Gate Research Institute: The Ripple Effect of Hacker Attacks: The Multiple Impacts of Events from Mt.Gox to Bybit on the crypto market

Summary

• In 2025, the Bybit exchange suffered the largest hack in crypto history, with losses exceeding $1.4 billion, triggering severe market turbulence, highlighting the security vulnerabilities of centralized exchanges, and accelerating the trend towards decentralization.

• Hacking incidents in the crypto market are frequent. Although DeFi projects face many attacks, the amount lost in a single incident at centralized exchanges (CEX) is significant; money laundering methods have become more complex, and cross-chain transfers have become the primary means.

• Hacking incidents often trigger price fluctuations in mainstream cryptocurrencies. For example, the Mt. Gox incident caused Bitcoin to plummet 11.72% in a single day; after the Bybit attack, the maximum daily declines for BTC and ETH reached 4.44% and 7.84%, respectively.

• After the hacker attack, the market sentiment index dropped, and the prices of tokens related to the affected projects plummeted. For example, after the Ronin attack, its token RON fell by 20% within 24 hours.

• Hacker attacks have led to severe market fluctuations, causing panic selling among investors and exacerbating capital outflows. For example, within two days after the Bybit incident, there was a net outflow of $5.7 billion, and the ecosystem's TVL dropped by 75.29% within two months after the Ronin bridge attack. Trust in CEX has declined, and users are rapidly shifting towards decentralized wallets and DEX.

• The hacker attack caused a chain reaction in the ecosystem, leading to panic selling after the Bybit attack, causing USDe to drop to $0.96, and the price deviation of the Chainlink oracle triggered a $22 million liquidation in Aave. The attack on the Ronin bridge resulted in capital outflow, significantly shrinking the DeFi operations of the Ronin ecosystem.

• The industry needs to build a "technology-regulation-user" integrated security system, including technological defense upgrades (MPC wallets, zero-knowledge proofs), compliance and regulatory collaboration (KYC/AML), operational transparency (reserve proof, insurance mechanism), user education (safety awareness promotion, bug bounty), and industry ecosystem collaboration (cross-chain security alliance, technology open source).

• Major hacking incidents such as Mt. Gox, Poly Network, Ronin Bridge, and Bybit attacks have led the industry to reflect and evolve. The cryptocurrency industry grows through challenges and, with the joint efforts of technology, regulation, and the community, builds a secure, transparent, and sustainable future.

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