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The crisis began when Bybit, the world’s second-largest crypto exchange, fell victim to a massive crypto heist that triggered panic among its users. Following the announcement, the value of Ethereum significantly dropped by 4%, signaling alarm across the cryptocurrency markets as customers rushed to withdraw their funds. The heist itself was orchestrated through a well-planned cyberattack that targeted Bybit’s warm wallets, where a small portion of the exchange’s crypto assets were held for operational purposes.