Ether Price Rises Amid Bybit Developments
The price of ether (ETH), the world’s second-largest cryptocurrency, has seen a notable increase of over 2.3% within the last 24 hours. In contrast, the broader CoinDesk 20 Index has only risen by approximately 0.76% during the same timeframe, while Bitcoin has experienced a slight decline of around 0.3%. This uptick in ether’s value coincides with reports regarding Bybit, a prominent cryptocurrency exchange that was recently compromised by the North Korean hacking group Lazarus, resulting in a theft of $1.5 billion worth of ether and staked ether.
In an intriguing turn of events, Bybit has reportedly transferred 100 million USDT into new addresses, with half of that amount being utilized to acquire 36,900 ETH through over-the-counter transactions. The total funds, valued at approximately $101 million, were subsequently moved to addresses identified as belonging to Bybit, as reported by crypto journalist Colin Wu, who cited data from Arkham Intelligence.
During an “ask me anything” session, Bybit’s CEO Ben Zhou reassured users that the company’s assets are “far greater than $1.5 billion.” He also mentioned that there is a secure cold wallet holding nearly $3 billion in USDT, according to the same source.
As for the hacker, they are currently believed to be holding an estimated 489,000 ETH, which is valued at around $1.34 billion and accounts for approximately 0.4% of the total ether supply. This makes the hacker the 14th-largest holder of this cryptocurrency. The addresses linked to the hacker are now under strict surveillance within the crypto community and have been blacklisted by major exchanges. StealthEX CEO Maria Carola stated, “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.”
Given the current situation, some analysts are suggesting that the 0.4% of the ETH supply held by the hacker is effectively “essentially gone,” as utilizing these assets poses insurmountable challenges.
