Ether Price Rises Amid Bybit Hack Developments

According to CoinDesk, the price of ether (ETH), the world's second-largest cryptocurrency, has increased by over 2.3% in the past 24 hours. In contrast, the broader CoinDesk 20 Index saw a modest rise of 0.76%, while Bitcoin experienced a slight decline of approximately 0.3%. This surge in ether's value coincides with reports concerning Bybit, a cryptocurrency exchange recently targeted by a North Korean hacking group known as Lazarus. The hackers reportedly stole $1.5 billion worth of ether and staked ether. In response, Bybit has moved 100 million USDT into new addresses, with half of that amount used to purchase 36,900 ETH over-the-counter. The funds, estimated to be worth around $101 million, were subsequently transferred to addresses identified as belonging to the cryptocurrency exchange, as reported by crypto journalist Colin Wu, citing data from Arkham Intelligence. Bybit's CEO, Ben Zhou, addressed the situation in a public "ask me anything" session, asserting that the company's assets exceed $1.5 billion. He further revealed that Bybit maintains a cold wallet containing nearly $3 billion in USDT, ensuring the company's financial stability. The hacker responsible for the breach now holds an estimated 489,000 ETH, valued at approximately $1.34 billion, which represents about 0.4% of ether's total supply. This makes the hacker the 14th-largest holder of the cryptocurrency. The addresses linked to the hacker are under close surveillance and have been blacklisted by major cryptocurrency exchanges. StealthEX CEO Maria Carola explained that the stolen funds have been marked, making it extremely challenging for the hacker to utilize them. Any attempt to transfer these funds to a major exchange would likely result in an immediate block. Given the difficulty the hacker faces in using the stolen ether, some analysts suggest that the 0.4% of the ETH supply held by the hacker is effectively out of circulation. This situation highlights the ongoing challenges and complexities within the cryptocurrency space, particularly concerning security and asset recovery.