domination".
.
📊 Market Overview (MNT)
.
Price: Currently trading around US$ 0.82.
Performance: 9.55% drop in the last 24h, testing the critical support of US$ 0.81.
.
Sentiment: The Fear and Greed Index marks 38 (Fear), reflecting retail caution as the market processes the changes.
.
🏦 The Great Turn: Crypto-as-a-Bank
.
The big news is the launch of retail banking services scheduled for February 2026.
.
Personal IBANs: Support for 18 fiat currencies.
Compliance: Obtaining MiCAR certification in the EU and strategic licenses in the UAE.
.
Flow: Over US$ 3 billion in institutional inflows by the end of 2025.
.
💡 Despite the short-term bearish trend and the RSI at 40, the fundamental base has never been stronger. The transition to regulated banking services could be the catalyst that MNT needs to break out of the sideways movement.
.
💬 What do you think? Will the launch of banking services in February be the "bottom" for Mantle, or does the market still need more time to digest the 2025 hack?
.
#Bybit #Mantle #MNT #CryptoNews #MiCAR $BTC
.
After facing the challenge of a US$ 1.5 billion security breach in early 2025, the ecosystem shows impressive resilience. The focus has now shifted from "recovery" to "institutional domination".
.
📊 Market Overview (MNT)
.
Price: Currently trading around US$ 0.82.
Performance: 9.55% drop in the last 24h, testing the critical support of US$ 0.81.
.
Sentiment: The Fear and Greed Index marks 38 (Fear), reflecting retail caution as the market processes the changes.
.
🏦 The Great Turn: Crypto-as-a-Bank
.
The big news is the launch of retail banking services scheduled for February 2026.
.
Personal IBANs: Support for 18 fiat currencies.
Compliance: Obtaining MiCAR certification in the EU and strategic licenses in the UAE.
.
Flow: Over US$ 3 billion in institutional inflows by the end of 2025.
.
💡 Despite the short-term bearish trend and the RSI at 40, the fundamental base has never been stronger. The transition to regulated banking services could be the catalyst that MNT needs to break out of the sideways movement.
.
💬 What do you think? Will the launch of banking services in February be the "bottom" for Mantle, or does the market still need more time to digest the 2025 hack?
.
#Bybit #Mantle #MNT #CryptoNews #MiCAR $BTC
VeChain denies Bybit's "hidden freeze" allegations, stating that the 2019 blacklist was a community governance action
Recently, the blockchain platform VeChain denied a report by the security research agency Lazarus, which is affiliated with Bybit. This incident has brought the sensitive topic of "blockchain fund freezing mechanisms" back into focus.
The controversy originated from a report by the Lazarus laboratory, which analyzed 166 blockchain networks using AI-assisted code and claimed that 16 mainstream blockchains, including VeChain, have the capability to freeze user funds.
Among them, VeChain, BNB Chain, Sui, and other well-known networks were accused of embedding hard-coded freezing mechanisms in their source code.
The report also listed several historical cases of fund freezing and concluded that while such interventions can help mitigate losses caused by security vulnerabilities, they also raise concerns about centralization and censorship.
In response to these allegations, VeChain quickly issued a formal statement, firmly denying all related accusations, claiming that they "are inconsistent with the facts and harm the company's reputation."
The company clarified that the only similar incident in its history occurred in December 2019, when a wallet was compromised due to private key theft, and a one-time blacklist measure was decided upon after community voting to prevent the liquidation of stolen assets.
VeChain also emphasized the technical distinction between "blocking" and "freezing," explaining that it allows validators to refuse specific transactions through upgraded software governance mechanisms, which is fundamentally different from the hard-coded fund freezing functions at the protocol layer.
The company further stated that several independent auditing firms, including NCC Group, Coinspect, and Hacken, have confirmed that while VeChainThor software allows validators to refuse certain transactions through community governance mechanisms, it does not seize or freeze assets.
In summary, this controversy essentially reveals the fundamental dilemma facing the blockchain industry: how to effectively address real-world security threats while maintaining the principle of decentralization.
As regulatory pressures increase and security incidents become more frequent, the design choices of governance mechanisms among various blockchain platforms are under increasingly strict scrutiny, and the clash between VeChain and Bybit is a concentrated reflection of the contradictions in this industry.
#VeChain #Bybit
Recently, the blockchain platform VeChain denied a report by the security research agency Lazarus, which is affiliated with Bybit. This incident has brought the sensitive topic of "blockchain fund freezing mechanisms" back into focus.
The controversy originated from a report by the Lazarus laboratory, which analyzed 166 blockchain networks using AI-assisted code and claimed that 16 mainstream blockchains, including VeChain, have the capability to freeze user funds.
Among them, VeChain, BNB Chain, Sui, and other well-known networks were accused of embedding hard-coded freezing mechanisms in their source code.
The report also listed several historical cases of fund freezing and concluded that while such interventions can help mitigate losses caused by security vulnerabilities, they also raise concerns about centralization and censorship.
In response to these allegations, VeChain quickly issued a formal statement, firmly denying all related accusations, claiming that they "are inconsistent with the facts and harm the company's reputation."
The company clarified that the only similar incident in its history occurred in December 2019, when a wallet was compromised due to private key theft, and a one-time blacklist measure was decided upon after community voting to prevent the liquidation of stolen assets.
VeChain also emphasized the technical distinction between "blocking" and "freezing," explaining that it allows validators to refuse specific transactions through upgraded software governance mechanisms, which is fundamentally different from the hard-coded fund freezing functions at the protocol layer.
The company further stated that several independent auditing firms, including NCC Group, Coinspect, and Hacken, have confirmed that while VeChainThor software allows validators to refuse certain transactions through community governance mechanisms, it does not seize or freeze assets.
In summary, this controversy essentially reveals the fundamental dilemma facing the blockchain industry: how to effectively address real-world security threats while maintaining the principle of decentralization.
As regulatory pressures increase and security incidents become more frequent, the design choices of governance mechanisms among various blockchain platforms are under increasingly strict scrutiny, and the clash between VeChain and Bybit is a concentrated reflection of the contradictions in this industry.
#VeChain #Bybit
Where Did the Stolen Ethereum from the Bybit Hack Go?!
🔴 The North Korean Lazarus organization converted all the revenues generated from the Bybit platform hack into Bitcoin (BTC), including 500,000 Ethereum (ETH) valued at over one billion dollars.
📛 The assets were converted at a time when the price of Ethereum fell below 2100 dollars.
#Lazarus #Bybit #هجوم_سيبراني #الإيثريوم #أمن_البلوكشين
📛 The assets were converted at a time when the price of Ethereum fell below 2100 dollars.
#Lazarus #Bybit #هجوم_سيبراني #الإيثريوم #أمن_البلوكشين
#BYBIT HACKERS LAUNDERED 18% OF STOLEN ETH: DETAILS...
- Hackers behind the Bybit exchange breach have already laundered 89,500 ETH ($224M) in just 2.5 days, according to on-chain analyst #EmberCN
- This represents 18% of the total 499,000 ETH stolen. The attack is now one of the largest crypto heists in history, with evidence pointing to North Korea-linked cybercriminals.
HOW THE BYBIT HACK UNFOLDED
Initial Compromise via Social Engineering:
- Hackers phished Bybit’s cold wallet signers, tricking them into approving malicious transactions.
- This allowed attackers to replace Bybit’s multi-signature wallet implementation contract with a fraudulent one.
Unauthorized Transfers:
- The attackers intercepted a routine transfer from Bybit’s cold wallet to its hot wallet.
- They managed to reroute 401,000 ETH (~$1.5 billion at the time) to their own addresses.
Asset Dispersion via Intermediary Wallets:
- The stolen #ETH was moved through multiple wallets to obscure its origins.
- Blockchain analysts flagged suspicious transactions consolidating with funds from other North Korea-linked attacks.
Conversion and Laundering Tactics:
- The hackers used Thor Chain for cross-chain transactions. They converted stolen #ETH into #BTC and DAI using decentralized exchanges (DEXs) and no-KYC swap services.
Strategic Laundering & Dormant Funds:
- A large portion of the stolen funds remains idle across different addresses. - This is a common North Korean tactic—they wait for heightened scrutiny to subside before moving more assets.
According to crypto crime reports, North Korean hackers stole:
- $660.5M across 20 incidents in 2023.
- $1.34B across 47 attacks in 2024 (a 102.88% increase).
- The Bybit exploit alone exceeded North Korea’s total crypto theft for all of 2024.
- Authorities and blockchain analysts are tracking the remaining 410,000 ETH, which the hackers may launder in the next 15 days. Efforts to freeze or recover stolen funds are underway.
Images: Bybit X platform and created by BSCN using AI
$BTC
$ETH
- Hackers behind the Bybit exchange breach have already laundered 89,500 ETH ($224M) in just 2.5 days, according to on-chain analyst #EmberCN
- This represents 18% of the total 499,000 ETH stolen. The attack is now one of the largest crypto heists in history, with evidence pointing to North Korea-linked cybercriminals.
HOW THE BYBIT HACK UNFOLDED
Initial Compromise via Social Engineering:
- Hackers phished Bybit’s cold wallet signers, tricking them into approving malicious transactions.
- This allowed attackers to replace Bybit’s multi-signature wallet implementation contract with a fraudulent one.
Unauthorized Transfers:
- The attackers intercepted a routine transfer from Bybit’s cold wallet to its hot wallet.
- They managed to reroute 401,000 ETH (~$1.5 billion at the time) to their own addresses.
Asset Dispersion via Intermediary Wallets:
- The stolen #ETH was moved through multiple wallets to obscure its origins.
- Blockchain analysts flagged suspicious transactions consolidating with funds from other North Korea-linked attacks.
Conversion and Laundering Tactics:
- The hackers used Thor Chain for cross-chain transactions. They converted stolen #ETH into #BTC and DAI using decentralized exchanges (DEXs) and no-KYC swap services.
Strategic Laundering & Dormant Funds:
- A large portion of the stolen funds remains idle across different addresses. - This is a common North Korean tactic—they wait for heightened scrutiny to subside before moving more assets.
According to crypto crime reports, North Korean hackers stole:
- $660.5M across 20 incidents in 2023.
- $1.34B across 47 attacks in 2024 (a 102.88% increase).
- The Bybit exploit alone exceeded North Korea’s total crypto theft for all of 2024.
- Authorities and blockchain analysts are tracking the remaining 410,000 ETH, which the hackers may launder in the next 15 days. Efforts to freeze or recover stolen funds are underway.
Images: Bybit X platform and created by BSCN using AI
$BTC
$ETH
🚨Breaking News: #bybit launches a $140M recovery bounty program to catch the masterminds behind crypto's largest heist ever—$1.4B stolen via a smart contract exploit!
🕵️♂️
Offering up to 10% of recovered funds, Bybit’s rallying the crypto community to enhance security. Will this be the turning point for crypto safety? #BybitSecurityBreach
🕵️♂️
Offering up to 10% of recovered funds, Bybit’s rallying the crypto community to enhance security. Will this be the turning point for crypto safety? #BybitSecurityBreach
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