Bybit Hack: $1.4B in ETH Stolen, Market Volatile
The Most Important Points at a Glance
A massive hack on the crypto exchange Bybit has led to a significant movement of stolen funds. A total of 500,000 ETH worth $1.4 billion was stolen. Of this, 77% is still traceable, 20% has disappeared, and 3% has been frozen. Particularly noteworthy is the conversion of 417,348 ETH into Bitcoin, which could have significant implications for market volatility.
Details on the Bybit Hack
The attack on Bybit has put the crypto community on high alert. A detailed analysis of the stolen funds shows:
- 77% of the stolen funds are still traceable.
- 20% have flowed into untraceable channels.
- 3% have already been frozen.
The perpetrators used various techniques to obscure the trail of the funds. Particularly striking is the conversion of Ethereum into Bitcoin, which was distributed across 6,954 wallets. On average, 1.71 BTC was transferred per wallet.
Impact on the Market
The large-scale conversion of ETH into BTC could significantly impact Bitcoin’s liquidity. Increased Bitcoin availability in the markets could lead to heightened volatility.
Additionally, uncertainty regarding Donald Trump’s stance on Ethereum and Bitcoin is causing further unrest. Market observers speculate about possible manipulation attempts, while ETH reserves are rising again after hitting a low point.
Our Assessment
The coming days could be turbulent for the crypto market. The distribution of the stolen funds across numerous wallets makes tracking more difficult. At the same time, the massive ETH-to-BTC conversion could trigger short-term price fluctuations. Investors should closely monitor developments and be prepared for increased volatility.
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