breaking news the third largest crypto exchange on Earth bybit has just been hacked for billions of dollars in ethereum's asking what is the percentage of ethereum that was stolen uh compared to all the e I believe it was around uh 70% all while the United States releases the crypto blls coinbase announcing this hour that the SEC has agreed to dismiss its enforcement case against that company you're going to want to hear the details on this if you hold crypto click subscribe to altcoin daily for a daily breakdown giving you an edge investing in crypto we'll also get to recent altcoin news so highly recommend you watch today's entire video but breaking news crypto exchange bybit confirms hack as over 1. 4 billion dollar worth of ethereum leaves their wallets as you know bybit is a Singapore based centralized exchange but it's massive it's the third largest crypto exchange by global trading volume and there CEO Zhao noted that only the exchanges ethereum cold wallet has been affected and that withdrawals for everybody else are normal now before we go there I want to say that currently bit is still processing withdrawers um I will give you the latest update we've experienced massive withdraws uh since the last two hours uh and uh we currently have about as of maybe 10 minutes ago 4,000 withdraw pending uh that's because we need to move move liquidity into chains okay uh and also uh some of these bigger amounts uh are undergoing the regular uh uh review by risk team and security team uh and that's just regular platform uh process whenever a user request a withdraw uh to a destination some of them we were we undergoing these but I want to uh rest assure our community that the withdraw currently is still open and I believe majority of clients your withdraw has already been promis uh processed so to be clear while you should never keep your coins on centralized exchanges you trade buy or sell and then you get the coins off you store them in Cold Storage buy bits CEO benza is on record that if SL when SL now that a bank run is occurring buybit users will be fine even if we are experiencing a bank run uh you know which we already witnessed uh in the in the previous two hours um uh is not an issue uh we have enough uh uh tokens to give to the clients for withdrawers now this is one of the largest crypto exchange hacks in crypto history actually the buybit hacker now holds twice as much ethereum as vitalic Butrin with the buybit hacker holding $1. 4 billion an e and vitalic holding around 641 million of course this is an ongoing story we're getting new details in on the second High highly recommend you have notifications on over these next few days because the minute something changes I will make a video or update you immediately on our Twitter link down below but once again on chain salth Zack xbt doing the Lord's work he has tracked the hacker wallets and the attacker just split 10,000 ethereum to 39 different addresses if you're an exchange or service who follows my channel Blacklist these addresses on all EV M chains and yes if this hacker is trying to cash out on a centralized exchange then they can block those addresses from being able to interact yet if the hacker chooses to sell on a decentralized exchange like Unis swap Sushi swap whatever you can't block that this has caused severe panic in the crypto prices especially ethereum but really it's it's fear uncertainty and doubt on the crypto market and I do also want to share with you this that if you have a friend affected or uses bybit in general you might want to send them this because scammers are out in droves trying to scam you when there's fear in the streets important update from bit we've launched a refund program for users affected by today's hack this is a scam account you notice it's just gibberish in the actual username although they're using the bybit name and logo on their X account do not fall for these scam links also just going through the data and putting this in perspective for you the the buybit hacker according to now the wallet that he holds and wallets that he holds is now the 14th largest ethereum holder in the world they roughly hold about 42% of the total Supply more than Fidelity vitalic and two times more what the ethereum foundation holds this bybit exploit is the largest of all time representing 16% of all previous crypto hacks so we're looking at a list of some of the largest crypto hacks in recent history for example Ronin got hacked there's a private key compromise that was only about6 of a billion we have the binance bridge back in 2022 I remember covering that uh that was around again 0.
5 billion FTX obviously that was a huge huge uh hack or just fraud and that was again around . 5 billion this one for buybit is so much bigger and let's talk recent altcoin news but let me just highlight three main takeaways from this bybit $1. 4 billion ethereum hack number one centralized exchanges in my opinion are a necessary evil meaning the beauty of Bitcoin or ethereum the protocol is it's decentralized it's permissionless its censorship resistant and you have self sovereignty meaning true ownership of your coins centralized exchanges or even stable coins the exact opposite yet I love centralized exchanges I use them all the time coinbase buybit bitun but I do not store my coins on them you trade them you buy or you sell and you get out this should be a wakeup call for all crypto investors out there not your keys not your coins store them for yourself number two you got to give credit or just respect for benzo CEO for not running away coming out face forward immediately doing a live stream and explaining exactly what's going on I appreciate that speed I appreciate that transparency but really if the coins were put in a multi Sig meaning need multi signatures to move them why does this have to be a problem centralized exchanges make tons of money they should and I'm sure they do bybit is one bit's regulated bybit is one of the safer exchanges in terms of Regulation but if you're a centralized exchange out there now why not double or triple the amount of money you are putting on safety for issues so issues like this don't come up again I'm personally not withdrawing any coins from bybit because of this but I didn't keep crypto on exchanges in the first place if anybody wants a recommendation on the crypto Hardware wallet that I use I'll put my affiliate link to Ledger Down Below in the video description check it out and it's also interesting and this could not be more timely we just did an interview with a decentralized option non-custodial decentralized derivatives trading and they're really aiming to be sort of the bybit killer or fex killer in 5 10 years do you see this as potentially the B IID killer or the fex killer link down below check that interview out and number three looking at the Bitcoin chart we can see how this affected sentiment in the market Bitcoin actually pumped on the coinbase news and then immediately dipped due to the fear uncertainty doubt of byit the coinbase news is this that the SEC is dropping their lawsuit this has a huge warming effect instead of a chilling effect good warming effect on the crypto industry in the United States this is a signal Brian here from coinbase well today is a really good day because we just heard from the SEC staff that they're planning to withdraw their litigation against coinbase now this still needs to be approved by the SEC Commissioners but we're hoping that happens next week and if this goes through it's a really big deal not just for us but for the whole crypto industry the 50 million Americans who hold crypto and I think for the rest of the world because this is an important signal about where things are going now ultimately we still need to get legislation for crypto passed in America to cify some of these rules and make sure the industry can get built on Shore but if this goes through it's still an very important legal precedent that writes a wrong that was taking place over the last few years where the SEC unlawfully in my view decided to attack or even try to kill the entire crypto industry by suing lots of different companies including us claiming that many of these crypto assets were Securities now they did this despite there not being any law indicating that that was the case they didn't publish any clear rules to the industry and in our situation they actually had allowed us to become a a public company just a few years prior this is an ongoing story obviously the coinbase news is super bullish for the crypto industry in the long term yet the ethereum hack news is super bearish for crypto prices in the short term but fundamentally for ethereum or even Bitcoin or the crypto Market nothing fundamentally has changed there's probably more sell pressure for ethereum and ethereum coins or at least fear of sell pressure or maybe this was it all I know is invest in fundamentals and trade on fear uncertainty doubt and technicals so fundamentals have only gotten better technicals and fear and uncertainty they cause short-term price action to the negative in the short-term fundamentals very clear for the long term keep that in mind and just as an example in altcoin news I shared with you a different video about a week ago of sort of the behind the scenes for season 2 killer whales the official season 2 trailer for killer whales the TV show just dropped this is about 90 seconds I want to share with you the full thing then react what am I fighting Prett you're not fighting me you're you're fighting him Mario you are dumb man this season on an allnew killer whales things are heating up you're allowed to throw your opponent but no rest really going to do it the projects are bigger we'd like to welcome you to wagy games Junior Jun we are the stakes are higher with 1.
