On February 21, the cryptocurrency market witnessed a dramatic turn of events. Bybit, a major exchange, suffered a $1.4 billion Ethereum (ETH) heist, causing ETH’s price to plummet to a low of $2,616.

Over 405,000 ETH, valued at approximately $1.1 billion, were drained from the exchange and subsequently dispersed across multiple wallets. As expected, this incident has triggered speculation about potential sell-offs and buybacks, making Ethereum’s near-term trajectory uncertain.

An outflow of 401,346.76 ETH worth $1.5B was noted by on-chain sleuth ZachXBT, which later turned out to be one of the most expensive hacks to date.