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

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!

#CertiKInsight 🚨

We have seen suspicious transfers of funds from unverified contracts on Ethereum 0x9A79f4105A4e1A050Ba0b42F25351D394fA7E1DC

The receiver 0x3ac96134fb0e42a52d33045aee50b89790f05ed0 took ~$49.5M and is swapping them for Dai

Stay Vigilant! pic.twitter.com/MVXyn4fM9o

— CertiK Alert (@CertiKAlert) February 24, 2025

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.

Source