Connect with us

Altcoin

Bybit Hack: Exchanges Freeze $42 Million From Exploit

Published

6 hours ago

on


While the cryptoverse is still reeling from the $1.5 billion Bybit hack, its peers have launched a concerted effort to recover looted funds. A Bybit statement confirms that the coordinated effort led to the freezing of nearly $43 million barely two days after the jarring security breach.

Exchanges Team Up To Recover Funds

According to Bybit’s X post, a total of $42.85 million have been frozen across a handful of exchanges in the wake of the attack. Decentralized exchange THORChain blacklisted several addresses linked to the North-Korean hacking syndicate while Coinex provided Bybit’s team with key insights.

ChangeNow froze 34 ETH ($97,000) in addresses linked to the hack while the Avalanche restricted access to 0.38755 BTC ($37,124). Lightning Network-based exchange FixedFloat froze 120,000 in USDC and USDT stablecoins, mirroring the efforts of Bitget and other centralized exchanges.

“Respect to their teams for their timely responses,” said Bybit on X. “They helped us monitor and block the blacklisted addresses.”

Per the statement, stablecoin issuers Tether and Circle are flagging addresses linked to the Bybit hack with Tether freezing 181,000 USDT.

Taking Proactive Steps Following The Bybit Hack

While law enforcement agencies and exchanges are keen on recovering stolen funds from the Bybit hack, the top crypto exchange is taking proactive steps to protect its users. 

In collaboration with Pump.fun and Solana Foundation President Lily Lui, the team confirmed the removal of a Solana-based token with ties to marauding hacker groups. Onchain data indicates that the Lazarus Group is bridging its assets to Solana and using fake KYC data to deposit funds on exchanges.

In an advisory to users, Bybit warned that scammers are pretending to be officials of the exchange to obtain sensitive personal information.

“Bybit will never ask for your personal info, deposits, or passwords,” read the warning. “Always double-check official sources and report anything suspicious.”

On the other hand, Ethereum community members are mulling over the prospects of a blockchain rollback to stifle the efforts of Bybit’s attackers

✓ Share:

Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoin

XRP Price Nears Breakout Zone, Is a Rally To $5 on the Horizon?

Published

5 hours ago

on

February 23, 2025

By


XRP price is trading in an important area as analysts watch the $2.6 mark to decide the future of the altcoin. While analysts have indicated that crossing this level and further breaching the $2.77 mark would support the continuation of the upward movement. Currently, the resistance is found at $2.60, $2.85, and $5.85 in the long term while the support level is $2.33.

XRP Price Approaches Key Resistance Levels

Dark Defender has noted that XRP price is currently at the $2.60 level which is a key level that will determine the direction in the short term. A breakout above $2.77 will help signal a continuation of an up move, to higher prices. The analyst also notes that Ripple price is establishing higher lows and that implies that there is more buying pressure in the market.

Technical indicators, including the Relative Strength Index (RSI), also reflect bullish momentum. The RSI trendline has been creating higher lows, indicating an increasing demand for the asset. If XRP price manages to stay above the $2.60 resistance, the next target stands at $2.85, followed by a long-term projection of $5.85. However, if it fails to break through, support remains at $2.33.

Also, according to analyst Egrag Crypto, predicted that XRP price may reach $67 if higher levels will be broken. He stated that if the price closes above 3$ on the monthly chart, then pump signals of an upward trend would have been established fully.

However, the analyst also informed his followers that he expected XRP to pull back in the short-term, potentially testing $0.90 before shooting up once again.

Ripple Forms a Cup and Handle Pattern

More so, another analyst Thom Sieloff, identified a cup and handle formation in the daily timeframe. This pattern is widely considered a bullish continuation signal, often resulting in an upward price move. XRP price has been consolidating between $2.40 and $2.70, forming the handle portion of the pattern.

According to technical projections, the breakout point for this structure is expected around $2.68 to $2.70. Historically, this pattern leads to a 20-30% surge upon breakout. If XRP price follows this pattern, the potential price target could reach $3.36 before facing further resistance.

Potential For an Altcoin Rally

Market sentiment indicates that a confirmed breakout in XRP price could trigger an altcoin rally. Several analysts suggest that if XRP manages to hold above resistance levels, it could set the stage for an uptrend. The formation of bullish structures, coupled with increasing demand, supports this outlook.

The possibility of an altcoin rally is further supported by growing institutional interest. Recent movements in the cryptocurrency market, including discussions around the MicroStrategy ETF, highlight increasing capital inflows into digital assets. XRP price action remains a key factor in determining whether this rally materializes.

Despite positive technical signals, regulatory concerns remain a factor in the broader market. The SEC continues to maintain regulatory oversight on digital assets, influencing investor sentiment. However, XRP price has demonstrated resilience, recovering from past regulatory challenges.

Nevertheless, the altcoin season is at risk if Ethereum fails to maintain the critical $2,600 support level, as highlighted by analysts. A drop below $2,425 could trigger further declines, delaying the anticipated altcoin rally.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Altcoin

Binance Founder Seeks Opinion On BNB Donation

Published

10 hours ago

on

February 23, 2025

By


Binance founder Changpeng Zhao (CZ) is seeking the advice of the BNB community on the ideal way to give out over $1 million in BNB tokens to victims of the meme coin price crashes. CZ is mulling an outright donation to a non-profit, but the options of burning tokens or adding them to a liquidity pool are appealing alternatives.

CZ Set To Give Out $1 Million

In a post on X (formerly Twitter), CZ confirmed that donations for victims of Test (TST) and BROCCOLI meme coins had surpassed the $1 million mark. From the pool, CZ donated $100K (150 BNB), riding on the tailwind from a university student’s donations for victims of the ill-fated Libra project.

The Binance founder disclosed that he will not keep any of the BNB received but will seek community opinion on an appropriate means to give out the tokens. Right out the bat, CZ shut down suggestions that he will send tokens to individuals, citing an inability to verify claims while hinting at a community-focused action.

A cross-section of community members are pining for a non-profit donation in line with CZ’s streak of crypto-backed charity activities in recent months. While a donation to a non-profit sits at the top of the pyramid, CZ says the organization must have mechanisms for transparency for funds.

“My requirement for charity is that the receiving organization has to be crypto-enabled, and tracking must be allowed to the end beneficiary,” wrote CZ.

Binance Founder Eyes A Hybrid Approach

CZ opines that a hybrid approach may be the best route for giving out the donated BNB tokens. A portion of the funds may be given to a non-profit that ticks the boxes of transparency while others are pushing for burning the received tokens, potentially increasing asset values.

The founder notes that he is leaning toward deploying the funds to a liquidity pool after initial experiments birthed positive results.

“I don’t care if funds on this address make or lose money,” said CZ on the prospects of a liquidity pool. “I think this is an indirect way to give back to our community too.”

While airdrops have received a level of community support, CZ sees their implementation as a steep mountain to climb for wallet operators. He predicts that selecting eligible individuals for the airdrop will trigger a raging debate among community members.

✓ Share:

Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Altcoin

XRP Price Eyes Rally To $60 As Analyst Reveals Key Breakout Levels

Published

13 hours ago

on

February 23, 2025

By


Crypto analyst Egrag Crypto has provided a bullish outlook for the XRP price, predicting it could rally to $60 in the long term. The analyst also revealed key breakout levels for XRP as it eyes a rally to the ambitious price target.

Key Breakout Levels As XRP Price Eyes Rally To $60

In an X post, crypto analyst Egrag Crypto highlighted $3, $6.4, $8, $13, and $27 as key breakout levels as the XRP price eyes a rally to $60. The analyst remarked that the range between $33 and $60 was a long-term target based on the channel projection he highlighted in his accompanying chart.

ImageImage

The crypto analyst outlined a bullish scenario in which the XRP price could rally to as high as $67. He stated that a monthly close above $3 would validate further upside. Egrag Crypto added that a breakout from Fib 1.618 at $6.4 would lead to the second Fib extension, which starts with $8, $13, $27, and $67 as of Fib 1.888. This prediction aligns with his recent analysis in which he predicted that XRP could hit a $3.4 trillion market cap.

Short-Term Outlook For The Crypto

Egrag Crypto also predicted that the XRP price could rally to between $4 and $6 in the short term. The analyst noted that XRP’s current price action is showing a strong bullish move but facing resistance at the red horizontal zone on the accompanying chart.

He further remarked that the red resistance line at $3 represents a critical level from the previous all-time highs (ATHs). The analyst added that a monthly close above this level could confirm a breakout toward the next Fibonacci extension targets, which are Fib 1.414 and Fib 1.1618, and price targets between $4.3 and $6.4, respectively. Based on this, Egrag Crypto stated that the upside targets are between $4.3 and $6, which are also the next significant resistance zones.

A Bearish Scenario For XRP

Egrag Crypto also outlined a bearish scenario for the XRP price. He stated that a rejection at $3 could lead to a pullback towards $1.90 and $2, which acted as support from the previous bullish candles.

The analyst added that a break below $1.90 could shift sentiment to bearish, introducing downward risks toward the $0.90 and $1 range. Egrag Crypto claimed that a drop to this level would signal a potential Black Swan event across all markets.

According to him, such a collapse would be a challenging prelude before the ignition stage for the XRP price. He then raised the possibility of the upcoming fort knox audit as a potential catalyst for this market crash.

The Bybit hack, which led to a loss of $1.4 billion in ETH, threatened to be a Black Swan event, as the crypto market crashed following it. However, the market has recovered impressively following the hack.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io