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Bybit's $1.4 billion hack 💥
Markets were rocked Friday as crypto exchange Bybit confirmed that one of its wallets was hacked, with over $1.4 billion in ETH stolen.
Stephen Graves
February 21, 2025
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📝 What you need to know
It’s been a day of dramatic developments in the crypto space. Markets were rocked by the news that crypto exchange Bybit suffered a hack that saw over $1.4 billion in Ethereum appropriated from one of its wallets, with the exchange seeing “massive withdrawals” in the aftermath of the incident.
The news wiped out gains seen earlier in the day, after crypto exchange Coinbase announced that it had reached an agreement in principle with the SEC to end the U.S. regulator’s lawsuit against it for having allegedly operated an unregistered securities exchange.
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💬 Quote of the Day
“The SEC made it clear to us that the only way to avoid litigation was to delist the many assets they falsely claimed were securities. It was a bullying tactic, pure and simple, driven by Gensler's own political agenda.”
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