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Ethereum is facing its worst February in years, with prices plummeting as low as 25% amid mounting uncertainty. The cryptocurrency dumped to a multi-week low of just over $2,300 hours ago before staging a minor recovery. A Red February According to Spot on Chain, February is usually a bullish month for ETH, with only one red example in 2018. However, this year seems to be an exception. Macroeconomic factors, including new tariffs from U.S. President Donald Trump, are contributing to the instability. They have raised fears of a tighter global economic climate while also putting traditional markets under pressure. This has, in turn, impacted risk assets like crypto, pushing ETH into a sub-$2,400 level. A recent security breach on the Bybit exchange that resulted in the theft of $1.4 billion in crypto (mostly ETH) also contributed to market instability. In the immediate aftermath of the hack, ETH lost 7% of its value. Since then, the exchange has restored its reserves by securing 446,870 ETH through whale deposits, loans, and direct purchases. The company’s CEO, Ben Zhou, confirmed that it has fully recovered losses and is preparing an audited proof-of-reserves report to reassure users. However, this has done little to invigorate ETH, with the cryptocurrency struggling to break above $2,800, indicating persistent bearish pressure. ETH Down 14% in 24 Hours Earlier today, ETH dumped to $2,310 before recovering some ground to almost $2,400. Furthermore, the asset has failed to maintain key support levels in the last seven days, sparking concern about further declines. Looking at its monthly performance, ETH started February at $3,217 but has since lost more than $800 in value. Over the week, it fell 7.3%, amplifying bearish sentiment. Its 24-hour movement has not been much better, shaving off more than 14% of its daily high of $2,733 to its current price, per data from CoinGecko. Analysts have warned that with the altcoin failing to hold $2,400, its next major support lies at $2,250, potentially opening the door for further losses. Ethereum’s woes aren’t isolated. Bitcoin, the number one cryptocurrency by market capitalization, has also struggled, dropping below $90,000 despite Strategy (formerly MicroStrategy) recently buying a whopping $1.99 billion worth of the cryptocurrency. The post Ethereum (ETH) Price Sinks Below $2,400 Amid February Market Uncertainty appeared first on CryptoPotato.

The crypto market is in a full-scale meltdown, with $325 billion in market cap wiped out since Friday morning as of press time, according to data from Coinglass, which also shows that the largest drop was when $100 billion disappeared within one hour. There were no major headlines covering the sudden crash, making it seem like not a big deal at all, almost as if no one even cared anymore. Even meme coins, which had been on fire in recent weeks, have taken a severe hit. Liquidity has dried up across the board, raising concerns about even more downside. The sell-off of course started with the Bybit hack on February 21 when North Korea’s Lazarus Group pulled off the biggest financial heist in history, draining $1.5 billion from Bybit’s Ethereum wallets. This theft was so big, it’s double the size of the previous record-holder, which is the $611 million PolyNetwork hack that happened in 2021. Ethereum, which was already performing terribly, got even worse as traders scrambled to pull funds out, fearing another FTX-style collapse. Even though Bybit CEO Ben Zhou quickly announced that the exchange would cover all losses, it wasn’t enough to restore confidence. Traders don’t forget billion-dollar hacks that easily. At first, Bitcoin stayed out of the mess. However, once the S&P 500 tanked on Friday, Bitcoin broke down too. The second stocks started slipping, Bitcoin followed, losing its key $98,000 support level. One major factor that sent Bitcoin spiraling was Citadel Securities, which announced yesterday that it was moving into crypto as a liquidity provider. Instead of reassuring traders, it triggered a “sell the news” reaction, with investors rushing for the exits. Memecoins collapse, Bitcoin struggles Solana, which has now dropped 22% since Friday. The memecoin sector, which had been one of crypto’s wildest success stories this year, is getting slaughtered. With Solana’s crash, traders dumped their memecoins en masse, draining the last bit of liquidity from the market. This actually started when Argentina’s President Javier Milei publicly endorsed LIBRA, a Solana-based meme coin, which quickly pumped like crazy—until it crashed into oblivion, wiping out $4.6 billion in investor money. The scandal-tainted Solana’s reputation, and now, with $1.72 billion in SOL tokens set to be unlocked on March 1, the market is preparing for even more selling pressure. According to digital asset manager Arca, altcoins as a group have already lost between 30-80% since mid-December. Even Dogecoin, which had been riding on Elon Musk’s federal workforce cuts, is down nearly 7%. Crypto-related stocks are also taking a beating, as Coinbase has fallen for six straight days, which is its worst losing streak in months. Bitcoin miner MARA Holdings, which already plunged 13% last week, has lost another 2.6% today, and Strategy (formerly MicroStrategy) is also slipping, despite doubling down on Bitcoin buys, per data from Google Finance. On Monday, Strategy filed with the SEC, revealing that it had once again bought 20,356 Bitcoin between February 18-23 for $97,514 per coin, worth a total $1.99 billion. This makes it one of the company’s biggest Bitcoin acquisitions ever, pushing Strategy’s total holdings to $47.7 billion—equivalent to 2.5% of all Bitcoin that will ever exist. The company funded this buy with proceeds from its $2 billion convertible bond sale last week. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

Non-KYC centralized exchange eXch has denied accusations that it’s laundering funds from the Bybit hack on behalf of the Lazarus Group. This was in response to social media accusations that it had moved over $30 million from the exploit. eXch’s Response In a Feb. 23 announcement posted on the Bitcointalk forum, the eXch team said it is “Not laundering money for Lazarus/DPRK.” Before the statement, blockchain investigator ZachXBT had alleged in a February 22 Telegram post that eXch processed $35 million of the stolen funds and mistakenly sent 34 ETH worth $96,000 to another exchange’s hot wallet. Other analysts and blockchain security firm SlowMist also reported that eXch received ETH from wallets associated with the Bybit incident. Nick Bax, a member of the Security Alliance white hat hacker group, estimated that the platform handled about $30 million for North Korea on that day. SlowMist further claimed that a significant amount of ETH had been converted into other cryptocurrencies on eXch. In response, the exchange dismissed the accusations as a “targeted FUD attack” and clarified that the transaction in question was not linked to them. However, the team acknowledged that a small portion of the stolen funds had entered their platform but maintained that it was an isolated case and the only transaction from the incident processed by eXch. The team also criticized ZachXBT, labeling his statements as unfounded and advising the community to verify information from credible sources instead of relying on amateur researchers. CZ’s Solution The Bybit hack is now the largest crypto theft in history, with attackers stealing more than $1.4 billion after gaining control of the exchange’s Ethereum multisig cold wallet. Meanwhile, Binance founder Changpeng Zhao (CZ) has advocated for withdrawal pauses following the incident. In a February 21 post on X, the former executive commented: “Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck!” However, there have been concerns that this solution would cause panic. Addressing the criticism, Zhao clarified that his recommendation was based on experience and intended to ensure system integrity. The Binance founder shared an example from 2019, when his exchange temporarily suspended withdrawals following a $40 million hack, later observing more deposits than withdrawals once operations resumed. However, he emphasized that every situation required a judgment call and expressed confidence in Bybit CEO Ben Zhou’s handling of the crisis. He also commended his transparency and calm response, contrasting it with the crisis management approaches of other CEOs, such as those at WazirX and FTX. The post Crypto Exchange eXch Denies Laundering Bybit Hack Funds for Lazarus Group appeared first on CryptoPotato.

Bybit exchange has reportedly purchased 266,700 ETH worth $742 million across two days, according to blockchain analytics firm Lookonchain. The transactions occurred in the days following Bybit’s $1.4 billion hack, which has taken the industry by surprise. A wallet linked to Bybit, identified as “0x2E45…1b77,” purchased 157,660 Ethereum (ETH)—worth approximately $437 million—from cryptocurrency investment firms Galaxy Digital, FalconX, and Wintermute through over-the-counter transactions. This wallet made its first transaction on Feb. 22 at 4:44 PM UTC. It seems that #Bybit has bought 266,694 $ETH($742M) after being hacked.0x2E45…1b77(related to #Bybit) bought 157,660 $ETH($437.82M) from Galaxy Digital, FalconX, Wintermute via OTC.0xd7CF…A995(likely related to #Bybit) bought 109,033 $ETH($304.12M) from DEXs and CEXs.… pic.twitter.com/8FfGZo18OU — Lookonchain (@lookonchain) February 24, 2025 A second wallet, “0xd7CF…A995,” was also involved in a $304 million Ethereum purchase, conducted through both centralized and decentralized exchanges. While not formally recognized as part of Bybit, both Lookonchain and Arkham Intelligence indicate close connections based on transaction trends. The wallet’s interactions with Binance and MEXC hot wallets further fuel rumors suggesting a link to the exchange. You might also like: Ethena Labs reveals zero unrealized PNL exposure to Bybit The purchases follow one of the largest crypto exchange hacks in history, in which a hacker exploited Bybit’s multisig cold wallet using a masked URL trick to manipulate contract logic and drain over 401,000 ETH. The attacker has since begun moving the stolen funds across multiple wallets, prompting a coordinated effort to freeze assets. A joint effort between major blockchain entities has already resulted in $42.89 million being frozen in just one day, according to Bybit’s Feb. 23 X post. Platforms like Tether, THORChain, Avalanche, CoinEx, Bitget, and Circle have all played a role in identifying and blocking blacklisted addresses, limiting the attacker’s ability to launder funds. A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action: @Tether_to: Flagged address and froze 181K USDT @THORChain: Blocked the blacklist @ChangeNOW_io: Froze 34 ETH @FixedFloat: Froze 120K USDC + USDT… — Bybit (@Bybit_Official) February 23, 2025 Despite the massive hack, Bybit has maintained its financial stability, and CEO Ben Zhou affirmed that all user funds are secure. According to Lookonchain data, Bybit has received about 446,870 ETH, roughly $1.23 billion, from whale deposits, loans, and ETH purchases since the hack. A $140 million bounty has also been offered by the exchange to security researchers and ethical hackers who help retrieve the stolen assets. Read more: Ethereum wavers as Bybit ETH reserves rise after Lazarus hack

Bybit, a leading cryptocurrency exchange, recently faced a massive $1.5 billion hack, allegedly by North Korea's Lazarus Group, affecting its ether cold wallet. Total outflows hit $5.5 billion, with assets dropping from $16.9 billion to $11.2 billion. CEO Ben Zhou emphasized swift action to process withdrawals and secure funds. Key Points: - 70% of clients' ether was compromised. - Most withdrawals were stablecoins, not ether. - Safe, a custody protocol, temporarily shut down functionalities. - Bybit engaged authorities and blockchain analysis firms. Join the discussion: Should Ethereum consider a blockchain rollback? 🤔 Share your thoughts!