Major cryptocurrency exchange Bybit completed a series of substantial Ethereum purchases amid a recent cyberattack, demonstrating confidence in Ethereum's long-term value.
Bybit's Ethereum Acquisition
According to CryptoRover, Bybit acquired 36,893 ETH worth $87 million, bringing its three-day total to 212,101 ETH valued at $574 million. This occurred shortly after a massive $1.5 billion hack on February 21. Bybit CEO Ben Zhou reassured users that their funds are secure, although withdrawal requests increased, potentially leading to delays.
Hackers Move Funds via THORChain
Following the breach, attackers laundered over 100,000 ETH—around $250 million—accounting for nearly 20% of the stolen amount. Blockchain security analysts, including ZachXBT, have linked the hack to the notorious Lazarus Group, a North Korean-affiliated cybercriminal organization. The hackers rapidly transfer funds, splitting them into multiple wallets and often changing addresses to complicate tracking. Additionally, they are using THORChain to convert Ethereum into Bitcoin, DAI, and other altcoins.
Ethereum's Bullish Forecast
Despite recent disturbances, market sentiment around Ethereum remains positive. Technical analysis suggests a breakout pattern that could propel ETH prices beyond $10,000. The Ethereum/USDT monthly chart from Binance shows an ascending triangle formation, with higher lows providing strong support. Resistance at the upper boundary has been tested multiple times, and if Ethereum surpasses this key resistance level, an uptrend could ensue, with analysts projecting a climb beyond $12,000. However, failure to break resistance might lead to extended consolidation or a potential pullback.
The events surrounding Bybit and Ethereum underscore the importance of security and trust in cryptocurrency assets despite emerging challenges and threats.
