Crypto markets endured $75 billion losses in reacted to the $1.4 billion hack on ByBit, derivatives markets data shows traders are placing large bets on BGB, TON, and XMR for an early rebound.
Top 20 Cryptocurrencies in Red Despite Bybit Hack Response
After a week of steady gains, the cryptocurrency market plunged on Friday following the $1.4 billion Bybit hack. The exploit, linked to North Korea’s Lazarus Group—implicated in breaches of Atomic Wallet, and Harmony’s Horizon Bridge—which sparked broad sell-offs in recent years.
In quick response, Bybit CEO Ben Zhou confirmed that the breach affected only one Ethereum cold wallet, with all other wallets and withdrawals remaining unaffected.
In an attempt to stabilize market confidence, Binance sent 50,000 ETH in emergency liquidity support to Bybit. Zhou also reassured users, stating that user funds are safe for withdrawals.
“Bybit hot wallets, warm wallets, and all other cold wallets are fine. The only cold wallet that was h
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