Many people are skeptical because the cold wallet of the exchange is secured and requires 3 people to sign before it can be sent. The amount of money is very large, so it must be checked carefully by 3 different people before signing. This means it was hacked during the signing process, and the money was sent to the hacker's wallet, not that the hacker could hack the cold wallet to steal the funds. There is a conspiracy theory that this incident was caused by Bybit itself, and they are blaming the North Korean hacker group.
Of course, we are not insiders, so we cannot know for sure, but assuming this is true, why is it happening now and what benefits could it bring? This is the largest hack in the history of cryptocurrency => The media draws the world's attention. Bad news but an opportunity for marketing, especially if it can be resolved satisfactorily, the reputation of the crypto market in general, and Bybit & the CEO in particular, will increase significantly. Before this incident, hardly anyone knew the name of the Bybit CEO, and if Bybit is indeed responsible, then the money after being laundered would return to their pockets, so there would be no problem; there are plenty of ways to launder it.
In the past, the market has experienced many instances of exchanges being hacked, causing investors to lose money, most recently the FTX collapse. However, after 2 years, it was resolved by requiring FTX to compensate investors (of course, at the bottom price during the downtrend 🤣). For newcomers who haven't participated, they may feel that crypto is very dangerous and risky. The fact that Bybit was hacked but managed to handle it and ensure funds for investors could help reassure newcomers to participate with the belief that everything is now better.
In previous cycles, right before a Bullrun wave, there has always been a lot of FUD and thousands of reasons causing retailers to dump their holdings at the bottom or exit their positions when they break even, taking profits too early. The current time is the last year of Uptrend; in terms of market timing, it is also standing in front of a Bullrun wave if it continues to follow the cycle factors, this could be a very strong liquidation phase. Even if this is indeed a hack caused by the North Korean hacker group, the way Bybit and other CEX exchanges are handling it, along with parties like Tether, Mantle, Arkham... enthusiastically helping + lending shows that they do not want the market to enter a Downtrend at this time. According to the cycle factors, the market is expected to peak around Q4 of this year, which means there are about 8-9 months for the bookmakers to manipulate everything.
IN GENERAL, ONLY GOD KNOWS WHEN UPTREND WILL OCCUR. And if the conspiracy theory is correct, then Interpol police would definitely jump in to prosecute everyone for spreading fake news and fraud, right?!
#XuanTruong #altcoins #bybit #Write2Earn #bnb $CAKE $ASTR $SCR 
