🚨 Hackers’ Heist: Ethereum’s Sneaky Silver Lining? 🤑

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Oh my, oh me! The most enormous financial swindle in history has left everyone in a tizzy! But, as it often does, fortune has a funny way of smiling on the most unlikely of heroes – in this case, Ethereum‘s price! 🤯

Those scoundrels, believed to be the infamous North Korean group Lazarus, made off with a whopping $1.5 billion in Ethereum (ETH) and Ether derivatives from the crypto exchange Bybit. Talk about a daring heist! 🤑

Ethereum’s price, which had been as dull as a butter knife beforehand, took a bit of a tumble due to the Bybit breach and the subsequent market mayhem. But, Bitfinex analysts, those clever chaps, think Ether’s price might just get a boost from the whole ordeal! 🤔

“If Bybit needs to replenish customer funds, they may be forced to buy back large amounts of ETH,” the analysts wrote in the Bitfinex Alpha Market report. Ah, the plot thickens! 📈

Bybit lost over 400,000 ETH from its cold wallet last Friday. Oh dear, oh dear! But, Bybit CEO Ben Zhou said the exchange had covered the losses as of Feb. 24. Zhou also published a proof-of-reserves audit to restore community confidence after the attack. Phew! 🙌

Data from Lookonchain showed the platform executed ETH purchases, secured loans from bridge partners, and received large deposits from whales. Buying ETH on the open market and through other avenues “could counteract some of the selling pressure and even drive prices higher,” Bitfinex analysts wrote. The suspense is killing me! 😱

Audited POR updated.

— Ben Zhou (@benbybit) February 24, 2025

Ethereum, most cryptos in correction phase says Bitfinex

But, don’t get too excited just yet! Bitfinex analysts emphasized that Ethereum’s potential price recovery due to Bybit’s market activity was only a possibility. The broader digital asset market remained as volatile as a teenager’s mood swings, with most major cryptocurrencies stuck in a correction phase, according to the report. 😬

“Bitcoin, Ethereum, and Solana have all declined in February from rallies in November and December 2024, while Memecoins, which surged in December, have fallen sharply by 37.4%,” the report said. Oh dear, it seems the crypto world is in a bit of a pickle! 🤪

Crypto’s monthly open interest also dropped as traders reduced leveraged positions “in response to a combination of weaker market momentum and increasing uncertainty,” analysts noted. According to Bitfinex, macroeconomic clarity will likely determine the next major move for Bitcoin (BTC) and the broader crypto market. The plot thickens! 🤔

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2025-02-24 21:10