Today the Cryptocurrency market is seeing a major decline and the main reason for this is a $ 1.4 billion hack on the Bybit Exchange. In this hack, a large amount of funds were stolen from the Etreum Chilly Pockets of Bybit, which not only led to a decline in the Ethereum Worth, but also saw a recession in the overall crypto market. The incident highlights important security issues in the crypto industry and has worried investors. In this article we will understand that Bybit hack How did the market affect and why it became the main reason for the decline.
How did bybit hack happen?
Bybit’s $ 1.4 billion hack gives rise to serious concerns about safety in crypto exchanges. According to reports, the hacker used an advanced hacking technology, with a hidden user interface. This interface helped the sainters to look valid to an illegal transaction by deception. As a result of this fraud, 401,347 Eth was stolen from the Ethereum Multisig Chilly Pockets of Bybit.
This hack shows that crypto exchanges require high level security mazors, as hackers are now using such advanced technology, which has made it easier to bypass security. The phenomenon has increased fear and insecurity between investors and traders and now they are forced to wonder if their digital assets are safe on these centralized platforms.
Impact on Crypto Market
The entire crypto market has declined after Bybit Hack. Ethereum Worth There was a decline of 2.5%, which directly led to contraction in the market. Currently Ethereum is priced at $ 2,693.67, and its 24 -hour volume is $ 34,308,800,153. Subsequently, the price of Bitcoin, which is the most prominent cryptocurrency, declined by 2.1% and reached the level of $ 96,427.91. The 24 -hour volume of Bitcoin is $ 47,429,261,662 and its market cap is more than $ 1,911,923,321,844.
Along with this, solana (SOL), XRP, and Meemkoins such as Dogecoin and Shiba Inu (SHIB) were also affected, whose prices saw a decline of up to 3%. Solana Worth is $ 172.37, declining 2.2%. Its 24 -hour volume is $ 5,231,021,613 and the market cap is $ 83,944,363,254. The XRP is priced at $ 2.59, declining by 2.9%, and its 24 -hour volume is $ 5,155,987,595, while the market cap is $ 149,775,594,465.
The price of Dogecoin is $ 0.2441, which shows a decline of 3.8% in the last 24 hours. The 24 -hour volume of the dog is $ 2,099,604,452 and its market cap is $ 36,120,367,670. Shiba Inu (Shib) is at $ 0.00001522 level, with a decline of 2.2%. Shib’s volume is $ 229,137,060 and its market cap is $ 8,969,888,033. PEPE (PEPE) is at the level of $ 0.000009265, where it saw a decline of 5.1%, its volume recorded $ 851,120,495 and the market cap $ 3,890,323,745.
Conclusion
Bybit Hack is a serious security warning for the crypto industry. This phenomenon proves that, blockchain technology has many security features, but they are always the goal of hackers due to large amounts of funds in centralized exchanges. This raises the question whether the current security measures are sufficient and whether the crypto industry is ready to stop the advanced attacks like Hack.
This decline works as a warning that investors and trenders should be more cautious about the safety of their digital assets. To strengthen the crypto market, exchanges must further strengthen their security system.
