The crypto industry started its Friday in a jubilant mood, with Coinbase Global Inc.’s announcement that US securities regulators were poised to dismiss a legal case against the nation’s largest digital-asset exchange.

Bybit’s $1.4 billion hack, the largest in crypto history, might have unexpected implications for Ethereum. As the exchange moves to recover, could this be a bullish catalyst for ETH?

Rival crypto exchanges are stepping in to shore up the finances of the world’s third biggest exchange, Bybit, after hackers stole $1.4 billion from the firm last week. In doing so, the crypto industry is hoping to calm investor worries that the hack could lead to another FTX-like implosion.

Dubai-based cryptocurrency exchange Bybit has reported hackers stole $US1.5bn ($2.4bn) worth of digital assets in the largest crypto theft in industry history.