Ethereum (ETH) is on the rise, gaining 2.3% in the last 24 hours. Meanwhile, Bitcoin (BTC) is down 0.3%, showing a mixed crypto market reaction.
This surge comes amid reports that Bybit, the exchange recently hacked for $1.5 billion in ETH and staked ETH, has moved $100 million USDT to new addresses. Of that, $50 million was used to buy 36,900 ETH over-the-counter (OTC).
Bybit’s Response to the $1.5 Billion Hack
According to crypto journalist Colin Wu, citing Arkham Intelligence data, Bybit’s funds were later transferred to addresses linked to the exchange.
In a recent Ask Me Anything (AMA) session, Bybit CEO Ben Zhou reassured users, stating:
Despite the massive loss, Bybit appears to be in a strong financial position, aiming to restore market confidence.
Hacker Holds 489,000 ETH – But Can They Use It?
The hacker behind the Bybit breach now controls an estimated 489,000 ETH worth $1.34 billion. This stash makes them the 14th-largest holder of Ethereum, controlling 0.4% of the total ETH supply.
Some analysts argue that since these funds cannot be accessed or spent, this 0.4% of ETH supply is essentially lost, potentially benefiting the Ethereum ecosystem by reducing circulating supply.
Will Ethereum’s Price Continue Rising?
With Bybit stabilizing after the hack and Ethereum supply being partially locked away, market sentiment remains cautiously optimistic. However, investors should watch for further movements from Bybit and any unexpected developments.
What do you think? Will Ethereum continue its upward momentum, or is more volatility ahead?
