Episode 511
📍 Bybit has replenished a $1.4 billion hole in its ETH reserves after a massive hack, restoring its 1:1 backing of client assets through loans, large deposits, and ETH purchases.
📍 The hack, attributed to North Korea's Lazarus Group, targeted Bybit's offline "cold" wallet, exploiting a manipulated user interface and URL to redirect funds to an unidentified address.
📍 Despite the hack, the crypto market remains calm, with Bitcoin and Ether prices largely within their recent trading ranges, and perpetual funding rates indicating a bias for long positions that benefit from price rises.
📍 The market's maturity is highlighted by Bybit's ability to manage over $6 billion in withdrawals following the hack, and the exchange's efforts to fill the gap in its ETH reserves, which has reassured the crypto community.
📍 Meanwhile, traders are eyeing Solana's SOL as Franklin Templeton has submitted a spot SOL ETF proposal to the SEC, and 11.2 million SOL are scheduled to be unlocked on March 1, potentially breeding market volatility.
