$ETH Hacker attacks Bybit are attempting to convert stolen Ether into Bitcoin.

Is this hack good or bad for the price of Ether?

The price of Ether dropped yesterday when the hack occurred, but then gradually recovered along with the market.

Initially, this could be a positive signal for the price of Ether, as the hacker would not be able to quickly sell off Ether, especially not on centralized exchanges. Meanwhile, Bybit will have to buy back Ether to compensate for the lost amount.

However, Bybit has decided to borrow Ether from other exchanges instead of buying it back immediately. This does not create buying pressure but rather the opposite; however, the risk of selling pressure from the hacker still remains.

Ultimately, Bybit will still have to buy back Ether at some point, meaning they are accepting the risk that the price of Ether may rise significantly in the future, forcing them to spend a larger amount to buy it back.