Perhaps North Korean group Bibit Hacker is one of the world’s largest etheric holders, and could have a bullish impact on spot prices for cryptocurrency.
According to data from Arkham Intelligence and Coinbase executive Connor Grogan, the malicious actor holds 489,000 ETH, about $1.34 billion, accounting for around 0.4% of the total ether supply, the 14th It will be a large ether holder. This puts the hackers ahead of Ethereum Foundation, CEOs of Ethereum, Vitalik Buterin and Fidelity.
It is important to note that addresses linked to this entity are closely monitored and backlisted by the exchange. This means that hackers can have a hard time offloading these coins in the market.
Simply put, hacked ether supply can be lost forever. Additionally, BYBIT, who reportedly secured a bridge loan from an unknown partner to cover nearly 80% of the ether lost in Friday’s hack, will need to buy coins in the market.
“As far as this supply is concerned, it’s essentially gone. OTC desks and replacements don’t promote such a large amount of travel. Bybit, on the other hand, is a short 402k ETH. Bridge loans cover immediate needs Maybe, but you still need to buy it, “Vance Spencer, co-founder of Crypto VC Corporate Framework Venture, says in X.
This probably explains why the ether bounced back from an overnight cyclone of about $2,614 to $2,730 from 2.6%. According to data source Coingecko, the ether-related permanent futures funding rate remains positive, meaning long position bias.
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