Ether Price Rises

The price of the world’s second-largest cryptocurrency, ether (ETH), has increased by more than 2.3% in the last 24 hours, while the broader CoinDesk 20 Index rose only 0.76% during the same period. Bitcoin saw a slight decline of around 0.3%.

Catalyst for the Rise

This uptick in ether’s price follows reports that Bybit, the cryptocurrency exchange previously hacked for $1.5 billion worth of ether, has relocated 100 million USDT into new addresses. Half of that amount was used to purchase 36,900 ETH over-the-counter.

According to crypto journalist Colin Wu, the funds, amounting to around $101 million, were later moved to addresses identified as belonging to Bybit, based on Arkham Intelligence data.

Bybit’s Financial Standing

Bybit’s CEO, Ben Zhou, stated in an “ask me anything” session that the company’s total assets are “far greater than $1.5 billion.” He also mentioned a cold wallet containing nearly $3 billion in USDT.

Hacker’s Holdings

Currently, Bybit’s hacker holds an estimated 489,000 ETH, valued at approximately $1.34 billion, representing around 0.4% of ether’s total supply. This hacker has become the 14th-largest holder of the cryptocurrency. The hacker’s associated addresses are under close scrutiny and are blacklisted by major exchanges.

Warning on Stolen Funds

According to StealthEX CEO Maria Carola, “The stolen funds have already been marked, making it extremely difficult for the hacker to use them. Any attempt to transfer these funds to a major exchange would result in an immediate block.”

Consequently, some analysts suggest that the 0.4% of the ETH supply held by the hacker is “essentially gone.”