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Ethereum recovers after Bybit hack 📈
One day after crypto's worst hack to date, ETH is rising again and Bybit has offered up to $140 million for the safe return of stolen funds.
Andrew Hayward
February 22, 2025
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📝 What you need to know
One day after crypto exchange Bybit was hacked for over $1.4 billion worth of Ethereum and related assets—the worst crypto hack ever based on value of assets at the time of the incident—the markets are starting to recover.
Ethereum, notably, has regained much of the ground it lost when the price plunged Friday amid news of the hack and fears of potential industry contagion. ETH is up more than 5% on the day as of this writing, and the overall crypto market is in the green over the past 24 hours.
Bybit announced early Saturday that it will offer a 10% bounty on any recovered funds, with as much as $140 million up for grabs, and other players in the space including Tether and mETH have been able to freeze bits of the stolen crypto. Investigations remain ongoing, with pseudonymous crypto sleuth ZachXBT tying the heist to North Korea’s Lazarus hacker group on Friday.
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