- Bybit buys 212,101 ETH worth $574M despite a $1.5B hack, signaling confidence in Ethereum’s long-term value.
- Hackers launder over 100K ETH via THORChain, swiftly converting stolen funds into Bitcoin, DAI, and other assets.
- Ethereum eyes a $10K breakout as technical patterns show strong accumulation and bullish momentum in the market.
According to CryptoRover, Bybit, one of the largest cryptocurrency exchanges, recently acquired 36,893 ETH worth $87 million. This purchase brings its three-day total to 212,101 ETH, valued at $574 million. However, this comes shortly after the exchange suffered a massive $1.5 billion hack on February 21.
The hack, which involved the misuse of a routine Ethereum transfer, directed the money to an unfamiliar address. Despite the breach, Bybit CEO Ben Zhou promised users that their money was secure, although withdrawal orders skyrocketed, resulting in potential delays.
Hackers Move Funds Rapidly Using THORChain
Since the security breach, attackers have laundered over 100,000 ETH—around $250 million—at an alarming pace. This accounts for nearly 20% of the total stolen amount. Blockchain security analysts, including ZachXBT, have linked the hack to the notorious Lazarus Group, a North Korean-affiliated cybercriminal organization known for major crypto heists.
Unlike past attacks where stolen funds remained dormant for months, the Bybit hackers have taken an aggressive approach. They have been executing rapid transfers, sometimes up to three transactions per minute. By splitting funds across multiple wallets and frequently changing addresses, they make tracking more difficult. Additionally, the attackers have been utilizing THORChain to convert Ethereum into Bitcoin, DAI, and other altcoins through cross-chain swaps.
Ethereum’s Bullish Outlook: Path to $10,000
Despite the recent turbulence, market sentiment surrounding Ethereum remains positive. Technical analysis indicates a potential breakout pattern that could push ETH prices beyond $10,000. The Ethereum/USDT monthly chart from Binance reveals an ascending triangle formation, with higher lows building strong support.
Resistance at the upper boundary has been tested multiple times, with price consolidating toward a decisive breakout. If Ethereum surpasses this key resistance level, a rally could follow. Analysts project a surge beyond $12,000 based on historical breakout trends.
The buying pressure reflected in the pattern suggests significant market optimism. Besides, volume fluctuations highlight accumulation phases, further reinforcing the possibility of an impending uptrend. However, failure to break resistance could lead to extended consolidation or a potential retracement.
