TLDR:
- Cryptographic markets have experienced a significant slowdown with $ 544 million in 24 hours, triggered by a hacking of $ 1.4 billion of tokens linked to Ethereum de Bybit Exchange
- The main cryptocurrencies, including Bitcoin, Ethereum and XRP, saw price reductions ranging from 0.45% to 3.50% in the last day
- A separate scandal involving Balance Mencoin and the president of Argentina, Javier Milei
- Ethena Labs, a DEFI protocol, assured users that its USDE stablecoin remains solvent despite exposure to appeal, later reducing exposure to zero
- The CEO of Bybit, Ben Zhou, confirmed that withdrawals remain open, but warned of the processing of delays due to high congestion
The cryptography market has crashed today following a major security violation of the exchange of cryptocurrency of parbit which sparked a broad drop in the market, which led to hundreds of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions Liquidated positions in the cryptography sector.
The hack, which led to the loss of $ 1.4 billion in Ethereum tokens, sent undulations via the digital asset market.
The data from the Corglass analysis company reveal that the slowdown in the market has led to the liquidation of $ 544 million in positions opened within 24 hours. These mass liquidations have created the uncertainty between traders and investors, contributing to current lowering market conditions.
Bybit’s stolen active ingredients included ether marked by Lido (Steth), ether marked by coat (methamphetamine) and other cryptocurrencies. In response to the violation of security, the CEO of Bybit, Ben Zhou, confirmed that withdrawals remain operational but warned users to expect longer treatment times due to the increase in congestion of the congestion of network.
The impact of the hack quickly spread over major cryptocurrencies. Bitcoin experienced a drop of 0.45%, while Ethereum dropped by 1.5%. XRP experienced a more pronounced decrease of 3.50% in the same period of 24 hours.
Solvant Ethena
The turbulence of the market has affected various sectors of the cryptographic ecosystem, including the DEFI protocols. Ethena Labs, who operates the USDE yield stablecoin, quickly moved to respond to concerns about her exhibition in Bybit. The protocol initially reported around $ 30 million on display through financial derivatives on Bybit, but later announced that it had reduced this exposure to zero.
Ethena Labs stressed that her reserve fund, which held around $ 46 million in the fourth quarter of 2024, provides additional security for the USDE holders. The protocol also said that no support from the USDE cryptocurrency is maintained directly on the bybt, but rather with an out-of-exchange goalkeeper called copper.
The slowdown in the market occurs in the middle of other challenges faced by the cryptocurrency sector. Economic tensions between the United States and several countries, including China and Canada, have added to the lowering feeling. In addition, Bitcoin was faced with the pressure of the flow of negotiated funds on the stock market (ETF) of asset managers.
The former co-founder of Alameda Research and the current CEO of Pharos, Tara McAulay, expressed his concerns about market conditions, suggesting the possibility of a decline similar to the 2020 market crash.
Scandals even
The same market also faced its own controversies. The recent scandal of the balance, involving the president of Argentina, Javier Milei, raised questions on market manipulation in the same sector. The token, which was promoted as a means of financed the development of Argentina, experienced a rapid increase and decline.
Bybit’s hacking has highlighted continuous security problems in the cryptocurrency industry. Despite the size and reputation of the exchange, it has become the target of one of the largest cryptocurrency flights in recent history.
The incident has prompted many investors to reassess their risk management strategies. The rapid spread of market decline demonstrates the interconnected nature of the cryptocurrency markets and their vulnerability to large-scale security violations.
Market impact
The negotiation volumes between the main exchanges have increased as investors react to market movements. The increase in activity has contributed to the congestion of the network and to the treatment of slower transactions on several platforms.
DEFI protocols and other cryptographic platforms have evolved to reassure users of their safety measures and their exposure to affected entities. Many have underlined their use of separate guards and additional security measures to protect user assets.
Exchange representatives and market analysts continue to closely monitor the situation as the full impact of the bybt hack takes place. The incident recalls the importance of robust security measures in the cryptocurrency industry.
