Bybit’s hacker, supposedly a North Korean entity, is now one of the largest ether holders in the world, which can have bullish implications for the spot price of cryptocurrency.
According to Arkham Intelligence data and Coinbase Connor Grogan executive, this malicious actor has 489,000 ETH, valued at approximately $ 1.34 billion, which constitutes approximately 0.4% of Ether’s total supply, which makes it the 14th holder of Greatest global Ether. That puts the hacker ahead of the Ethereum Foundation, the CEO of Ethereum, Vitalik Butein and Fidelity.
It is important to keep in mind that the addresses linked to this entity are being monitored closely and in the exchanges list, which means that the hacker will probably have difficulty downloading these coins in the market.
In simpler terms, the pirated ether supply is probably permanently lost. In addition, Bybit, which according to the reports has assured a loan bridge of unidentified partners to cover almost 80% of the ether lost on Friday’s trick, probably need to buy coins in the market.
“With regard to this supply, essentially missing. No desk or exchange of OTC will facilitate the movement of such a large amount. Meanwhile, bybit is short 402k Eth. The loan of the bridge can meet the immediate needs, but the purchase still It will be necessary, “Vance Spencer, co -founder of Crypto VC Firm Framework Ventures, said in X.
That probably explains why Ether has bounced at 2.6% to $ 2,730 from the minimum during the night of around $ 2,614. Financing rates in perpetual futures linked to ether remain positive, which implies a bias for long positions, according to the Coingcko data source.
