Shocking Twist: Bybit’s $1.4B Hack – The Drama Unfolds! 😱💰

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In the grand theater of cryptocurrency, the stage was set for a tragedy of epic proportions. Bybit, the once-mighty exchange, found itself ensnared in the clutches of the largest hack in history, with the notorious Lazarus Group, a state-sponsored band of digital marauders from North Korea, taking center stage in this $1.4 billion heist on February 21. 🎭💸

Yet, in a plot twist that would make even the most seasoned playwrights raise an eyebrow, Bybit chose to keep the curtains drawn on withdrawals, allowing users to dance with their funds as if nothing had happened. CEO Ben Zhou, a modern-day Hamlet, appeared on screen, assuring the audience that the coffers were still brimming with gold, ready to honor every transaction. 🏦✨

He further revealed that rather than purchasing Ether (ETH) outright, Bybit was securing liquidity through external support, a clever ruse to keep the show going. 🎩💼

Onchain data, like whispers in the wind, revealed that Bybit received a staggering 100,000 ETH from Binance and Bitget shortly after the calamity. Changpeng Zhao, Binance’s co-founder, clarified that these funds were not from the exchange itself but rather from benevolent investors, perhaps feeling a bit too generous. 🤔💵

Meanwhile, Gracie Chen, the CEO of Bitget, confirmed that her platform’s inflows were indeed their own. In a statement to CryptoMoon, she declared that Bitget had blacklisted the hacker’s wallets, promising to block any illicit transactions. A digital knight in shining armor, if you will! 🛡️⚔️

“Our team of security and researchers are currently tracking these activities,” she proclaimed, as if channeling a modern-day Sherlock Holmes. 🕵️‍♀️🔍

Bybit’s assets plummet in withdrawal frenzy

In a dramatic turn of events, analyst Darkfost shared a chart that depicted a sharp decline in Bybit’s Ethereum holdings, akin to a tragic fall from grace, followed by a swift recovery that left many scratching their heads. 📉🤷‍♂️

Data from DefiLlama revealed that Bybit’s total asset balance plummeted by $2.535 billion, with subsequent withdrawals of $2.852 billion, leaving reserves at a mere $5.387 billion. A financial rollercoaster that would make anyone dizzy! 🎢💔

The hack primarily targeted Ethereum and its kin, but Bitcoin (BTC) also took a hit, with a staggering drop of $246 million, followed by a $973 million decline. Talk about a bad day at the office! 😬💔

Bitcoin, however, remains the crown jewel in Bybit’s reserves, according to CoinMarketCap, closely followed by Tether (USDT). A tale of survival amidst chaos! 👑💎

Bounty to identify Bybit hacker

In a plot twist worthy of a detective novel, Arkham Intelligence launched a bounty program, offering 50,000 Arkham (ARKM) tokens to anyone who could unveil the identity of the hacker. A digital treasure hunt, if you will! 🕵️‍♂️💰

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2025-02-22 18:51