Felix Pinkston
February 26, 2025 11:21
According to GlassNode, BYBIT’s large $ 14 billion hacking caused the sale of panic withdrawal and the entire market, which greatly affected Bitcoin and Etherrium prices.
According to GlassNode, BYBIT has experienced historical hacking, including $ 14.8 billion in digital assets, including 403,996 ETH in the Cryptocurrency market. The incident, which occurred on February 21, 2025, has drastically lowered the prices of Bitcoin (BTC) and Ethere due to a wide range of panic withdrawal and significant market selling.
Violation of large -scale security
This violation was executed through the cold wallet of the Smart Contract Exploit Targeting bybit, causing unauthorized fund transfer. Hacking not only affects Etherrium, but also affected other assets, such as Steth, Meth and CMETH. Bybit CEO Ben Zhou explained that a deceptive interface called “MusKed UI” was used to deceive the cause of death.
Market impact and exchange leakage
BYBIT HACK has significantly influenced market sentiment, and Bitcoin’s monthly performance has decreased 13.6%, while Ethereum and Solana decreased 22.9% and 40%, respectively. MEME Coin Index also decreased by 36.9%due to serious stagnation. This selling has worsened with the withdrawal of panic, which experiences a significant leak of BITCOIN, TETHER and other assets.
By February 24, 2025, Exchange’s Bitcoin reserves fell from 70,604 BTC to 49,356 BTC from 49,356 BTC, with net leaks 21,248 BTC. Similarly, tethers has declined $ 17.6 billion. This figure emphasizes the liquidity problem faced by BYBIT after hacking.
Recovery and stabilization effort
In response to the crisis, BYBIT has been actively working to supplement Etherrium reserves and has received a total of $ 1.55 billion. These efforts included strategic acquisitions and transfer of institutional liquidity providers. Despite these measures, as proved by continuous leakage and price drops, investors’ trust remains weak.
Short -term holders who are under pressure
The hacking shows that the value (STH-MVRV) ratio, in which the short-term holder market value is realized to 0.95, has a significant pressure on the short-term holders, indicating that the recent cost is 5%. This situation reflects significant losses and market stress.
The spending output profit ratio (STH-SOP) is also lower than the quarterly average, suggesting that many buyers are selling due to losses. Historically, these contractions in SOPR have led to a temporary stabilization of market, but the lack of current demand movement can extend the decline.
BYBIT HACK plays a role in completely informing the vulnerability in the Crypto ecosystem and emphasizes urgent demands for enhanced security measures and investor protection. As the market sails these turbulence, it is important for the next few weeks to decide whether or not to recover or further reduction.
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