ETH is Toast, Folks! 🍞

Okay, so Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, is just over here throwing shade at Ethereum like it’s going out of style. And honestly, who can blame him? I mean, have you seen the dumpster fire that is Ethereum lately? 🚮

Apparently, the cryptocurrency exchange Bybit got hacked for over $1.4 billion in crypto assets, including 401,347 Ether and various staked Ether tokens. Yeah, that’s a lot of Ether. Like, a LOT of Ether. 💸

Hoskinson responded to Arthur Hayes’ suggestion of a potential Ethereum rollback to address the breach with a simple “Ethereum Classic.” And let me tell you, I’m low-key impressed by his sass. 😏

Hoskinson has been talking trash about Ethereum for a while now, comparing it to MySpace and Netscape, suggesting that Ethereum’s current trajectory could lead to obsolescence. Ouch, that’s some harsh criticism! 💔

But hey, Hoskinson is all about Cardano, and he thinks it’s the superior platform. He’s been touting Cardano’s potential to offer a more efficient and scalable platform with higher liquidity and a broader user base. And honestly, who wouldn’t want that? 🤔

This whole situation just highlights the issues Hoskinson sees within Ethereum’s framework. And let’s be real, he’s not the only one who thinks Ethereum is a hot mess. 🤯

Bybit Lazarus hack

On Friday, Bybit suffered a massive security breach, leading to the loss of approximately $1.4 billion worth of Ethereum (ETH) and other tokens. Yeah, that’s a big deal. 🚨

Following the exploit, around $200 million worth of stETH was converted into ETH on the open market, intensifying concerns about the scale of the attack and its potential impact on the broader crypto ecosystem. Yikes! 😳

Blockchain intelligence firm Arkham Intelligence identified the North Korean hacker group Lazarus as the perpetrators behind the attack. And let me tell you, they’re not messing around. 🔥

Crypto analyst ZackXBT presented detailed evidence linking Lazarus to the incident, sharing his findings at 7:09 p.m. UTC on Friday. And Bybit’s security team was all like, “Thanks, Zack, we’ll take it from here.” 🙏

In response to the crisis, Bybit CEO Ben Zhou assured users that withdrawal services had fully resumed. And let’s be real, that’s a big relief. 😌

Highlighting the unprecedented level of withdrawal activity following the attack, Zhou revealed that Bybit had processed over 350,000 withdrawal requests within hours. That’s a lot of withdrawals! 📈

Despite the severity of the breach, Zhou emphasized that all Bybit functions and services remained operational. And hey, that’s something, right? 🤷‍♀️

He praised his team’s swift response, dedication, and around-the-clock efforts to address client concerns and ensure the platform’s stability. And honestly, that’s some good customer service. 👏

So, what’s the takeaway from all this? Well, for one, Ethereum is still a dumpster fire. But hey, at least Bybit is trying to make things right. And Cardano is still the superior platform, if you ask me. 😉

Stay safe out there, folks! And don’t get hacked! 🚫

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2025-02-22 17:06