On February 21, the cryptocurrency market witnessed a dramatic turn of events. Bybit, a major exchange, suffered a $1.4 billion Ethereum (ETH) heist, causing ETH’s price to plummet to a low of $2,616.

In simpler terms, the hacked ether supply is likely lost permanently. Furthermore, Bybit, which has reportedly secured a bridged loan from unnamed partners to cover nearly 80% of the ether lost in the Friday hack, will likely need to purchase coins in the market.