Steady Lads Biggest Hack Ever? $1.5 Billion Stolen! w/ Su Zhu
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Feb 22, 2025 Su Zhu, the former CEO of Three Arrows Capital, dives into the shocking $1.5 billion ETH hack from Bybit, exploring its consequences for market security. He shares insights on the $LIBRA launch debacle and discusses whether the Supercycle is still intact. The conversation also touches on the effect of micro-trends in crypto, including notable altcoin resilience and upcoming AI innovations. Finally, they lighten the mood with a fun pasta segment, blending culinary passions with crypto chatter.
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Bybit Hack
- Bybit experienced the largest hack in crypto history, losing $1.5B in ETH, attributed to the Lazarus Group.
- Bybit's CEO, Ben, responded calmly and transparently, reassuring users and outlining a recovery plan.
Market Reaction to Hack
- Despite the Bybit hack and ETH loss, the market reacted constructively, with ETH remaining relatively flat.
- This suggests a potential bullish scenario for ETH as Bybit needs to buy back a substantial amount, creating upward price pressure.
$LIBRA Launch and Crash
- The $LIBRA coin launch, involving Argentina's president, resulted in significant losses for many investors, unlike previous celebrity-backed coins.
- The incident exposed questionable practices and sparked discussions about market manipulation within the Solana ecosystem.
