The crypto market is witnessing a wipeout of strong gains from the first part of the day, returning to a downtrend. The situation is extraordinary, and the scale of the sell-off is significantly larger than in the stock market, which is also experiencing declines.
Initial speculation suggests that there may have been a hack targeting one of ByBit Official’s hot wallets, leading to the theft of nearly $1.4 billion in Ethereum. The funds were immediately transferred to another address and are currently being liquidated.
The reaction may be short-lived, as these are not substantial sums in the broader market context. However, the broader market declines indicate mild investor panic, further fueled by weaker sentiment in the U.S. stock market.
Crypto news: Bitcoin rebounds after the sell-off 📈Ethereum above $4000
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Chart of the day - ETHEREUM (09.10.2025)
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