Ether Supply Squeeze? Bybit Hacker Emerges as World’s 14th-Largest ETH Holder

The Bybit hacker, supposedly a North Korean entity, is now one of the world’s largest ether holders, which may have bullish implications for the cryptocurrency’s spot price.

According to veri from Arkham Intelligence and Coinbase executive Connor Grogan, this malicious actor holds 489,000 ETH, valued at approximately $1.34 billion, constituting about 0.4% of ether’s total supply, making it the 14th-largest Ether holder globally. That puts the hacker ahead of the Ethereum Foundation, Ethereum’s CEO Vitalik Buterin and Fidelity.

It’s important to note that the addresses linked to this entity are being closely monitored and backlisted by exchanges, which means the hacker will likely struggle to offload these coins in the market.

In simpler terms, the hacked ether supply is likely lost permanently. Furthermore, Bybit, which has reportedly secured a bridged loan from unnamed partners to cover nearly 80% of the ether lost in the Friday hack, will likely need to purchase coins in the market.

“As far as this supply is concerned, it’s essentially gone. No OTC desk or exchange will facilitate the movement of such a large amount. Meanwhile, Bybit is short 402k ETH. The bridge loan may cover immediate needs, but purchasing will still be necessary,” Vance Spencer, co-founder of the crypto VC firm Framework Ventures, said on X.

That probably explains why ether has bounced 2.6% to $2,730 from the overnight low of around $2,614. Funding rates in perpetual futures tied to ether remain positive, implying a bias for long positions, according to veri source Coingecko.

İlginizi Çekebilir:Galaxy Digital Gets SEC Nod for U.S. Listing, Eyes Nasdaq Debut in May
share Paylaş facebook pinterest whatsapp x print

Benzer İçerikler

Tron’s Justin Sun Bailed Out TUSD as Stablecoin’s $456M Reserves Were Stuck in Limbo, Filings Show
Bitcoin Difficulty Hits New Highs as Key Metric Signals Miner Capitulation and Possible Bottom
Bitcoin Price Crushing Altcoins Heading Into U.S. Election. Is There an Alt Rally Coming After?
Ether Drops to 4-Year Low Against Bitcoin as Trump Seen Boosting Largest Cryptocurrency
MyTrade Head First to Plead Guilty Among Group of Firms Accused of Gaming Markets
New Trump Tariffs Spell Caution for Bitcoin, Ether, Dogecoin Bets
Mariobet Resmi | © 2025 |
404 Not Found

404

Not Found

The resource requested could not be found on this server!


Proudly powered by LiteSpeed Web Server

Please be advised that LiteSpeed Technologies Inc. is not a web hosting company and, as such, has no control over content found on this site.