- The ByBit hack caused some market volatility, although the market is slowly stabilizing amid the exchange’s recovery efforts.
- Bybit has already managed to fully close the ETH gap caused by the hack.
- Amid the chaos, Bitcoin Pepe presale is offering investors a safer investment opportunity.
The Bybit hack on February 21, 2025, sent shockwaves through the cryptocurrency world, with hackers siphoning off close to $1.5 billion in Ethereum (ETH) from the exchange’s cold wallet, marking it as potentially the largest crypto theft in history.
However, amid this chaos, the Bitcoin Pepe (BPEP) presale, the first meme ICO on Bitcoin, has emerged as a surprising beacon of stability, raising over $3.1 million and offering a fresh alternative for wary investors.
The Bybit Hack Triggered Market Turmoil
The Bybit hack attributed by some analysts to North Korea’s Lazarus Group, drained approximately 401,000 Ethereum, prompting a massive $5.5 billion withdrawal spree from Bybit as users panicked.
Bitcoin (BTC) dipped below $95,000 and Ethereum (ETH) slumped to $2,641, as market volatility soared, amid fears of whether Bybit was still solvent after the hack.
However, Bybit has purchased some Ether (ETH) to reimburse its ETH reserves to mitigate further market instability. The exchange has also been helped by some of the blockchains to track and freeze some of the stolen funds. The exchange also says it now knows where the stolen funds went after issuing a $140 billion bounty.
We’re close to 100% on our ETH reserves, and deposits & withdrawals are back to normal.
Through it all, the crypto community, our partners, and our users have shown unwavering support—thank you.
We know where our funds have gone, and we’re committed to turning this experience… pic.twitter.com/pJBpfVtVVH
— Bybit (@Bybit_Official) February 24, 2025
The hack not only exposed vulnerabilities in centralized exchanges but also amplified fears of further instability, pushing traders to seek safer harbours as the crypto sector reels from the fallout.
Bitcoin Pepe’s Unique Appeal
As the market recovers from the Bybit hack chaos, Bitcoin Pepe has captured attention with its innovative approach, blending Bitcoin’s enduring security with Solana-like speed through its PEP-20 token…