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The Rise of Ether (ETH) Amidst Reports of Bybit’s Hacker
The price of the world’s second-largest cryptocurrency, ether (ETH), has risen by more than 2.3% in the last 24 hours, while the broader CoinDesk 20 Index has risen by just 0.76% during the same period. Bitcoin is down around 0.3%.
Bybit’s Hacker’s Holdings
According to reports, Bybit, the cryptocurrency exchange that was hacked for $1.5 billion worth of ether and staked ether by North Korean hacking group Lazarus, has moved 100 million USDT into new addresses and moved half of that into addresses to purchase 36,900 ETH over-the-counter.
The funds, worth around $101 million, were then moved to addresses tagged as belonging to the cryptocurrency exchange, crypto journalist Colin Wu reported, citing, Arkham Intelligence data.
Bybit’s CEO’s Comments
Bybit’s CEO Ben Zhou reportedly said in an “ask me anything” session that the company’s assets are “far greater than $1.5 billion,” adding that “there is a cold wallet in safe with nearly 3 billion US dollars in USDT,” according to the same source.
The Hacker’s Holdings
The hacker is now holding an estimated 489,000 ETH, valued at approximately $1.34 billion, making it the 14th-largest holder of the cryptocurrency.
The addresses associated with the hacker are now closely monitored in the space and are blacklisted by major cryptocurrency exchanges.
Implications for the Hacker
“The stolen funds have already been marked, making it extremely difficult for the hacker to use them. Any attempt to transfer these funds to a major exchange would result in an immediate block,” StealthEX CEO Maria Carola told CoinDesk.
Since the hacker may not be able to use the funds in any way, some analysts are suggesting that the 0.4% of the ETH supply it holds is “essentially gone.”
FAQs
- Q: What is the current price of ETH? A: The price of ETH has risen by 2.3% in the last 24 hours, trading at approximately [current price].
- Q: What is the current market capitalization of the hacker’s ETH holdings? A: The hacker’s estimated 489,000 ETH is valued at approximately $1.34 billion, making it the 14th-largest holder of the cryptocurrency.
- Q: Will the hacker be able to use the stolen funds? A: No, the stolen funds have been marked, making it extremely difficult for the hacker to use them. Any attempt to transfer these funds to a major exchange would result in an immediate block.
- Q: What are the implications of the hacker’s holdings on the market? A: The 0.4% of the ETH supply held by the hacker is essentially gone, and it is unlikely to have a significant impact on the market.
Conclusion: The rise of ETH amidst reports of Bybit’s hacker is a significant development in the cryptocurrency market. The hacker’s estimated 489,000 ETH, valued at approximately $1.34 billion, makes it the 14th-largest holder of the cryptocurrency. The implications of the hacker’s holdings on the market are minimal, and the USDT funds are unlikely to be used in any way.
