Bybit Hack: Crypto Exchange Loses $1.4B in ETH, Market Cap Drops 1.86% to $3.17 Trillion

The cryptocurrency market experienced a downturn following a major security breach at Bybit, where hackers managed to drain $1.4 billion in Ethereum.

A major cryptocurrency exchange, Bybit, has fallen victim to a devastating hack, resulting in the loss of an astounding $1.4 billion in Ethereum. This large-scale theft has triggered a wave of fear and anxiety among traders, leading to a downturn in the global crypto market.

At the opening bell, the total cryptocurrency market capitalization experienced a decrease of 1.86%, dropping to $3.17 trillion. This decline was largely driven by the massive hack, which saw hackers exploiting a vulnerability in Bybit's hot wallet and swiftly draining the funds.

The market downturn was further exacerbated by a wave of liquidations, as traders attempted to salvage their positions amid the rapidly shifting market conditions. According to data from Coinglass, the total amount liquidated in the past 24 hours reached $566.64 million.

Despite the market downturn, trade volumes surged by 53.06%, reaching $139.49 billion. This increase in trading activity suggests that traders were actively responding to the Bybit hack and the broader market fears.

Moreover, the Fear & Greed Index fell to 38, indicating fear in the market. This index measures the level of fear or greed among traders on a scale of 0 to 100, with higher values indicating greater optimism and lower values denoting pessimism.

Bitcoin Price Drops to $96k

Over the past 24 hours, the price of Bitcoin declined by 1.85%, bringing it down to $96,407.61 at the time of writing. Despite this decrease, the asset's market dominance remained strong at 60.23%.

Trading volume for BTC surged by 60.24% to reach $49.29 billion as traders reacted to the Bybit exploit and broader market fears.

Top Altcoins: ETH Price Dips 2.49%

Following the exploit on Bybit, one of the leading ETH trading platforms, the price of Ethereum declined by 2.49%, dropping to $2,681.04. XRP also took a hit, falling by 2.84% to reach $2.58, while Solana slid by 1.50% to trade at $171.56.

Top Gainers & Losers

Among the top-performing tokens, Ethena surged by 10.46% to reach $0.4595, making it the highest gainer of the day. Bitget Token followed closely behind with a 7.75% rise, reaching $5.01, while Maker posted a 4.98% increase to reach $1,497.40.

On the losing end, Berachain led the declines, tumbling by 13.07% to trade at $7.13. Both Mantle and Jito recorded losses of 12.30%.