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1.4 Billion Ethereum stolen
Posted on 2/21/25 at 12:28 pm
Posted on 2/21/25 at 12:28 pm
Watching the crypto market closely. Coins are dropping. Selling now, waiting for it to hit bottom and then buy back in. Is this possible market manipulation ?
6
Posted on 2/21/25 at 12:34 pm to whereishobson
Why do you think someone hacking into an exchange is market manipulation? Are you thinking Bybit did this on purpose?
If anyone is interested...
Bybit exchange hacked, over $1.4 billion in ETH-related tokens drained
If anyone is interested...
Bybit exchange hacked, over $1.4 billion in ETH-related tokens drained
Posted on 2/21/25 at 12:35 pm to saint tiger225
quote:Not your keys, not your coins
Bybit exchange hacked, over $1.4 billion in ETH-related tokens drained
Posted on 2/21/25 at 12:36 pm to whereishobson
quote:
Is this possible market manipulation ?
Probably a state-sponsored hack. Likely NK if you want to jump to conclusions based on history.
Posted on 2/21/25 at 12:43 pm to whereishobson
quote:
Is this possible market manipulation ?
Not that anyone cares in the crypto space, who is going to regulate it? The regulators that just dropped all cases against crypto companies
Exchanges rugging their own users has been going on in this space since it started.
Posted on 2/21/25 at 12:48 pm to saint tiger225
Entire crypto market is down right now.
Posted on 2/21/25 at 12:51 pm to BottomlandBrew
I’m inclined to believe the opposite.
It’s increasingly difficult to wash stolen coins. But, burning someone else’s holding to reduce supply and increase the value of your own is a viable strategy.
It’s increasingly difficult to wash stolen coins. But, burning someone else’s holding to reduce supply and increase the value of your own is a viable strategy.
Posted on 2/21/25 at 12:54 pm to lsuconnman
If history tells you anything whenever an exchange discloses a large scale hack like this, it is because they are increasingly insolvent. This gives them some time to cash out their whales before closing up shop for good.
Would explain the moderate sell off in the crypto space, that play is pretty much the playbook
Would explain the moderate sell off in the crypto space, that play is pretty much the playbook
Posted on 2/21/25 at 12:58 pm to whereishobson
What's that got to do with market manipulation? It's down, Bybit got hacked and you somehow think it's being manipulated?
Markets are down right now because the global PMI was shite and companies like Walmart are essentially saying things are starting to slow down for them and thus their guidance wasn't what many wanted/expected. The first things to show weakness in an economic downturn are speculative investments. If the economy is finally starting to slow down, cryptos will be one of the first and hardest hit, especially for any alt coins.
Markets are down right now because the global PMI was shite and companies like Walmart are essentially saying things are starting to slow down for them and thus their guidance wasn't what many wanted/expected. The first things to show weakness in an economic downturn are speculative investments. If the economy is finally starting to slow down, cryptos will be one of the first and hardest hit, especially for any alt coins.
Posted on 2/21/25 at 1:11 pm to UltimaParadox
quote:
If history tells you anything whenever an exchange discloses a large scale hack like this, it is because they are increasingly insolvent.
Yep
Posted on 2/21/25 at 2:35 pm to lsuconnman
quote:
t’s increasingly difficult to wash stolen coins
If you're working for a State and don't have to worry about getting caught, it's easy to wash it. Just takes a little time.
Posted on 2/21/25 at 4:09 pm to BottomlandBrew
Posted on 2/21/25 at 5:26 pm to BottomlandBrew
Loading Twitter/X Embed...
If tweet fails to load, click here. quote:
"But we are getting help, support, from our partners," Zhou continued. "We actually already secured almost 80% of the Ethereum that's been stolen as a bridge loan to give us that liquidity, to help us with the liquidity crunch, so we can pass this crucial period."
Posted on 2/21/25 at 5:58 pm to whereishobson
This guy could wash it all into Monero (XMR) and get away clean.
Seems he bridged it to sol tho
Seems he bridged it to sol tho
Posted on 2/21/25 at 7:34 pm to whereishobson
Safest and most secure asset!
Posted on 2/21/25 at 8:21 pm to UltimaParadox
Posted on 2/21/25 at 9:05 pm to slackster
So they got the loan wonder what the terms were to keep the lights on?
If they were truly fully backed 1:1 they are still missing over a billion dollars. That they have no legal recourse to recover. I wouldn't say they are in great financial shape
If they were truly fully backed 1:1 they are still missing over a billion dollars. That they have no legal recourse to recover. I wouldn't say they are in great financial shape
Posted on 2/21/25 at 9:08 pm to UltimaParadox
They are fricked
And ETH is fricked
Let the North Koreans get away with the largest heist ever or roll back the blockchain proving once again (happened in 2016) they this chain is a joke and controlled by a select few
And ETH is fricked
Let the North Koreans get away with the largest heist ever or roll back the blockchain proving once again (happened in 2016) they this chain is a joke and controlled by a select few
Posted on 2/21/25 at 9:12 pm to TigerTatorTots
You would be insane not to pull any and all assets off of bybit. Honestly would be insane to keep any money on any these so called exchanges.
Any of them could rug their users with no repercussions whatsoever. Majority of hacked exchanges are just rug pulls
Any of them could rug their users with no repercussions whatsoever. Majority of hacked exchanges are just rug pulls
Posted on 2/21/25 at 10:55 pm to TigerTatorTots
This was a corporate security issue, not an Ethereum issue. They're not rolling it back. Any discussion to do so is not serious.
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