Crypto Chaos: Bybit Hacker’s Hilarious Heist on Solana Memecoins! 😂💸

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On the fateful Sunday of February 22, the price of Solana took a nosedive, plummeting 4% to a dismal $167. This decline was fueled by a cocktail of bearish catalysts, including the notorious Bybit hack and the impending SOL outflows from the FTX Estate, diluting the already fragile supply. Oh, the irony! 🍷

Solana Suffers as Bybit Hacker Launders Stolen Funds Through Pump.Fun Memecoins

In a twist of fate, Solana (SOL) found itself in the depths of despair once again, despite the crypto market showing signs of early recovery. While illustrious altcoins like Ethereum and Tron (TRX) managed to erase some of their losses from the Bybit crash, Solana decided to take the scenic route downwards. 🚀

The chart below illustrates the tragic tale of Solana’s price, which fell by 4% within the daily timeframe, trading at $167—lower than the $170 bottom recorded during the initial crash on Friday. Talk about a dramatic plot twist!

Reports have emerged linking the latest SOL price slump to hackers associated with the $1.4 billion Bybit hack, who are now using Solana’s memecoin launchpad, Pump.Fun, to launder their ill-gotten gains. Who knew laundering could be so… fun? 🎉

According to the esteemed Solana blockchain explorer, Solscan, the blockchain analytics platform WuBlockchain has alerted the market to a series of suspicious transactions tied to these stolen funds. It’s like a game of hide and seek, but with stolen money!

“Bybit exploiter is laundering money by issuing memecoins on Pump.Fun. The Bybit exploiter (5STkQy…95T7Cq) transferred 60 SOL to 9Gu8v6…aAdqWS, who then launched a token called QinShihuang (500,000), which has traded over $26 million.”

  • WuBlockchain, Feb 23, 2025

This revelation effectively dashes any hopes of an Ethereum-style rollback, which had helped ETH bounce back to $2,800 after the Bybit breach. For Solana, however, the news has ignited a firestorm of negative sentiment, with critics pointing fingers at the blockchain’s repeated entanglements with high-profile exploits. Just a week ago, Solana was under scrutiny for its alleged ties to Argentine President Javier Milei’s LIBRA memecoin rug pull. What a tangled web we weave! 🕸️

CardanoHumpback, a notable figure in the crypto realm, didn’t hold back in criticizing Solana’s dubious associations, stating:

“Solana is being used to launder stolen funds from Bybit. No need to beg for rollback; it has always been a wash chain.” Ouch! 🔥

$2 Billion FTX Unlock Could Compound Solana’s Short-Term Woes

With SOL now trading below its previous local bottom, the clouds of concern are gathering, threatening further downside risk. Adding to the gloomy outlook is the ongoing repayment process for victims of the collapsed FTX exchange. It’s like a bad sequel that no one asked for! 🎬

According to Bitget, over $800 million in funds were distributed to 160,000 customer accounts starting February 18. Bitcoin researcher PeddyXBT has pointed out that an additional 11.2 million SOL (approximately $2.03 billion) is due for distribution on March 1, which is just around the corner. Buckle up! 🚗💨

While OTC sales could potentially ease immediate selling pressure, the 4% decline in SOL price on Sunday suggests that most traders are playing it safe. Smart move, folks! 🧠

In summary, Solana’s Pump.Fun being used to launder Bybit hack funds—just days before the $2 billion FTX asset unlock—could lead strategic investors to rethink their SOL exposure. If selling pressure intensifies, brace yourselves for more declines in the upcoming trading sessions. It’s like watching a slow-motion train wreck

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2025-02-24 03:18