Crypto exchange ByBit suffered a $1.5 billion Ethereum heist, marking one of the largest crypto hacks in history. The attack targeted an Ethereum cold wallet, manipulating its smart contract logic to reroute funds to an unknown address. While ByBit’s hot, warm, and other cold wallets remain secure, the stolen assets are being swapped for ETH. CEO Ben Zhou assured that withdrawals and operations remain normal, and forensic experts are investigating. The incident surpasses previous major crypto hacks, including Poly Network ($610M), Ronin Network ($540M), and Coincheck ($530M).

Bitcoin dropped below $90,000 for the first time since November 2024, driven by ETF outflows, liquidations, and geopolitical tensions. US Bitcoin ETFs recorded $516 million in net outflows on Feb. 24, marking six consecutive days of selling and over $1.14 billion in outflows in two weeks. Analysts cite high interest rates, declining investor sentiment, and trade tensions between the US and China as key factors. Additionally, ByBit’s $1.4 billion hack further shook the market, leading to $1.3 billion in crypto liquidations, with Bitcoin alone accounting for $523 million. Some analysts compare this correction to Bitcoin’s 2017 cycle, where multiple 28% dips occurred before major rallies.

CryptoQuant CEO Ki Young Ju predicts that most altcoins won’t survive the 2025 market cycle, with only projects backed by ETF approvals, strong fundamentals, and revenue models expected to thrive. Ju emphasized that the era of indiscriminate altcoin rallies is over. The current crypto market downturn has led to speculation about capitulation, as 24% of the top 200 cryptos hit their lowest levels in over a year. Some altcoins awaiting ETF approval include Cardano, Solana, XRP, Litecoin, Hedera, Dogecoin, and Polkadot, potentially attracting institutional interest. Analysts suggest the market is still in a speculative phase, with price rebounds not yet matched by user growth.

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