Bybit has returned to a 1:1 backing of client assets days after being hit by the biggest crypto heist ever.
The exchange declined to block addresses flagged by Bybit as receiving stolen funds from its recent $1.4 billion hack.
The cryptocurrency token SEI has actually stood out as a noteworthy example of market endurance, which was further confirmed by this token posting a solid 16% within the previous week. Related Reading: Dogecoin Whales Go On A 110-Million Memecoin Buying Spree—What’s Next For DOGE? Obviously, the token’s performance came on the back of a gloomy mood in the cryptocurrency markets after the Bybit security breach and what came thereafter for crypto prices. Thus, SEI has successfully set its own pace to attract its own followers on the investor side and show great aptitude for growth in face of these unfavorable market developments. Technical Analysis Points To Robust Trajectory A close examination of SEI price fluctuations reveals glaring signs of a possible trend reversal. After testing the August 2024 lows, the token essentially held on to the required support levels, opening a window for incoming price changes. From a technical perspective, market participants’ optimism stems not only from a decisive close above the 1-day EMA20 but also from SEI’s impressive breakout from the daily downtrend line. Traders Assess Essential Price Thresholds, Resistance Areas Despite the optimism of SEI’s recent performance, seasoned traders are adopting a prudent stance. The present price fluctuation may signify a corrective impulse, notably rectifying the market imbalance established on February 2nd and 3rd. The $0.33 price point is a critical resistance level, having previously functioned as a support zone. The reclaiming of this level could significantly enhance the token’s mid-term bullish market framework. Nonetheless, SEI persists in trading beneath the significant 1-day EMA200, a technical indicator that has traditionally served as a robust resistance threshold. $SEI is on the verge of a multi-month trendline Breakout.. ???? Expecting a 60-70% Bullish Rally so Keep an eye on it..#Crypto #SEI #SEIUSDT pic.twitter.com/OsHOeO8lDR — Captain Faibik ???? (@CryptoFaibik) February 22, 2025 Market Analysts Assess Price Forecast Now, the question is: Does SEI have the wherewithal to hit a sixfold, or even a sevenfold increase in price? For Captain Faibik, a cryptocurrency researcher, the crypto has the capability to do just that. In fact, he sees SEI rising that much in the coming weeks. “SEI is on the verge of a multi-month trendline Breakout,” Fabik said in an X post. According to the analysis, SEI’s present route could cause a substantial price hike. The token’s ability to break key resistance levels and the market’s performance may shorten this trend. Related Reading: Why XRP Hasn’t Faded: Billionaire Highlights Key To Its Survival Strategic Opportunities Within A Dynamic Market Meanwhile, SEI’s current market status offers a distinctive environment for both long-term and short-term trading investors, The token’s capacity to resist overarching market trends while forming fresh support levels has generated varied opportunities for market participants. As the cryptocurrency market stabilizes, SEI’s performance metrics and technical indicators will be closely monitored by investors and traders. The token’s ability to maintain its upward trajectory, especially concerning key price levels and moving averages, will likely dictate its effectiveness in leveraging the existing market framework. Featured image from Gemini Imagen, chart from TradingView
Call for "roll back" by some, to negate Bybit hack, immediately provoked a fierce reaction from the Ethereum community, which was firm in its belief that it wouldn't happen.
The exchange, facing a bank run and needing to process withdrawals, worked to secure a loan and developed new software to access frozen funds.
The rise comes amid reports that Bybit has allocated 100 million USDT to a new wallet to buy the cryptocurrency.
Ether trades 2% higher as the hacked ETH is seen as a permanently lost supply.
The recovery marks the most significant recovery from a Lazarus Group attack since $30 million was clawed back from the Ronin bridge hack.
Recoveries from hacks by the Lazarus Group are rare, but possible: $30 million was recovered from the group's hack of the Ronin Bridge.
"At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto," company CEO Gracy Chen told CoinDesk.
I would support it because we already voted no on immutability in 2016, Hayes said on X. Others are worried that a potential rollback would hurt the Ethereum ecosystem.
The token is down by more than 60% since launch.
Lazarus Group was behind Bybit's $1.5 billion hack on Friday, Arkham Intelligence said, citing ZackXBT.
In a significant blow to the cryptocurrency industry, Bybit, one of the leading crypto exchanges, has confirmed a major security breach involving its Ethereum cold wallet. The incident, reported on Friday by Bitcoinist, marks one of the largest cryptocurrency hacks in history, with losses estimated at over $1.5 billion. Bybit Hack Linked To North Korea’s Lazarus Group According to Bybit, the breach occurred during a transfer from their ETH multisig cold wallet to a warm wallet. The exchange revealed on social media platform X (formerly Twitter) that the attack was executed through a “sophisticated manipulation” of the transaction process. This manipulation allowed the hacker to mask the signing interface, which displayed the correct wallet address while altering the underlying smart contract logic. Related Reading: Coinbase CEO’s Hot Take: Bitcoin Is Basically A ‘Meme Coin’ Subsequently, on-chain market intelligence firm Arkham Intelligence revealed that crypto sleuth ZachXBT has provided compelling evidence linking the hack to the notorious Lazarus Group, a North Korea-backed hacker organization. In his detailed analysis, ZachXBT reportedly submitted findings that included test transactions, associated wallets, forensic charts, and timing analyses. This information has been shared with Bybit to assist in its ongoing investigation. $1.44 Billion In Misappropriated Assets The scale of the breach is staggering. Estimates suggest that approximately 401,347 ETH, valued at around $1.12 billion, were withdrawn. Additionally, other assets lost in the hack include 90,376 stETH worth $253.16 million, 15,000 cmETH valued at $44.13 million, and 8,000 mETH totaling $23 million. The total estimated loss stands at approximately $1.44 billion. In light of this incident, Bybit has activated its security team and is collaborating with leading blockchain forensic experts to conduct a thorough investigation. Related Reading: Ethereum Price Prediction: Extremely Strong Support And Monthly 55 EMA Says ETH Is Headed For $4,867 The exchange has also reached out to other teams with expertise in blockchain analytics and fund recovery, inviting them to assist in tracing the misappropriated assets. It remains to be seen what further action Bybit will take with the information provided by ZachXBT and how the case will unfold regarding the misappropriated customer funds. As for ETH’s price, the second largest cryptocurrency on the market has seen a 4% retracement towards $2,640 just hours after the security breach. Featured image from DALL-E, chart from TradingView.com
Bybit CEO has said that the exchange is solvent and withdrawals remain open.
The crypto exchange ByBit has been hacked, and roughly $1.5 billion in Ethereum (ETH) has been stolen — making this one of the biggest hacks in history. On Feb. 21, the crypto trading platform stated on social media platform X that it detected unauthorized activity involving one of its Ethereum cold wallets. According to the firm: “The incident occurred […]
The post ByBit suffers $1.5 billion Ethereum heist in cold wallet breach appeared first on CryptoSlate.
The move happened as crypto exchange Bybit saw a sudden $1.4 billion worth of ETH outflow.
A portion of staked ether is currently being liquidated on decentralized exchanges.
The move is meant to help lure instituional investors and improve market transparency.
The Pi Network team has cautioned users against engaging with fraudulent Pi tokens circulating on decentralized exchanges (DEXs). In a Feb. 20 statement, the team clarified that all Pi trading pairs currently listed on these platforms are unauthorized and could be part of scams designed to deceive investors. According to the team, Pi Network has […]
The post Pi Network urges caution as fake tokens infiltrate DEXs amid scam allegations appeared first on CryptoSlate.
Elliptic, Flashbots and Binance founder CZ all reacted to Bybit's apparent $1.4 billion hack, perhaps the largest crypto theft of all time.
Bybit CEO Ben Zhou has confirmed that the crypto exchange is no longer on the blacklist of France’s financial regulator, the Autorité des Marchés Financiers (AMF). This follows over two years of engagement with the regulator to address compliance concerns. In a Feb. 14 post on X, Zhou said: “After more than 2 years of […]
The post Bybit removed from AMF blacklist, eyes MiCA compliance for EU growth appeared first on CryptoSlate.
After more than two years of working with the French regulator, Bybit has come off France AMF's blacklist, the CEO of the exchange said.
Pi Network, a blockchain-based platform enabling users to mine PI coins, has set Feb. 20 as the launch date for its Open Network mainnet, according to a press statement obtained by CryptoSlate. This long-awaited transition follows several delays, with the project now claiming significant progress, including millions of KYC-verified users and a growing utility-driven ecosystem. […]
The post Pi Network prepares to open to external networks amid listing challenges appeared first on CryptoSlate.
The fine was levied by the FIU-IND last week.
Bybit CEO Ben Zhou has challenged reports that today’s crypto market liquidations totaled just $2 billion. Instead, Zhou suggested that the actual figure could range between $8 billion and $10 billion. The exchange CEO pointed to Bybit’s internal data, which recorded $2.1 billion in liquidations on the platform alone over the last 24 hours. This […]
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Bybit to Temporarily Halt Crypto Trading in India, Citing Regulations
Bybit will continue honoring user withdrawal requests despite temporarily halting other services.
Malaysia’s Securities Commission said that as of Dec. 27, Bybit had complied with its demands to disable its platforms in the country.
Malaysia’s Securities Commission (SC) has directed crypto exchange Bybit and its CEO Ben Zhou to cease all operations within the country. In a recent press statement, the financial regulator explained that the order stems from Bybit’s failure to secure the authorization to operate as a digital asset exchange (DAX) under local regulations. Regulatory crackdown The […]
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