Bybit Hack: Fear Sparks Ethereum Sell-Off, Volume Surges 60%

Written By:
Jalpa Bhavsar

Reviewed By:
Jahnu Jagtap

Bybit Hack Fear Sparks Ethereum Sell-Off, Volume Surges 60%

Crypto Exchange hacks and fear goes hand in hand, following the confirmation of the $1.5 Billion bybit hack the Ethereum price took a nose dive. As the trading volume has increased by 62% it can be considers that investors are fearing an ETH sell off.

As per the data of CoinMarkletCap, the Ethereum price has been dropped from $2,850 to $2,750 within an hour after the reports of Bybit came out. 

Ethereum Price
Ethereum Price, Source: CoinMarketCap

The hack was confirmed by Bybit CEO Ben Zhou, who stated that attackers exploited a multisig cold wallet using a deceptive interface, stealing ETH and stETH. Over 400,000 ETH have been moved, with $200 million stETH already sold.

The sudden price drop was accompanied by around 60% surge in 24-hour trading volume, reaching $24.73 billion, as investors rushed to react. The sell-off intensified as stolen funds began moving to new addresses and being sold on decentralized exchanges.

With uncertainty surrounding Bybit’s response and potential further liquidations, traders remain on edge, fearing additional declines in Ethereum and the broader crypto market.

Also Read: Bybit Hack of $1.5 Billion: Is WazirX users’ money safe?


Mobile Only Image

Share This Article
Follow:
Jalpa Bhavsar is a Crypto Journalist with 3 years of experience in crypto, blockchain, AI, digital design, and crypto news reporting. She holds a B.Tech in Computer Science, bringing a strong technical foundation to her writing. Jalpa focuses on delivering clear, accurate, and engaging coverage of the latest trends and developments in the crypto and tech space.
Follow:

Jahnu Jagtap is a Research Analyst with over 5 years of experience in crypto, finance, fintech, blockchain, Web3, and AI. He holds a BSc in Mathematics and is certified in Blockchain and Its Applications (SWAYAM MHRD), Cryptocurrency (Upskillist), and NISM Certifications. Jahnu specializes in technical, on-chain, and fundamental analysis, while also closely tracking global macro trends, regulations, lawsuits, and U.S. equities. With a strong analytical background and editorial insight, he drives content that delivers clarity and depth in the fast-evolving world of digital finance.