- The Bybit hack caused some market volatility, although the market is slowly stabilizing amid the exchange’s recovery efforts
- Bybit has already managed to fully close the ETH gap caused by the hack
- Amid the chaos, Bitcoin Pepe’s presale is offering investors a safer investment opportunity
The Bybit hack sent shockwaves through the cryptocurrency market with hackers stealing close to $1.5 billion in Ethereum from the exchange’s cold wallet.
Taking place on February 21, 2025, the hack is marked as potentially the largest crypto theft in history.
However, amid this chaos, the Bitcoin Pepe (BPEP) presale, the first meme initial coin offering (ICO) on Bitcoin, has emerged as a surprising beacon of stability, raising over $3.1 million and offering a fresh alternative for wary investors.
The Bybit hack triggered market turmoil
The Bybit hack attributed by some analysts to North Korea’s Lazarus Group, drained approximately 401,000 Ethereum, prompting a massive $5.5 billion withdrawal spree from Bybit as users panicked.
Bitcoin (BTC) dipped below $95,000 and Ethereum (ETH) slumped to $2,641, as market volatility soared, amid fears of whether Bybit was still solvent after the hack.
However, Bybit has purchased some Ether (ETH) to reimburse its ETH reserves to mitigate further market instability. The exchange has also been helped by some of the blockchains to track and freeze some of the stolen funds. The exchange also says it now knows where the stolen funds went after issuing a $140 billion bounty.
We’re close to 100% on our ETH reserves, and deposits & withdrawals are back to normal.
Through it all, the crypto community, our partners, and our users have shown unwavering support—thank you.
We know where our funds have gone, and we’re committed to turning this experience… pic.twitter.com/pJBpfVtVVH
— Bybit (@Bybit_Official) February 24, 2025
The hack not only exposed vulnerabilities in centralized exchanges but also amplified fears of further instability, pushing traders to seek safer harbours as the crypto sector reels from the fallout.
Bitcoin Pepe’s unique appeal
As the market recovers from the Bybit hack chaos, Bitcoin Pepe has captured attention with its innovative approach, blending Bitcoin’s enduring security with Solana-like speed through its PEP-20 token standard.
Positioned as a meme-focused Layer-2 solution on Bitcoin, Bitcoin Pepe promises instant transactions and ultra-low fees, appealing to a community disillusioned by recent security breaches.
Now in Stage 5 of its 30-stage presale, the BPEP token is priced at $0.0255 and set to rise to $0.0268 in the next presale stage, with $3,179,341 already raised toward a $3,748,500 goal.
Backed by an audit from SolidProof, Bitcoin Pepe offers a narrative of resilience and growth, drawing investors seeking refuge from the Bybit hack’s ripples.
A presale haven amid uncertainty
The crypto landscape remains on edge as Bybit works to restore confidence, having secured over 446,870 ETH through loans and purchases to cover losses from the Bybit hack. Yet, the incident’s long-term implications linger, with market watchers anticipating heightened scrutiny and potential regulatory shifts.
Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6
— Ben Zhou (@benbybit) February 24, 2025
For now, Bitcoin Pepe’s presale stands out as a haven, offering a blend of meme culture and technological ambition that contrasts sharply with the Bybit hack’s grim reminder of crypto’s vulnerabilities, giving investors a chance to regroup and reimagine their strategies in a volatile world.
Unlike Ethereum or other high-cap tokens battered by the hack’s aftermath, BPEP’s presale structure provides a controlled entry point, insulated from immediate market swings. The project’s vision of enabling memecoin launches on Bitcoin’s “forever chain” resonates with a community eager for innovation, while its steady fundraising progress signals trust in a shaken market.
With the Bybit hack underscoring the risks of centralized platforms, Bitcoin Pepe’s decentralized promise and presale momentum position it as a compelling alternative for investors navigating this turbulent period.
If interested in the Bitcoin Pepe project, visit the project’s official website for more information.