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Crypto exchange ByBit says everyone is affected by the suspected hack of one of its cold wallets leading to the theft of almost $1.4 billion in Ethereum.

During a live stream X platform, ByBit’s head of derivatives and Institutions, Shunyet Jan,  precisely said “to be honest right now, everyone is affected.”

JUST IN: Bybit when asked how many users are affected by the $1.4 billion hack

"To be honest, right now, everyone is affected." pic.twitter.com/rwkJTcGnsz

— Watcher.Guru (@WatcherGuru) February 21, 2025

It’s not exactly clear how everyone is affected by the incident, given that only Bybit’s ETH cold wallet was compromised. However, it’s worth noting that the exchange has had to pause withdrawals in light of the situation, which stops users from taking out other assets.

Meanwhile, Bybit’s Ben Zhou also mentioned in the live stream that the percentage of Ethereum stolen in the attack constitutes 70% of the exchange’s total ETH holdings. This would mean that the majority of ETH holders are directly affected.

“I believe it was around 70% [of ETH AUM],”

Ben Zhou answered.

Bybit continues to maintain that other assets, including its hot and cold wallets, are safe. Jan said retail withdrawals are also proceeding normally, and the queue is getting short. He added that some of the exchange’s partners are extending help to cover withdrawal.

Both Jan and Zhou reiterated that Bybit will not be purchasing ETH from the open market to cover users’ losses.

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Alright, buckle up, because Solana's about to get interesting. See this chart? A little green shoot amidst a sea of red. Up 1.97% to $169.82. But don't get too excited, because a $2 billion unlock is looming like a crypto Damocles sword. 11.2 million $SOL tokens flooding the market on March 1st. The million-dollar question (or, billion-dollar, in this case): what do we do?

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Look closer. A 24-hour high of $174.30. Tempting. But remember, greed is a siren song in this world. That 711.10M volume? Folks are making moves, positioning themselves for...something. Nobody's quite sure what. It's like a poker game where everyone's bluffing, including the dealer.

The moving averages – those cryptic tea leaves of the market – offer little solace. MA(7) at $169.22, MA(25) at $179.51, MA(99) chilling up at $194.46. They're like a Greek chorus arguing about the fate of crypto Troy.

Now, about that unlock. It's a double-edged sword. More tokens in circulation could mean diluted value, a price drop. Or, it could be a nonevent, absorbed by the market like a raindrop in the ocean. Or, it could even trigger a surge if the unlock is perceived as a sign of growing maturity and liquidity. See? Crypto's a riddle wrapped in a paradox sprinkled with hopium.

My take? No crystal ball here, just a gut feeling. Be prepared for volatility. If you're holding, maybe consider a stop-loss, just in case. If you're thinking of shorting, be careful – the market can be a cruel mistress. And if you're selling...well, that's your call. Just don't FOMO back in at the top.

Ultimately, it's your decision. Your money. Your risk. Just remember, in the crypto casino, the house always wins eventually. Unless, of course, you're the house. But that's a story for another day. 😉
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