Ah, the whimsical world of cryptocurrency! According to the ever-watchful eyes of CryptoQuant, Bybit’s Ethereum (ETH) reserves are, dare we say, on the mend. 🎭
Once upon a time, Bybit boasted a princely sum of 443,691 ETH. But alas, a $1.4 billion hack on that fateful Friday reduced it to a pauper’s 63,807 ETH. A tragedy worthy of a Shakespearean play, if only Shakespeare had known about smart contracts. 🎻
Yet, like a phoenix rising from the ashes, the exchange’s reserves have clawed their way back to nearly 160,000 ETH. A recovery, yes, but still a far cry from its former glory. Bybit CEO Ben Zhou, with the air of a man who’s seen too much, lamented the loss of roughly 70% of the platform’s holdings. 🕯️
As U.Today so eloquently reported, the hacker’s masterstroke was masking the signing interface and tweaking the smart contract logic. A move so cunning, it could only be described as… well, criminal. 🕵️
In the aftermath, Solana co-founder Anatoly Yakovenko offered his two cents: “Blind signing is bad. But humans shouldn’t be reviewing transactions. Humans are terrible at routine tasks. Your cold storage system should have rulesets implemented in the trust zone of the signing device.” Sage advice, Anatoly, but perhaps a tad late for Bybit. 🤖
ETH’s Recovery: A Comedy of Errors
Meanwhile, ETH’s price, like a moody teenager, has already bounced back from its post-hack slump. CoinGecko data shows that after plummeting to $2,614 on Friday, the token has since climbed back to $2,804. A recovery so swift, it’s almost as if the hack never happened. Almost. 📈
ETH officially back to where it was before the bybit hack
— Ryan Rasmussen (@RasterlyRock) February 23, 2025
In fact, ETH is now one of the top 10’s biggest gainers, surging by more than 4%. A feat that would be impressive if it weren’t for the fact that it’s just recovering from a self-inflicted wound. 🏆
And what of Bybit? Lookonchain data reveals that the exchange has purchased 71,755 ETH tokens for a cool $197 million. A bold move, or perhaps just a desperate one. Either way, it’s a reminder that in the world of crypto, the only constant is chaos. 🎢
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2025-02-23 15:41