NiftyNoon: Did the Bybit Exploit, Crypto’s Largest Ever Hack, End the Bull Market? 🐂❌📉
It has been a troubling time for crypto as Bybit suffers a $1.4 billion USD exploit, the largest hack in crypto history (February 24, 2024)
Nifty Thought:
It has been a troubling time for crypto as Bybit suffers a $1.4 billion USD hack on Ethereum from the North Korea affiliated Lazarus group, the largest exploit in crypto history. While Bybit claims to remain fully solvent (and the market seems to agree), it is likely the full impact of stolen crypto at this magnitude has not yet been felt. This news coupled with recent revelations of persistent memecoin corruption has led many crypto thought leaders to posit that the end of the bull market is closer than the beginning is. With crypto experiencing industry unique headwinds and most equity research analysts indicating US equities are overvalued, the idea that the market may be close to the cycle top cannot be dismissed. There is nothing wrong with protecting some profits deep into a bull market, even if you strongly believe there is room for more upside. The NiftyNoon team remains optimistic of the long term viability of crypto in the long run but has consolidated its crypto exposure further into BTC as a method of de-risking while still maintaining exposure to the space overall. As always, the information shared in these newsletters is for educational purposes only and should not be construed in any way as financial or legal advice.
Highlighted News:
🆘 Bybit suffers a $1.4 billion USD hack on Ethereum when their ETH multisig cold wallet executed a transfer to their a wallet:
https://x.com/Bybit_Official/status/1892965292931702929
🇰🇵 Bybit $1 Billion Hack Bounty Solved by @zachxbt:
https://x.com/arkham/status/1893033424224411885?s=61
🌊 The SEC is closing its investigation into @opensea:
https://x.com/dfinzer/status/1893086281300582772?s=46
Project and Community News:
Bybit starts buying ETH: https://x.com/wublockchain/status/1893327226831282310?s=46
It seems that Bybit has bought 266,694 $ETH($742M) after being hacked: https://x.com/lookonchain/status/1893840256342040727?s=46
The hacker who attacked Bybit and stole $1.4B in assets appears to have received $ETH from @binance as gas fees: https://x.com/lookonchain/status/1893001719669518662?s=46
The Bybit hack is officially the largest crypto heist in HISTORY; here’s what happened: https://x.com/gauthamzzz/status/1893004593979859410?s=46
@benbybit, Bybit CEO, on receiving help blocking funds outflowing from them: https://x.com/benbybit/status/1893519210883744188?s=46
Bybit Exploiter is laundering money by issuing Meme tokens on pump fun: https://x.com/wublockchain/status/1893652016502616100?s=46
Bybit is pledging 10% of recovered funds to reward ethical cyber and network security experts who play an active role in retrieving the stolen cryptocurrencies in the incident: https://x.com/bybit_official/status/1893322897243943330?s=46
@SECGov is dropping the Coinbase case: https://x.com/iampaulgrewal/status/1892924187976597725?s=46
@pumpdotfun is working on their own AMM liquidity pools, which is currently being tested on http://amm.pump.fun: https://x.com/trenchdiver101/status/1893814646718730393?s=46
Several now-former employees are reporting that @OXFUNHQ is officially insolvent: https://x.com/stevie_ravioli/status/1893808569218215975?s=46
3 NEW HEROES introduced to the @monad_xyz F2P mode: https://x.com/fantasy_top_/status/1893817537575653519?s=46
Masks of Luci (1/1/613) Sold by @samspratt for 785.92Ξ ($2,190,945 USD): https://x.com/botofluci/status/1892951978403106844
Luca held another Inner Igloo meeting for Pudgy Penguins, Lil Pudgy, and PENGU holders: https://x.com/husker_eth/status/1893797371810627669?s=46
Project Dragon - Guinness World Record Attempt: https://x.com/cryptogarga/status/1893349531435028717?s=46
Onchain social for everyone with @farcaster_xyz: https://x.com/privy_io/status/1893031953567186964?s=19
Somebody just wrapped these two punks, WETHd them for under floor, swapped to stables, bridged to Hyperliquid and full stack shorted Bitcoin on 3.5x leverage: https://x.com/0xquit/status/1893670621436940715?s=46
Quick Stats:
👾 Blur ETH Daily Volume: 814 ETH (▼ 7.85%)
🌊 OpenSea ETH Daily Volume: 669 ETH (▼ 12.25%)
🟠 BTC : $95,774.54 (▲ 0.05%)
🔷 ETH: $2,681.49 (▼ 3.87%)
🟣 Solana: $159.45 (▼ 5.61%)
🟪 Polygon: $0.29 (▼ 3.29%)
Top NFT Sales:
CryptoPunks #4420: 34.99 ETH
CryptoPunks #8335: 36.00 ETH
CryptoPunks #5731: 34.49 ETH
NFT Daily Winners:
🐱 Quantum Cats: 0.19 BTC (▲ 0.01%)
🚬 CryptoPunks: 34.59 ETH (► 0.00%)
NFT Daily Losers:
⛩ Azuki: 2.90 ETH (▼ 0.04%)
🦧 Bored Ape Yacht Club: 13.85 ETH (▼ 0.08%)
👩🏻 Milady Maker: 3.84 ETH (▼ 0.16%)
🏴☠ Captainz: 1.15 ETH (▼ 0.43%)
🐧 Pudgy Penguins: 9.03 ETH (▼ 0.45%)
💼 Ordinal Maxi Biz: 0.06 BTC (▼ 1.52%)
😡 Mad Lads: 49.54 SOL (▼ 1.88%)
🧦 Bitcoin Puppets: 0.04 BTC (▼ 2.24%)
🏳🌈 Chromie Squiggles: 4.29 ETH (▼ 4.45%)
🐵 NodeMonkes: 0.05 BTC (▼ 4.90%)
👾 Tensorians: 4.24 SOL (▼ 7.02%)
🍭 Mocaverse: 2.05 ETH (▼ 10.83%)
Notes:
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