Tether's CEO, Paolo Ardoino, On February 22, 2025 confirmed the freezing of 181,000 USDT linked to the recent Bybit hack, which resulted in the theft of over $1.4 billion in crypto assets.
This action reflects Tether's ongoing efforts to monitor and secure the crypto market against illicit activities.
The Bybit hack, reported on February 21, involved sophisticated tactics that allowed hackers to drain funds from the exchange's Ethereum cold wallet.
The stolen assets included a significant amount of mETH and cmETH, alongside the USDT that Tether has now frozen.
Ardoino emphasized that while the amount frozen may seem modest, it represents a proactive measure in combating fraud within the crypto space.
Ardoino acknowledged the collaborative efforts of the crypto community in enhancing security measures.
In response to the hack, other exchanges like Binance and Bitget have also stepped up, providing liquidity support and blacklisting hacker wallets to prevent further misuse of stolen funds.
The incident has raised serious concerns about security protocols within the crypto market, particularly regarding the vulnerabilities exploited during this attack.
The incident may negatively influence market sentiment, leading to a decline in crypto prices. Investors often react to news of hacks and freezes with caution, which can create a ripple effect across various crypto.
Such actions can heighten investor concern regarding the security and reliability of crypto exchanges. The perception that funds can be frozen at any time may deter potential investors or lead current holders to withdraw their assets, further exacerbating market fluctuations.
Frequent freezes can erode trust in the crypto ecosystem, as users may feel their control over assets is compromised. This distrust can lead to a broader reluctance to engage with crypto markets.
It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)
Posted using Neoxian City