The bybit pirate, supposedly a North Korean entity, is now one of the largest ether holders in the world, which can have optimistic implications for the cash price of cryptocurrency.
According to data from Arkham Intelligence and Coinbase Executive Connor Grogan, this malicious actor holds 489,000 ETH, worth around 1.34 billion dollars, which represents approximately 0.4% of the total supply of ‘Ether, which makes it the 14th largest ether holder on a global scale. This places the pirate before the Ethereum Foundation, the CEO of Ethereum Vitalik Buterin and Fidelity.
It is important to note that the addresses linked to this entity are closely monitored and spread out by exchanges, which means that the pirate will probably have trouble unloading these parts on the market.
In simpler terms, the pirated ether supply is probably lost permanently. In addition, Bybit, who would have obtained a punctual loan from unnamed partners to cover almost 80% of the lost ether in the hack on Friday, will probably have to buy parts on the market.
“Regarding this offer, he has mainly left.” Vance Spencer, co-founder of the crypto vc firm Framework Ventures, said on X.
This probably explains why Ether rebounded from 2.6% to $ 2,730 compared to the lowest of the day after $ 2,614. Funding rates in perpetual term contracts linked to ether remain positive, which involves a bias for long positions, according to the source of Coingecko data.
