The recent Bybit hack has sent shockwaves throughout the crypto market, with $1.4 billion (around 500,000 ETH) being compromised. The aftermath of the hack has left the crypto community on high alert, trying to track down the stolen funds.
A breakdown of the hacked funds reveals that 77% of the stolen funds are still traceable, offering a glimmer of hope for recovery. However, 20% of the funds have disappeared into untraceable channels, making them extremely difficult to recover. On a positive note, 3% of the funds have been successfully frozen, preventing further movement.
The hacker utilized sophisticated techniques to move and conceal the stolen assets, converting a significant amount of Ethereum into Bitcoin across 6,954 wallets. This large-scale conversion is expected to impact Bitcoin’s market liquidity, potentially increasing volatility in the market in the coming days.
The movement of such a large sum of compromised funds is likely to create a ripple effect in the market, particularly affecting the ETH/BTC volatility. With funds spread across numerous wallets and exchanges, tracking them down becomes a complex task.
There is also growing uncertainty surrounding Trump’s stance on ETH/BTC, with critics speculating about potential market manipulation strategies. This uncertainty, coupled with rising ETH reserves, is adding to the tension in the market, making it challenging to absorb the sell-side liquidity.
Traders and investors are advised to tread carefully in this volatile landscape, as sudden moves and market reactions are expected in the wake of the Bybit hack. It is crucial to stay informed and vigilant in navigating these uncertain times in the crypto market.
In conclusion, the Bybit hack has not only led to a significant loss of funds but has also raised concerns about market stability and manipulation. As the crypto community continues to track down the stolen funds, it is essential for traders and investors to stay cautious and informed to navigate the evolving market conditions.