Ether Rises 2.3% as Reports Suggest Bybit Allocating $100M for ETH Purchases
The price of ether (ETH), the second-largest cryptocurrency by market capitalization, has climbed over 2.3% in the past 24 hours, significantly outperforming the broader market. In contrast, the CoinDesk 20 Index saw a modest 0.76% increase, while bitcoin (BTC) dipped by around 0.3%.
The price surge follows reports that Bybit, the crypto exchange recently targeted in a $1.5 billion hack linked to North Korea’s Lazarus Group, has moved 100 million USDT into newly created addresses, with half of that sum being allocated to over-the-counter (OTC) purchases of approximately 36,900 ETH.
According to Arkham Intelligence data, the acquired funds—valued at around $101 million—were subsequently transferred to addresses associated with Bybit, as reported by crypto journalist Colin Wu.
In an “ask me anything” session, Bybit CEO Ben Zhou reassured users about the exchange’s financial stability, stating that the company’s total assets exceed $1.5 billion. He further revealed that “a cold wallet in a secure location holds nearly $3 billion in USDT.”
Meanwhile, the hacker responsible for the Bybit breach is now one of the largest ether holders, with an estimated 489,000 ETH valued at approximately $1.34 billion—accounting for around 0.4% of the total ether supply. This places the entity among the top 14 ETH holders globally.
However, these addresses have been flagged and blacklisted by major cryptocurrency exchanges, making liquidation extremely difficult.
“The stolen funds have already been marked, making it nearly impossible for the hacker to use them. Any attempt to move the funds through major exchanges would trigger an immediate block,” StealthEX CEO Maria Carola told CoinDesk.
With the hacker unable to access or sell the ETH, some analysts argue that this portion of the supply is effectively removed from circulation—potentially contributing to further bullish pressure on the asset.
