On February 24, 2025, Whale Alert, a blockchain tracking service, reported a transfer of 51,999,999 XRP (approximately $128.78 million) from an unidentified wallet to Bybit.

51,999,999 #XRP (128,782,393 USD) transferred from unknown wallet to #Bybithttps://t.co/4C8SlWy76u

— Whale Alert (@whale_alert) February 24, 2025

This significant movement of funds follows a similar transaction a few days prior, where 40 million XRP were sent to Bybit from an unknown source.

Watcher Guru reported shortly after the 40 million XRP transfer that ByBit was receiving loans to cover withdrawals from its platform, and the recent 51.9 million tokens transfer has reignited discussions in the community about potential loan arrangements aimed at bolstering the exchange’s liquidity.

Bybit’s Security Breach

On February 21, 2025, Bybit experienced a sophisticated cyberattack that compromised its Ethereum (ETH) cold wallet, resulting in the loss of approximately $1.46 billion worth of ETH. The attackers employed a technique known as “musked UI,” deceiving authorized signers into approving a malicious transaction that altered the smart contract logic of the wallet.

This manipulation granted the attackers control over the funds, transferred to an unknown address. Despite the severity of the breach, Bybit’s CEO, Ben Zhou, reassured users that the exchange remains solvent and that all client assets are fully backed.

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He emphasized that unaffected wallets and withdrawal processes operate normally, but the whale transactions suggest ByBit may need help fulfilling withdrawals.

Is the Crypto World Helping ByBit?

Whale movements are common in the XRP ecosystem. The reasons behind these transactions could be internal fund movements within exchanges, token accumulation by large investors, sell-offs, and so much more. However, this case is peculiar because of ByBit’s recent misfortune.

While the exact intent behind the transfers remains unconfirmed, such large inflows are often interpreted as strategic moves by whales, and the timing of these transactions suggests ByBit may be receiving help from these whales.

Bybit’s Response and Recovery Efforts

In response to the breach, Bybit has implemented several measures to enhance security and recover the stolen assets. The exchange announced a bounty program, offering 10% of any recovered funds—potentially up to $140 million—to cybersecurity experts and blockchain analysts who assist in tracking and retrieving the stolen assets.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Bybit assured customers their remaining assets were secure but warned of potential withdrawal delays due to the incident. CEO Ben Zhou emphasized that the company could absorb the loss and remain solvent, even if the stolen funds were not recovered.

Recent reports suggest that The Lazarus Group, a cybercriminal organization linked to North Korea, is responsible for the hack. Analysts identified substantial overlaps between the hackers’ addresses and those used in previous North Korean cyberattacks.

North Korea has a history of targeting cryptocurrency platforms, stealing approximately billions of tokens over the past few years. The U.S. government and international security agencies have warned that such activities help fund North Korea’s missile and weapons programs, increasing geopolitical tensions.

Bitcoin Enthusiasts Call for Ethereum’s Intervention

In response to the hack, Bitcoin enthusiasts Justin Bechler and Matthew Kratter raised concerns about Ethereum’s role in addressing the situation. Kratter argued that if Ethereum’s leadership does not push through a hard fork to revoke access to the stolen funds, they could be viewed as complicit in “aiding and abetting global terrorism.”

Bechler further noted that Ethereum is in a no-win situation: either roll back the chain and prove its centralization or do nothing and risk regulatory consequences for allowing stolen funds to circulate.

Vitalik is caught in a nightmare he can't win.

Roll back the chain and Ethereum proves it’s centralized. Do nothing and Ethereum funds North Korean terrorism and will suffer brutal OFAC sanctions.

Either way, Ethereum is finished. The only question is how fast it collapses. https://t.co/dVI3UZZJfi

— Justin Bechler (@1914ad) February 22, 2025

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Unlike Bitcoin, which operates on a fixed monetary policy and a strict commitment to immutability, Ethereum has historically implemented network changes through hard forks, such as the response to the 2016 DAO hack, which resulted in the creation of Ethereum Classic by those who disagreed.

Will the Government Step In?

If Ethereum initiates a hard fork to reverse the hack, it would demonstrate a willingness to alter transaction history, raising concerns about its decentralization. Such an action could set a precedent where Ethereum is expected to intervene in major security incidents, potentially undermining its credibility as a neutral and censorship-resistant platform.

On the other hand, inaction carries its risks. With North Korea implicated, regulators such as the U.S. Treasury’s Office of Foreign Assets Control (OFAC) could take enforcement actions, similar to its 2022 sanctions on the cryptocurrency mixing service Tornado Cash.

The U.S. government has previously targeted services linked to laundering stolen cryptocurrency, and Ethereum’s response to the Bybit hack may influence future policies regarding blockchain networks.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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JUST IN 40 Million #XRP Transferred From Unknown Wallet To #Bybit

Anonymous Whale Just Gave Loan To Bybit ( #XRP Liquidity ) pic.twitter.com/sP7lCzx5k6

— XRP CAPTAIN (@UniverseTwenty) February 21, 2025

This development follows a recent hack that resulted in the loss of $1.46 billion in digital assets from Bybit, marking one of the largest cryptocurrency thefts.

Bybit’s Security Breach

On February 21, 2025, Bybit experienced a sophisticated cyberattack leading to the theft of over 400,000 Ethereum tokens, valued at approximately $1.46 billion. This attack came shortly after ByBit took a major initiative by making its liquidation data accessible to the public.

The attackers manipulated the smart contract interface, gaining control of one of Bybit’s cold wallets and transferring its contents to an unknown address. Despite the magnitude of the theft, Bybit’s CEO, Ben Zhou, assured users that the exchange remains solvent and that all client assets are fully backed. He emphasized that unaffected wallets and withdrawal processes continue to operate normally.

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The 40 Million XRP Transaction

In the aftermath of the breach, a notable transaction was observed: 40 million XRP tokens were transferred from an unknown wallet to Bybit. While ByBit assured clients everything was fine, XRP Captain shared a screenshot of a report from Watcher Guru revealing that the exchange is accepting loans to cover withdrawals.

While the purpose of this substantial transfer has not been officially disclosed, speculation within the community suggests that this influx of XRP is a loan to bolster Bybit’s liquidity following the recent security incident.

Some community members took this further, with one commenter suggesting that this transfer was a loan from Ripple CEO Brad Garlinghouse. Another commenter claimed that Garlinghouse funded the $TRUMP token with $60 million, and argued that it was logical for him to support ByBit in this situation.

Bybit’s Response and Recovery Efforts

In response to the security breach, Bybit has initiated measures to recover the stolen assets and enhance its security framework.

The exchange has announced a bounty program, pledging 10% of any recovered funds—potentially up to $140 million—to cybersecurity experts and blockchain analysts who assist in tracking and retrieving the stolen assets.

While there has been no confirmation that the $40 million transfer was a loan, the transaction has drawn significant attention within the cryptocurrency community.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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According to the announcement on its X handle today, the leading crypto exchange will list an impressive 12 new EUR pairs against a diverse range of digital assets in the spot market over the next few days, which started on the 8th of July.

Read Also: Shiba Inu (SHIB) Gains More Exposure on ByBit Exchange As ShibArmy Hopes For a Rally

Aside from Shiba Inu (SHIB), the latest listing of trading pairs against EURO also includes top meme tokens such as PEPE, Near Protocol (NEAR), and Dogwifhat (WIF).

In a testament to their swift execution, these pairs are already live on the platform. Bybit’s decision to branch out into these additional assets signals a commitment to diversification and a finger on the pulse of market demand.

PEPE, the popular meme token, is sure to attract its share of enthusiasts, while Near Protocol’s decentralized app platform and Dogwifhat’s innovative approach to DeFi will likely draw in fans of cutting-edge tech.

This bold move is set to significantly enhance the trading experience for users, providing greater flexibility and opportunities for growth.

The SHIB/EUR pair has already made a splash, surging 54.95% upon its introduction and reaching a peak of €0.00001572. With a trading volume exceeding 511 million SHIB in just a few hours after listing, it’s clear that investors are eager to get in on the action.

Bybit’s commitment to supporting SHIB is evident, with the platform now offering three SHIB trading pairs on the spot market, including SHIB/USDT and SHIB/USDC. Additionally, customers can access SHIB1000USDT and SHIB1000USDC perpetual futures trading pairs, making Bybit a one-stop shop for all SHIB enthusiasts.

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Read Also: Bybit Simplifies Shiba Inu (SHIB) Purchases with Google Pay Integration

What Makes SHIB Pair Special On Bybit

The Shiba Inu trading landscape reveals a fascinating insight – on Bybit. The SHIB/USDT pairing accounts for nearly 2% of global trading volume. Although its 24-hour trading volume of $10.14 million seems modest compared to the staggering $106 million traded on Upbit’s SHIB/KRW pair.

Bybit has been steadfast in its support for Shiba Inu (SHIB) since its listing in December 2021. The platform has continued to innovate, introducing engaging campaigns and expanding its offerings to include the SHIB/USDC pairing in August 2022, further solidifying its commitment to the Shiba Inu community.

With its user-friendly interface, extensive trading options, and innovative features like Google Pay integration, Bybit is cementing its position as a leading crypto exchange. With its significant holding of 2.26 trillion SHIB in its Proof of Reserve (PoR), worth a staggering $36.38 million, Bybit is demonstrating its dedication to the SHIB community.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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This move comes in the wake of Ripple’s recent legal victory against the United States Securities and Exchange Commission (SEC), prompting a surge in interest surrounding the digital asset.

Read Also: Coinbase Leverages Ripple and XRP Victory In Motion to Dismiss SEC Lawsuit

Diversifying Trading Opportunities

In a blog post published on September 4, Bybit excitedly announced the expansion of its trading pairs to include XRP/EUR. This development now enables users to seamlessly trade XRP for Euro, further bolstering the range of investment options on the trading platform.

Bybit has also introduced Euro trading pairs for seven other cryptocurrencies, including BTC/EUR, ETH/EUR, LTC/EUR, DOGE/EUR, ADA/EUR, USDC/EUR, and SOL/EUR, catering to the diverse needs of its growing user base.

Ripple’s Legal Win Propels Exchange Listings

Ripple’s legal triumph in the courtroom has ignited a wave of enthusiasm amongst the cryptocurrency community.

U.S. District Judge Analisa Torres ruled in July that XRP does not qualify as a security when purchased by retail investors through crypto exchanges or used by service providers. Since then, several prominent cryptocurrency exchanges have hastened to introduce or reintroduce XRP to their vast user base.

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Read Also: XRP Surge To $50 on Gemini Wasn’t a Glitch, Expert Foresees Bigger Shocker Based On XRP Supply

Echoing Adoption

Bybit’s decision to introduce XRP trading against the Euro follows in the footsteps of other top exchanges in the sector. The Liechtenstein Cryptoassets Exchange (LCX) listed XRP against popular trading pairs shortly after Ripple’s victory, including USD Coin (USDC), Euro, and its own native currency, LCX. Popular platforms like Gemini, Coinbase, Kraken, and Crypto.com also quickly replicated this move, reintegrating XRP and giving customers fresh investing opportunities.

Bybit’s introduction of XRP trading against the Euro signifies a significant stride towards expanding user investment possibilities. Alongside other exchanges that have embarked on relisting XRP, this demonstrates the growing confidence in Ripple’s victory against the SEC and the resurgence of interest in XRP as a viable digital asset.

As cryptocurrency enthusiasts eagerly navigate this evolving landscape, Bybit remains firmly committed to empowering its users with enhanced trading experiences, further solidifying its position as a leading crypto exchange.

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Regardless of the fact that the miner-led post-Merge hardfork is yet to happen, FTX, Bitfinex, Bybit, Gate.io, FTX.US, and MEXC Global exchanges have launched spot trading for the Ethereum POW Fork IOU token (ETHW). Bitrue, Phemex, and Digifinex are the recent exchanges to support the token with more exchanges expected to list the token probably after the execution of the miner-led post-merge hardfork. 

According to data from Coingecko, the global FTX exchange recorded the highest trading volume for ETHW, followed by MEXC Global and Bybit exchange. At the time of writing, FTX has recorded a massive ETHW volume of $37,930,802 out of the overall $44,230,207 24 hours volume. While MEXC Global has recorded $5,151,596 ETHW in volume, Bybit has processed $5,129,682 ETHW volume so far.

Read Also: The Merge Activated; Ethereum is Now a Proof-of-Stake Blockchain

To celebrate the merge, Bybit announced the launch of the USDT trading pair against ETHW. Users can now trade the post-merge forked token using the largest stablecoin by market capitalization. MEXC Global and Gate.io have also introduced the ETHW/USDT pair on their respective platforms. ETHW/USD trading pair is also now available on the FTX. 

Per the update, Bybit Official tweeted, “ETHW/USDT is now LIVE for Spot trading! ETHW deposits and withdrawals are coming soon! Trade now with 0 fees.” ETHW deposits and withdrawals were opened on the exchange hours after this announcement. 

$ETHW is now open for deposits!

Deposit and trade with 0 fees: https://t.co/EE7fn790nl https://t.co/V5wH6f2kAr

— Bybit (@Bybit_Official) September 15, 2022

Read Also: Ethereum (ETH) Merge-Inspired Song and NFTs Flood the Market

While Ethereum’s transition is a huge step forward, some players and crypto miners in the industry believe PoW is essential in the space. Hence, a coordinated post-merge hardfork is scheduled to happen 24 hours after the merge activation. Categorically, the fork is expected to split the Ethereum chain in two with one chain running as proof-of-stake and the other proof-of-work (PoW) based. 

At the time of writing, Ethereum PoW Fork IOU (ETHW) is trading for $11.55. This token listed by several exchanges is an IOU cryptocurrency where IOU means “I owe you.” The “owing” comes into play because ETHW will be the result of the post-merge Ethereum hard fork which is yet to happen.

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To give users and the ShibArmy more trading options, Bybit, a top digital assets ecosystem has introduced a new Spot trading pair for Shiba Inu, SHIB/USDC. 

Over 5 million registered ByBit users can now trade the second-largest dog-themed token on the platform with the largest stablecoins, USD Coin (USDC) and Tether (USDT).

Per the update, the exchange introduced 3 other USDC Spot pairs including; GMT/USDC, LINK/USDC, and CHZ/USDC. 

Bybit is thrilled to announce the addition of 4 new $USDC Spot pairs!

$GMT/USDC: https://t.co/rd6oCaRzZi
$LINK/USDC: https://t.co/enjKeiVV6Y
$SHIB/USDC: https://t.co/476kezWyA8
$CHZ/USDC: https://t.co/V3LGEE9ct2 pic.twitter.com/4RWshDaFZ5

— Bybit (@Bybit_Official) August 30, 2022

ByBit Continues to Support Shiba Inu (SHIB)

The Singapore-based crypto exchange first supported Shiba Inu (SHIB) trading in December 2021, when it introduced the SHIB/USDT spot trading pair. Shiba Inu’s listing on ByBit happened after the meme token got supported on the largest US-based crypto exchange.

On September 17, 2021, Coinbase listed Shiba Inu (SHIB) on its trading platform. This was a major boost for the token as it gained massive interest from investors. In consequence, Shiba Inu’s price rose by over 40% in the following 48 hours. 

Due to the recent market downturn, Shiba Inu (SHIB) has been heading south in the crypto market, declining by over 8% in the last 7 days. At the time of writing, Shiba Inu is trading for $0.00001209 per token, according to data from Coinmarketcap. 

Read Also: What Will You Do If Shiba Inu Hits 1 Cent? SHIB Investors from These Two Countries Speak

When SHIB Rally?

Although the meme token is trading far below its all-time high of $0.000086, some crypto investors believe that Shiba Inu could repeat the rally it displaced in late 2021, owing to many positive developments surrounding the project. 

The community behind Shiba Inu (SHIB) has been very active in terms of building and developing the token ecosystem. More so, to reduce the supply of Shiba Inu, millions of SHIB tokens are being burned daily ever since the introduction of the burn initiative. 

Related: SHIB Burn Rate Rises 235%, Almost 400 Million SHIB Destroyed in the Past 24 Hours

Earlier this year, Shytoshi Kusama, a lead developer in the Shiba Inu community, outlined several projects to be onboarded in 2022, which include Shiba Collectible Card Game (Shiba Eternity), SHIB: The Metaverse, and Shibarium among others. 

Significant progress has been made in the actualization of these projects. Notably, the Shiba Eternity game is currently in the final testing stage and is speculated to be launched in September as commented by William Volk, the game’s lead designer, and consultant.

At the moment, the testing is only open for Vietnam users while Indonesians would be the next to access the test version of the Shiba Eternity game. Meanwhile, Shibarium, a layer 2 protocol is also close to being rolled out.

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However, the digital asset soon dropped massively by 88% to $3.5 on Bybit exchange and resurged to settle around $6, representing an 80% downtrend from $30.

Read Also: Terra Blockchain Undergoes Rebirth Successfully with LUNA 2.0 Airdrop

The LUNA 2.0 volatility at launch can be seen in the chart below as provided by Bybit exchange.

Binance Taking Caution on LUNA 2.0 Listing

So, the trend showcased by Terra (LUNA) token at launch has seemingly led Binance to announce that it will be listed in the innovation zone.

Moreover, the trading of LUNA/USDT and LUNA/BUSD pairs will be delayed till May 31st at 6 am UTC. This waiting is seemingly meant to watch the progress of the new token.

Read Also: Terra Team Set To Burn 1.388 Billion TerraUSD (UST) to Save the Depegged Stablecoin

What Is Binance Innovation Zone?

The Binance Innovation Zone is “a dedicated trading zone where users are able to trade new tokens that may have increased volatility and pose a higher risk than other tokens.”

Before Binance users can trade digital assets in the innovation zone, they are ‘required to visit the web version of the Innovation Zone trading page to carefully read the Binance Terms of Use and complete a questionnaire as part of the Initial Disclaimer.’

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