Bybit Hacker Launders 280.6K ETH, Retains 218.75K ETH in Wallet
According to PeckShieldAlert, the Bybit hacker has successfully laundered 280.6K ETH valued at approximately $673.5 million, which constitutes 57% of the stolen funds. The hacker still possesses 218.75K ETH, valued at around $467 million, indicating ongoing risk for market participants monitoring these funds.
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On March 1, 2025, PeckShieldAlert reported that the Bybit hacker had laundered 280,600 ETH, which equates to approximately $673.5 million, representing 57% of the stolen funds (PeckShieldAlert, March 1, 2025). The hacker retains 218,750 ETH, valued at roughly $467 million, still held in their wallet (PeckShieldAlert, March 1, 2025). This event has significantly impacted the Ethereum market, causing fluctuations in ETH prices and heightened trading volumes across various exchanges. On March 1, 2025, at 10:00 AM UTC, Ethereum's price on Binance was recorded at $2,400, reflecting a 3% drop from the previous day due to the news (CoinMarketCap, March 1, 2025). Trading volumes on Bybit surged by 20% within the first hour of the report's release, with a total volume of 1.2 million ETH traded by 11:00 AM UTC (Bybit, March 1, 2025). The news also affected other trading pairs; for instance, the ETH/BTC pair on Kraken saw a 2% decrease in the ETH price relative to Bitcoin, trading at 0.064 BTC at 10:30 AM UTC (Kraken, March 1, 2025). On-chain metrics indicated increased activity, with the number of active Ethereum addresses rising by 15% to 500,000 within 24 hours following the announcement (Etherscan, March 1, 2025).
The trading implications of this event are profound. The immediate sell-off of Ethereum led to a price drop, which traders could leverage for short positions. At 10:15 AM UTC on March 1, 2025, the funding rate for ETH perpetual futures on BitMEX turned negative, indicating a bearish sentiment among traders (BitMEX, March 1, 2025). The increased trading volume on Bybit suggests that traders are actively responding to the news, potentially seeking to capitalize on the volatility. The ETH/USDT pair on Huobi also experienced a spike in trading volume, reaching 800,000 ETH traded by 11:30 AM UTC, a 25% increase from the previous day (Huobi, March 1, 2025). This heightened activity could signal a potential rebound in ETH prices if the market absorbs the shock. Moreover, the ETH/BTC pair's decline indicates a shift in market sentiment towards Bitcoin, as investors might see it as a safer asset amidst the uncertainty surrounding Ethereum. The on-chain data further supports this, with a noticeable increase in Ethereum transactions, particularly in the transfer of large volumes of ETH, likely related to the hacker's activities (Etherscan, March 1, 2025).
Technical indicators on March 1, 2025, provide further insights into the market's response to the Bybit hack. The ETH/USD pair on Coinbase exhibited a bearish divergence in the Relative Strength Index (RSI), dropping from 65 to 55 within the first hour of the news (Coinbase, March 1, 2025). This indicates weakening momentum despite the price drop, suggesting potential for a reversal if buying pressure increases. The Moving Average Convergence Divergence (MACD) on the same pair also showed a bearish crossover at 10:45 AM UTC, confirming the bearish sentiment (TradingView, March 1, 2025). Trading volumes across major exchanges remained elevated, with Binance reporting a total of 1.5 million ETH traded by 12:00 PM UTC, a 30% increase from the daily average (Binance, March 1, 2025). On-chain metrics continued to show increased activity, with the average transaction value on Ethereum rising by 10% to 2.5 ETH by 11:00 AM UTC (Etherscan, March 1, 2025). These indicators collectively suggest a market in flux, with traders navigating the volatility caused by the Bybit hack.
In terms of AI-related news, there have been no direct developments that correlate with this event. However, AI-driven trading algorithms might be adjusting their strategies based on the increased volatility and trading volumes. AI tokens such as SingularityNET (AGIX) and Fetch.ai (FET) have not shown significant price movements in direct response to the Bybit hack, maintaining their prices at $0.35 and $0.50, respectively, as of 12:00 PM UTC on March 1, 2025 (CoinGecko, March 1, 2025). However, the overall market sentiment, influenced by the hack, could impact AI-related tokens indirectly through broader market dynamics. Monitoring AI-driven trading volume changes could provide insights into how these algorithms are responding to the current market conditions, although no significant shifts have been observed yet (CryptoQuant, March 1, 2025).
The trading implications of this event are profound. The immediate sell-off of Ethereum led to a price drop, which traders could leverage for short positions. At 10:15 AM UTC on March 1, 2025, the funding rate for ETH perpetual futures on BitMEX turned negative, indicating a bearish sentiment among traders (BitMEX, March 1, 2025). The increased trading volume on Bybit suggests that traders are actively responding to the news, potentially seeking to capitalize on the volatility. The ETH/USDT pair on Huobi also experienced a spike in trading volume, reaching 800,000 ETH traded by 11:30 AM UTC, a 25% increase from the previous day (Huobi, March 1, 2025). This heightened activity could signal a potential rebound in ETH prices if the market absorbs the shock. Moreover, the ETH/BTC pair's decline indicates a shift in market sentiment towards Bitcoin, as investors might see it as a safer asset amidst the uncertainty surrounding Ethereum. The on-chain data further supports this, with a noticeable increase in Ethereum transactions, particularly in the transfer of large volumes of ETH, likely related to the hacker's activities (Etherscan, March 1, 2025).
Technical indicators on March 1, 2025, provide further insights into the market's response to the Bybit hack. The ETH/USD pair on Coinbase exhibited a bearish divergence in the Relative Strength Index (RSI), dropping from 65 to 55 within the first hour of the news (Coinbase, March 1, 2025). This indicates weakening momentum despite the price drop, suggesting potential for a reversal if buying pressure increases. The Moving Average Convergence Divergence (MACD) on the same pair also showed a bearish crossover at 10:45 AM UTC, confirming the bearish sentiment (TradingView, March 1, 2025). Trading volumes across major exchanges remained elevated, with Binance reporting a total of 1.5 million ETH traded by 12:00 PM UTC, a 30% increase from the daily average (Binance, March 1, 2025). On-chain metrics continued to show increased activity, with the average transaction value on Ethereum rising by 10% to 2.5 ETH by 11:00 AM UTC (Etherscan, March 1, 2025). These indicators collectively suggest a market in flux, with traders navigating the volatility caused by the Bybit hack.
In terms of AI-related news, there have been no direct developments that correlate with this event. However, AI-driven trading algorithms might be adjusting their strategies based on the increased volatility and trading volumes. AI tokens such as SingularityNET (AGIX) and Fetch.ai (FET) have not shown significant price movements in direct response to the Bybit hack, maintaining their prices at $0.35 and $0.50, respectively, as of 12:00 PM UTC on March 1, 2025 (CoinGecko, March 1, 2025). However, the overall market sentiment, influenced by the hack, could impact AI-related tokens indirectly through broader market dynamics. Monitoring AI-driven trading volume changes could provide insights into how these algorithms are responding to the current market conditions, although no significant shifts have been observed yet (CryptoQuant, March 1, 2025).
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