Bybit Hacked, Resulting in $1.5B Ethereum Loss and Market Sell-off
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Hack Impact: Bybit exchange was hacked, resulting in losses of up to $1.5 billion from Ethereum wallets, which triggered panic in the market and led to a $150 billion evaporation in cryptocurrency market capitalization within 24 hours, highlighting vulnerabilities in exchanges.
- Severe Market Reaction: The incident caused the total crypto market to lose $325 billion since February 21, with Bitcoin dipping below $90,000, reflecting a sharp decline in investor confidence and exacerbating liquidity crises.
- Liquidity Crisis: Following the hack, the market experienced intense selling pressure, resulting in a $100 billion loss in just one hour, raising concerns over potential systemic failures akin to the FTX collapse.
- Increased Regulatory Scrutiny: As market instability grows, governmental and institutional scrutiny over cryptocurrency regulations and security protocols intensifies, potentially leading to enhanced measures to prevent similar incidents in the future.
About the author

Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.







