In the ever-turbulent world of cryptocurrency, the resilience of Ethereum has recently been put to the test. After being jolted by a staggering 7% drop following a major hack at the Bybit exchange, which led to the loss of approximately $1.4 billion in assets, many were left wondering—can anything truly secure our digital fortunes? However, the price of ETH showed remarkable tenacity, rebounding to around $2,800 just days later. This article delves into the aftermath of the Bybit hack, exploring how the exchange is attempting to recover and reassure its users, as well as examining what this means for Ethereum’s future price stability. Curious to find out more? LEARN MORE.
Ethereum prices displayed resilience over the weekend, rapidly bouncing back from a slump following the massive hack of the Bybit crypto exchange.
The asset slumped 7% in a matter of hours on Feb. 21, falling from $2,832 to $2,629 in the wake of the $1.4 billion Bybit hack of Ethereum assets.
However, ETH tapped $2,800 in late trading on Feb. 23, following a recovery, but has lost some steam since then once again.
Bybit Closing The Gap
On Feb. 24, Lookonchain reported that the exchange had received around 446,870 ETH worth around $1.23 billion through loans, whale deposits, and ETH purchases since the hack.
Bybit co-founder and CEO Ben Zhou responded to the data, stating that the firm has “already fully closed the ETH gap” before adding that a new audited proof-of-reserves report will be published “very soon.”
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