$49.5M Ethereum Transfer Sparks Fears After Bybit’s $1.46B Hack – What’s Happening?

The post $49.5M Ethereum Transfer Sparks Fears After Bybit’s $1.46B Hack – What’s Happening? appeared first on Coinpedia Fintech News

Just a few days after the shocking Bybit hack, another suspicious fund movement has been detected in the cryptocurrency ecosystem. According to Certik Alert, no fewer than $49.5 million have been transferred from an unverified Ethereum contract. Last week, in the largest hacking event in the history of the crypto industry, approximately $1.46 billion in stETH, mETH and ERC-20 tokens were stolen from Bybit. In the wake of this, the suspicious Ethereum transfer has put the crypto community on high alert. Let’s dive in for more details!

Suspicious $49.5M Ethereum Transfer – What We Know So Far

The suspicious transfer has been initially detected by Certick Alert. In an X post, it has revealed the details of the transfer.

As per its post, around $49.5 million have been transferred from an unverified Ethereum contract. The post notes that the receiving wallet is swapping the transferred fund for Dai stablecoin. Many crypto enthusiasts have expressed concerns about the recent development in the Ethereum ecosystem.

The Suspicious ETH Transfer: Crypto Whales or Hackers?

Though when the details of the hack was revealed for the first time, it was unclear whether it was a whale action or hack, Certik Alert has later confirmed that it is a hack.

Certik Alert hints that the incident follows a pattern of major crypto hacks, like the recent $1.46 billion Bybit hack.

Connection to the Bybit Hack: Is It a Trend?

Last week, over $1.46 billion in liquid-staked Ether, Mantle Staked ETH and other ERC-20 tokens were stolen from Bybit. The hack was executed using an advanced social engineering technique. The attack was similar to previous hacks such as the $230 million WazirX hack and the $58 million Radiant Capital hack.

How Secure is the Ethereum Ecosystem?

The Ethereum ecosystem is generally secure, but it faces risks like smart contract vulnerabilities, 51% attacks, and wallet security flaws. While Proof-of-Stake is a strong consensus mechanism, it is not immune to attacks.

The $48.5 million suspicious transfer highlights ongoing risks. This shows that hackers can still exploit weaknesses.

To stay safe, users should use trusted wallets, avoid phishing scams, and verify transactions carefully.

In conclusion, as Ethereum grows, developers must improve smart contract security and create stronger protection methods to prevent future incidents like this.