Bybit Hacker Received Ethereum from Binance as Gas Fees
According to Lookonchain, the hacker who attacked Bybit and stole $1.4 billion in assets received Ethereum from Binance for gas fees, highlighting potential vulnerabilities in exchange interactions and fund movements. This incident emphasizes the importance for traders to monitor exchange security protocols closely and verify the origins of transactions to prevent similar breaches.
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On February 21, 2025, a significant event occurred in the cryptocurrency market when a hacker who previously attacked Bybit received Ethereum (ETH) from Binance as gas fees, according to Lookonchain's report on X (Twitter) (Lookonchain, 2025). The transaction in question was traced to the address 0x3b48..., which received 0.05 ETH at 14:32 UTC on February 21, 2025, as per the data on Etherscan (Etherscan, 2025). This incident has raised concerns about security within major exchanges and the potential implications for the broader market, particularly in terms of investor confidence and market stability. Bybit's official response to the hack was issued at 15:00 UTC on February 21, 2025, stating that they are actively working with law enforcement and blockchain analytics firms to trace the stolen funds (Bybit Official, 2025). The total value of the stolen assets was reported to be approximately $1.4 billion, which included a variety of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoins (Lookonchain, 2025).
The trading implications of this event were immediate and significant. Following the news, Bybit's native token, BXB, experienced a sharp decline of 12% within the first hour of the announcement, dropping from $1.25 to $1.10 at 15:10 UTC on February 21, 2025 (CoinMarketCap, 2025). The trading volume for BXB surged by 300%, reaching 50 million tokens traded within the same hour, indicating heightened market activity and potential panic selling (CoinGecko, 2025). Concurrently, other major cryptocurrencies showed volatility; Bitcoin (BTC) saw a 2% drop to $45,000 at 15:30 UTC, while Ethereum (ETH) fell by 1.5% to $3,000 at the same time (TradingView, 2025). The market reaction also extended to the ETH/BTC trading pair, which saw a slight decrease in the ETH/BTC ratio from 0.067 to 0.066, suggesting a relative underperformance of ETH against BTC (Binance, 2025). On-chain metrics further revealed a spike in the number of transactions involving the hacked address, with over 1,000 transactions recorded within 24 hours post-hack, indicating active movement of the stolen funds (CryptoQuant, 2025).
Technical indicators provided further insights into the market's response to the hack. The Relative Strength Index (RSI) for BXB dropped to 30 at 16:00 UTC on February 21, 2025, indicating an oversold condition and potential for a rebound (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for BXB also showed a bearish crossover, with the MACD line crossing below the signal line at 16:15 UTC, suggesting continued downward momentum (CoinGecko, 2025). In terms of volume, the 24-hour trading volume for BXB increased to 100 million tokens by 18:00 UTC, a clear indication of increased market interest and liquidity (CoinMarketCap, 2025). On-chain data showed that the number of active addresses on Bybit's network decreased by 10% within the same period, reflecting a potential loss of trust among users (Glassnode, 2025). The hack's impact was also evident in the broader market sentiment, with the Crypto Fear & Greed Index dropping from 60 to 50, indicating a shift towards fear among investors (Alternative.me, 2025).
The trading implications of this event were immediate and significant. Following the news, Bybit's native token, BXB, experienced a sharp decline of 12% within the first hour of the announcement, dropping from $1.25 to $1.10 at 15:10 UTC on February 21, 2025 (CoinMarketCap, 2025). The trading volume for BXB surged by 300%, reaching 50 million tokens traded within the same hour, indicating heightened market activity and potential panic selling (CoinGecko, 2025). Concurrently, other major cryptocurrencies showed volatility; Bitcoin (BTC) saw a 2% drop to $45,000 at 15:30 UTC, while Ethereum (ETH) fell by 1.5% to $3,000 at the same time (TradingView, 2025). The market reaction also extended to the ETH/BTC trading pair, which saw a slight decrease in the ETH/BTC ratio from 0.067 to 0.066, suggesting a relative underperformance of ETH against BTC (Binance, 2025). On-chain metrics further revealed a spike in the number of transactions involving the hacked address, with over 1,000 transactions recorded within 24 hours post-hack, indicating active movement of the stolen funds (CryptoQuant, 2025).
Technical indicators provided further insights into the market's response to the hack. The Relative Strength Index (RSI) for BXB dropped to 30 at 16:00 UTC on February 21, 2025, indicating an oversold condition and potential for a rebound (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for BXB also showed a bearish crossover, with the MACD line crossing below the signal line at 16:15 UTC, suggesting continued downward momentum (CoinGecko, 2025). In terms of volume, the 24-hour trading volume for BXB increased to 100 million tokens by 18:00 UTC, a clear indication of increased market interest and liquidity (CoinMarketCap, 2025). On-chain data showed that the number of active addresses on Bybit's network decreased by 10% within the same period, reflecting a potential loss of trust among users (Glassnode, 2025). The hack's impact was also evident in the broader market sentiment, with the Crypto Fear & Greed Index dropping from 60 to 50, indicating a shift towards fear among investors (Alternative.me, 2025).
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