On February 21, ETH plummeted 7% within hours, falling from $2,832 to $2,629 after Bybit suffered a staggering $1.4 billion loss in Ethereum-based assets. The hack, suspected to be orchestrated by the North Korea-linked Lazarus Group, sent shockwaves through the crypto market.
Bybit Closes the ETH Gap, Plans Proof-of-Reserves Report
Blockchain analytics firm Lookonchain reported on February 24 that Bybit had received approximately 446,870 ETH—worth $1.23 billion—through loans, whale deposits, and ETH purchases since the breach.
Bybit’s co-founder and CEO, Ben Zhou, assured users that the exchange had “fully closed the ETH gap” and would soon release a new audited proof-of-reserves report to reinforce transparency.
Custodia Bank CEO Caitlin Long praised Bybit’s financial management, comparing it to Bitfinex’s creative approach to handling post-hack financial distress.
Lazarus Group Allegedly Laundering Funds Through eXch
Security analysts believe the Lazarus Group is using eXch, a digital asset service, to launder the stolen funds. On February 23, Zhou publicly urged eXch to reconsider and block the outflow of these assets.
“We are also getting help from Interpol and international regulatory bodies. Preventing these transactions isn’t just about Bybit—it’s about protecting the entire crypto ecosystem,” Zhou stated.
Crypto Industry Rallies to Freeze Stolen Assets
Bybit has been working with industry leaders such as Tether, Circle, Avalanche, and THORChain to freeze stolen assets. While some success has been reported, the amount recovered remains a small fraction of the total loss.
Ethereum Faces Resistance at $2,800, Stays Range-Bound
Despite its initial recovery, Ethereum has struggled to break past the $2,800 resistance level. Over the past week, ETH has tested resistance at $2,800 three times while finding support just above $2,600 twice.
ETH has remained within this range since dropping below $3,000 in early February, showing little sign of a breakout—despite February historically being a bullish month for the cryptocurrency.
With Ethereum facing strong resistance at $2,800, traders are closely watching whether the asset can push higher or remain range-bound.
Ethereum Price Update: Live Market Data
As of today, the live Ethereum price is $2,701.60 USD, with a 24-hour trading volume of $24,459,541,558.10 USD. The ETH to USD price is updated in real-time, reflecting market fluctuations.
What do you think? Will ETH break above $2,800 or continue trading sideways? Share your thoughts in the comments!
