- Ethereum dropped from $2,850 to $2,750 after Bybit confirmed a $1.5 billion hack.
- Trading volume surged 62% as investors reacted to fears of a massive ETH sell-off.
- Hackers offloaded $200M stETH, adding pressure to an already volatile market.
Crypto exchange hacks and panic selling go hand in hand. Following Bybit’s confirmation of a $1.5 billion exploit, Ethereum’s price took a sharp nosedive as fears of a massive ETH sell-off spread across the market.
ETH Price Crashes—Trading Volume Surges
According to CoinMarketCap, Ethereum dropped from $2,850 to $2,750 within an hour after news of the Bybit hack broke. That’s a steep fall—and traders reacted fast.
- 24-hour trading volume surged 62%, hitting $24.73 billion
- Investors braced for further sell pressure as stolen ETH began moving
- Panic intensified as hackers offloaded $200M stETH on DEXs
Bybit CEO Ben Zhou confirmed that attackers manipulated a multisig cold wallet using a deceptive interface, draining over 400,000 ETH before moving funds across multiple addresses.
Market on Edge—More Selling to Come?
The sell-off isn’t just about Bybit. Traders fear what comes next. With uncertainty around Bybit’s response and potential liquidations, the crypto market remains on high alert.
- Will Bybit cover the losses—or will more ETH flood the market?
- How much more ETH will the attackers dump?
- Is this just the beginning of a broader market shake-up?
For now, Ethereum is bleeding, volatility is high, and traders are watching every move.
