The cryptocurrency market had been encouraged again months ago. Everything seemed relatively quiet, but two serious events in this segment have brought us again those sensations of distrust and insecurity. And it will not be easy to get rid of them.
A historical theft. Last Friday someone managed to hack the market for the sale of BYBIT cryptodivisas. The firm He quickly warned how they had detected “unauthorized activity” in their systems. It was the greatest cryptocurrency hacking in history: it is estimated that the attackers (s) managed to steal $ 1.5 billion in the form of ETH. The previous most important robberies had been the 470 million dollars stolen in the Mt Gox hacking In 2014, the 530 million coincheck In 2018 or 650 million from Exploit Ronin Bridge In 2022.
Lazarus group as suspicious. At the moment the firm does not know how the hacking was performed, but apparently the company’s laptops were not compromised and the problem affected Safe, the “cold” purse of the platform. Cybersecurity consultant Arkham Intelligence indicates that Lazarus Group had been responsible, a statement based on The investigation of the expert in this area Zachxbt.
Bybit says to be covered. Ben Zhou, CEO of Bybit, highlighted How his criptomoned sale market had enough reserves to cover hacking and cryptocurrency withdrawal – especially, especially, Stablecoins– Although for a few hours They blocked some functions of their purses to guarantee their safety. A few hours ago Zhou indicated how they had managed to cover virtually all funds.
Panic in Bybit. The theft has caused many users to withdraw funds in Bybit for fear that these funds will also end up being stolen. As indicated In Coindeskin the hours following the HACKEO Bybit he saw how their clients withdrew 4,000 million dollars in funds. Of the 16.9 billion dollars managed in crypto assets in Bybit, the firm went to manage 11.2 billion dollars According to defillama data.
Can Ctrl-Z do to the block chain? Some users asked if it would be feasible to make a kind of “roll-back” of the Ethereum block chain. That would allow us to undo the changes made by hackers and return the status of that great book of accounts to how it was before hacking, but it is not clear that this is possible. Experts indicate according to Coindesk that something like this would be possible, but the interactions between the Smart Contracts and their internal architecture make it not easy. It would be necessary to reach a consensus, and could even cause a division of the Ethereum block chain in two.
Just when in the US the thing was encouraged. The robbery occurred just the day Coinbase had managed to reach an agreement with the United States Securities and Exchange Commission leave the demand without also being issued. Donald Trump’s re -election had promoted the value of cryptocurrencies, but since his appointment we have lived several worrying events.
Memecoins, Trump and Milei. The scandals have been especially primed with the Memecoins created or supported by Trump and especially by Javier MileiPresident of Argentina. Both grew in a brilliant value and then collapsed in a mysterious and disturbing way, which points to possible fraud in which a few privileged were winning while hundreds of thousands of people lost their investments in these cryptodivisas.
Distrust and insecurity, the eternal condemnation of crypts. The scandals with these memecoins and the spectacular bykit hacking return us the constant feeling of insecurity and distrust that the cryptodivisas have always generated. The institutional interest and a certain tranquility in recent times seemed to have softened that environment, but these new events will probably make more people think twice before investing in this type of assets.
It is a bad idea to leave your cryptocurrencies in an “Exchange”. The truth is that these robberies have confirmed that their security measures can end up being insufficient to protect their customers’ funds. The most recommended form of experts to save these cryptocurrencies is do it in physical pursesdo not leave them in the purchase market for sale of cryptocurrencies (“Exchange”).
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