It has been 2 days since the #bybit被盗 exchange was attacked by hackers. Under the unity of the Bybit team and the crypto community, the attack has been suppressed, preventing a sell-off and bank run.

In the past few days, there have been more new developments. The tracking indicates that it is the North Korean hacking group Lazarus Group that is responsible, as they are habitual offenders.

Currently, approximately $42.89 million has been frozen, but overall, it's just the tip of the iceberg.

The total amount stolen this time is approximately 510,000 Ethereum and derivatives, worth about $1.5 billion. What does this concept mean?

Currently, the ETH held by this hacker has made them the 14th largest holder of Ethereum globally, accounting for 0.42% of the total supply of Ethereum, with holdings exceeding Vitalik Buterin and the Ethereum Foundation.

Although the proportion of the total supply will not be too large, for a massive entity, if this amount is sold, it will still create a hole in the market.

So how likely is it that they will dump Ethereum?

From two aspects,

On one hand: According to previous detections by on-chain tracking platforms, this hacker group generally takes the following steps after success: the first step is to exchange all derivatives for ETH, the second step to exchange for BTC, and the third step to gradually exchange for fiat currency through Asian exchanges.

Because the hacker's address has become blacklisted by major exchanges and has been continuously monitored, the entire process may last for many years, and the likelihood of a one-time panic sell-off in the short term is very low.

On the other hand: In the short term, if there is some selling, the buying power below exceeds the selling power. For Wall Street institutions like BlackRock, this is a good time to feast, as they have the capacity to absorb it.

Overall, I believe that the impact of the ETH stolen by hackers on the market is limited at the moment, and it cannot move in the short term, turning into a passive locked position.

However, for those who trade contracts with leverage and enjoy chasing memes, vigilance must be increased.

One of the ways hackers turn rice into white is by releasing memes and letting retail investors chase them, passing through exchanges.

$S $ETH $BAT #bybit被盗 #钱包安全 #以太坊回滚争议

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