Ethereum Shows Resilience Despite Bybit Hack

Ethereum quickly recovered from the Bybit hack’s post-hack decline, falling 7% on February 21, from $2,832 to $2,629, before rebounding to $2,800 on February 23, but then lost momentum to trade below $2,700.

On February 24, Lookonchain reported that Bybit had acquired 446,870 ETH worth $1.23 billion via loans, whale deposits, and purchases to fill the gap.

CEO Ben Zhou confirmed that Bybit had fully closed the gap on the stolen ETH, noting that an audited report to prove the reserves would be forthcoming.

The hackers, believed to be from the North Korean Lazarus group, are reportedly using the eXch service to launder money.

Bybit has contacted regulators, including Interpol, to try to stop the flow of funds.

It also partially succeeded in freezing some assets with the help of “Tether”, “Circle”, “Avalanche” and “THORChain”, but the frozen amount is still small compared to the total losses.

In terms of price, Ethereum failed to stabilize above $2,800, falling below the $2,700 level as Asian markets opened on Monday, but it found support at this level.

The currency is currently hovering between $2,600 and $2,800 since its collapse below $3,000 in early February, with no clear indications of regaining this level anytime soon, especially in light of the current conditions following the hack of the “Bybit” platform

Posted using Tribaldex Blog