BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Ethereum on the Verge of Massive Liquidations: Should Investors Be Worried?

Michael Juanico by Michael Juanico
February 21, 2025
in BUSINESS, CRYPTO, FINANCE
Reading Time: 3 mins read
3
SHARES
55
VIEWS
Share on XShare in TelegramShare on Reddit
  • Bybit suffered the largest crypto hack ever, losing $1.4 billion in ETH and stETH.
  • Over $76 million in ETH futures were liquidated, as panic selling hit the market.
  • Hackers split the stolen funds across 39 wallets, while Arkham launched a $50,000 bounty to track them down.

The crypto world is in shock as Bybit just suffered the biggest hack in industry history, with $1.4 billion in ETH and staked ETH (stETH) siphoned from its wallets. The attack has already sent Ethereum futures traders scrambling, triggering a wave of liquidations totaling $76 million in just four hours.

JUST IN: Ethereum $ETH short positions are SURGING following the Bybit hack

A 4x disparity now exists between longs and shorts

Over $1 billion in shorts would be liquidated if price returns to where it was 5 hours ago (pre Bybit) pic.twitter.com/bYpHT49sUo

— BlockNews (@blocknewsdotcom) February 21, 2025

Mass Liquidations, ETH & BTC Prices Drop

The aftermath? A brutal sell-off.

  • 183,176 traders liquidated in 24 hours
  • Total liquidations hit $499.23 million across the market
  • ETH dropped 3% to $2,727, while Bitcoin slid 1% to $98,091

Bybit co-founder and CEO Ben Zhou confirmed the hack, explaining that a routine wallet transfer was manipulated—allowing attackers to gain control of the exchange’s ETH cold wallet.

“The hacker took control of the specific ETH cold wallet we signed and transferred all ETH in the cold wallet to an unidentified address,” Zhou said, adding that Bybit remains solvent despite the loss.

Hackers Splitting Stolen ETH Across 39 Wallets

Blockchain security analyst ZachXBT was among the first to spot suspicious outflows, later confirming Bybit had been compromised.

The hackers are now splitting the stolen ETH across 39 wallets, likely in an attempt to obscure transactions and evade tracking.

Meanwhile, on-chain intelligence firm Arkham has put a bounty on the attacker’s identity, offering 50,000 ARKM tokens to anyone who provides useful intel.

“We’ve created & funded a bounty to help identify the person or organization behind today’s >$1B Bybit hack,” Arkham posted on X.

The Biggest Crypto Hacks in History—Bybit Tops the List

Bybit’s $1.4 billion exploit is now the largest crypto exchange hack ever, surpassing even some of the most infamous breaches in history:

  • March 2022: Axie Infinity’s Ronin Network lost $625M due to a validator exploit.
  • August 2022: Poly Network suffered a $611M hack, though most funds were later returned.
  • 2014: Mt. Gox collapsed after losing 850,000 BTC, worth $460M at the time.

With crypto security threats escalating, the question remains—who’s next?

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Ben ZhouBybitcryptoethereumliquidations
Tweet1ShareShare
Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

DON'T MISS THESE! HOT OFF THE PRESS

HBAR Struggles as Social Buzz Fades and Smart Money Pulls Back
CRYPTO

HBAR Struggles as Social Buzz Fades and Smart Money Pulls Back

September 3, 2025
SEI Holds Steady but Faces Bearish Pressure Ahead
CRYPTO

SEI Holds Steady but Faces Bearish Pressure Ahead

September 3, 2025
Hyperliquid Battles Whale Shorts as HYPE Struggles Near $40
CRYPTO

Hyperliquid Battles Whale Shorts as HYPE Struggles Near $40

September 3, 2025
Shiba Inu’s Top 10 Wallets Hold Over 60% of Supply
CRYPTO

Shiba Inu’s Top 10 Wallets Hold Over 60% of Supply

September 3, 2025
Toyota and Avalanche Team Up for Blockchain-Powered Robotaxis
CRYPTO

Toyota and Avalanche Team Up for Blockchain-Powered Robotaxis

September 3, 2025
Litecoin Under Pressure But Quietly Building Momentum
CRYPTO

Litecoin Under Pressure But Quietly Building Momentum

September 3, 2025
Load More

Related News

HBAR Struggles as Social Buzz Fades and Smart Money Pulls Back

HBAR Struggles as Social Buzz Fades and Smart Money Pulls Back

September 3, 2025
SEI Holds Steady but Faces Bearish Pressure Ahead

SEI Holds Steady but Faces Bearish Pressure Ahead

September 3, 2025
Hyperliquid Battles Whale Shorts as HYPE Struggles Near $40

Hyperliquid Battles Whale Shorts as HYPE Struggles Near $40

September 3, 2025
Shiba Inu’s Top 10 Wallets Hold Over 60% of Supply

Shiba Inu’s Top 10 Wallets Hold Over 60% of Supply

September 3, 2025
Toyota and Avalanche Team Up for Blockchain-Powered Robotaxis

Toyota and Avalanche Team Up for Blockchain-Powered Robotaxis

September 3, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews