A hacker allegedly connected to North Korea has emerged as one of the largest Ethereum holders with 489,000 ETH. However, their actions are limited due to restrictions and sanctions.
Hacker’s Ethereum Assets and Monitoring Process
The wallets used by the hacker are under close surveillance by global cryptocurrency exchanges. Transactions from blacklisted addresses are now impossible, blocking user interactions with these wallets. Major DeFi platforms are also identifying these wallets and restricting access. Market experts suggest that laundering or selling the hacker’s ETH holdings is highly difficult. However, decentralized swap platforms and privacy-focused tools may enable some of these funds to be released into the market.
Bybit Takes Steps to Address Losses
The substantial losses experienced by Bybit exchange have prompted the company to seek rapid solutions. They acknowledge that much of the funds held by the hacker are lost and unrecoverable. To compensate for these losses, Bybit has secured bridge loans from unnamed partners, expected to cover 80% of the total damages. According to Vance Spencer, co-founder of Framework Ventures, the hacker’s ETH holdings create a significant supply shortage in the market. The company still requires 402,000 ETH, suggesting that future market purchases are inevitable, which could directly influence Ethereum prices.
Market Impact and Future of Ethereum
In the last 24 hours, Ethereum prices saw notable increases: starting at $2,614 overnight, ETH surged to $2,730. The rise in long positions in perpetual futures markets supports investor expectations for further price increases. Cryptocurrency markets are closely monitoring the hacker’s wallets and Bybit’s ETH purchases. The impact of these factors on market dynamics will become clearer in the coming period. For investors, analyzing price movements and following market developments is crucial.
The situation with the hacker significantly affects the Ethereum market. Investors and analysts should monitor further developments to make informed decisions.
