Cryptocurrency theft of £1.1bn could be biggest ever
Published On Feb 21, 2025, 8:49 PM
Bybit, a cryptocurrency exchange, has reported a major hack where hackers stole $1.5 billion worth of digital currencies, likely the largest theft in crypto history. Despite this, Bybit's founder assured users that their funds are secure and the company can cover the loss. The theft reportedly impacted the Ethereum network, causing a 4% drop in Ethereum's value. With an asset base of $20 billion, Bybit claims it can withstand the loss and continue operations.
Stock Forecasts
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Negative
The security breach raises concerns about the stability of cryptocurrency exchanges and the trust of investors. Despite Bybit's assurance about the safety of funds, the incident may trigger skepticism among users and potential investors about investing in cryptocurrencies. The immediate market reaction was a decline in Ethereum's value. This could lead to a moderate downturn in overall investor sentiment towards Ethereum and similar assets.
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