Bybit hack fallout could boost Ethereum price, says Bitfinex analysts
The biggest financial hacking in history could provide a silver lining for the Ethereum Prize while Bybit announced a full recovery, Bitfinex analysts wrote.
The pirates, considered to be the famous North Korean group Lazarus, stole nearly $ 1.5 billion from Ethereum (Ethn)) and Ether Crypto Exchange ether derivatives last week.
The price of Ethereum, which had shown lukewarm action before hacking, has weakened more due to the violation of appeal and subsequent volatility of the market. Discussions on the impact of the hack have flooded social platforms, but Bitfinex analysts think that Ether’s price could benefit from the incident.
“If the assessment must reconstruct customer funds, they may be forced to buy large quantities of ETH,” wrote analysts on the Bitfinex Alpha market report.
Go through lost Last Friday, more than 400,000 ETH from its cold wallet. However, the CEO of Bybit, Ben Zhou, said that the exchange had covered the losses on February 24. Zhou also published an audit of proof of reserve to restore the confidence of the community after the attack.
Lookonchain data watch The platform has executed ETH purchases, guaranteed loans to Bridge Partners and received large whale deposits. The purchase of ETH on the free market and through other avenues “could counter part of the sales pressure and even generate higher prices,” wrote Bitfinex analysts.
Ethereum, most cryptos in the correction phase indicate that Bitfinex
Bitfinex analysts stressed that the potential recovery in Ethereum prices due to the activity of the Bybit market was only a possibility. The wider market of digital assets has remained very volatile, most major cryptocurrencies trapped in a correction phase, depending on the report.
“Bitcoin, Ethereum and Solana all decreased in February of rallies in November and December 2024, while Memecoins, which jumped in December, fell sharply by 37.4%,” said the report.
Crypto’s monthly open interests also dropped as merchants reduced leverages “in response to a lower market combination and growing uncertainty,” noted analysts. According to Bitfinex, macroeconomic clarity will probably determine the next major movement for Bitcoin (BTC) and the wider cryptography market.
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