Cryptocurrencies Suffer After Exchange Hack

Cryptocurrency prices fallen masse on February 21 as markets reacted to the Bybit hack, which saw over $1.4 billion worth of Ethereum and other assets stolen from the exchange.

Bybit’s CEO revealed that the cryptocurrency exchange had been hacked, stealing over $1.4 billion worth of Ethereum and other assets from the exchange.

Following the hack, funds began moving to new addresses where they were being sold.

Arkham Intelligence reports that $200 million worth of STETH has been sold so far.

Bitcoin lost over $3,279 to $95,262, down over 3% during Friday trading.

Ethereum fell over 4% to $2,638.

Solana also lost over 3.5% to $168.

In the process, the attackers modified the smart contract logic, allowing them to take unauthorized control and withdraw over $1 billion in funds. The stolen assets are reportedly being swapped for ETH as the hacker seeks to launder the funds.

The scale of the outflow has raised concerns across the cryptocurrency community, with security experts monitoring the hackers’ transactions as efforts continue to track and potentially recover the stolen funds.