Crypto Crash 2.0 Fears? Bybit Hack, Bitcoin Plunge Echo Terra/Luna Disaster

• Last week, Bybit got hacked, losing $1.5 billion
• Bitcoin’s price dropped below $90k for the first time in the last four months
• Ethereum also dropped by more than 10%

A lot has happened in the crypto world over the past few days, most of it not good. Last week, Bybit, one of the leading crypto derivatives exchanges, was targeted by a sophisticated cyberattack. This resulted in the biggest crypto hack ever, where the perpetrators stole $1.5 billion.

Then, just this morning, Bitcoin dropped below $90k for the first time since November 2024. has understandably triggered comparisons to the catastrophic Terra/Luna collapse.

Echoes of Terra/Luna: Investor Anxiety Rises

Still one of the most catastrophic events in crypto history, it involved the collapse of Terra’s algorithmic stablecoin (UST) and its sister token, Luna. 

The failure of UST’s peg led to a cascading effect, causing Luna’s value to plummet nearly 100%, leading to massive investor losses. This also caused the crypto exchange FTX to go bankrupt.

Unlike the Bybit hack, which was largely an isolated incident affecting one exchange, the Terra/Luna crash had systemic repercussions. It sho…

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