Ethereum (ETH) Recovers to $2825 After Hack – Here’s Why the Market Is Holding Strong
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As you can see in the ETH USD 1H chart above, ETH price has already recovered from Friday Bybit hack and is again at $2825 price. Some of you may wonder how this can be possible and well the answer is that Bybit is buying and probably other whales had taken advantage about this opportunity. Here a blockchain proof that Bybit is already buying
Address: https://intel.arkm.com/explorer/address/0x2E45f6eA5293a17771d256Fe5BC955fF17e71b77 Some of you will say: But Lazarus still has all that ETH on their wallets and they can sell anytime. Well, that's true but we don't have to forget that blockchain is transparent and that this is not a minor hack so a lot of eyes are tracking all their wallets, sharing a list of them so other exchanges, DEX and centralized stablecoins likes USDT and USDC block those wallets and prevent them from getting the money. So we are currently in race to try to "money launder" phase where hackers will try to clean that money while investigators try to catch them. This somehow has removed $1.5B of ETH selling pressure from the market that it is still there but the hackers will have to probably wait and also try to move smaller amounts to make them unnoticeable but for now market looks in good state and the biggest fear of Bybit becoming insolvent (FTX PTSD) is also fading away. The only problem is that some DEX are not "able" to block them from swapping, etc. but in the end if they really want cash they will somehow pass through a centralized platform to cash out if I am not wrong (correct me if I am wrong please) I hope this post helps you to understand why the market is going up after the drama and what could happen with the stolen funds. Source:
submitted by /u/kirtash93 |
