Market effect and future effects

Pipe Today, a victim of one of the largest encrypted infiltrators has ever registered, as it was reported that the infiltrators stole more than $ 1.4 billion from ETH from the cold portfolio of the stock exchange. According to the co -founder and executive director of BYBIT Ben Zhou, the attacker took advantage of the “masked” user interface and URL, and deceived the wallet site to agree to harmful treatment. This allowed them to change the logic of the smart nodes, control the cold eTH wallet, and drain its money. While the accident is still under investigation, Zhou reassured users that other cold wallets are safe and that withdrawals are still working.

Market reaction: primary speculation and volatility

After announcing the penetration, the encryption market reaction was with increasing fluctuations. Initially, speculation has arisen that Bybit will need to buy ETH again on the basis of 1: 1 to compensate for affected users, and may lead a large -scale collection. These speculation briefly caused the eTH back after a preliminary decrease. CMC data shows ETH decreased from $ 2,828 to $ 2,708 (decrease 4.2 %) before a recovery of 3.36 % to $ 2,759 within 10 minutes.

However, Zhou later explained in a live broadcast that bybit had a bridge loan covering 80 % of Eth Lost and had no immediate plans to buy large amounts of ETH in the immediate market. This has led to a rapid shift in feelings, and the market turned into a decline amid concerns about selling pressure from infiltrators and the wider risk of investors.

Will the infiltrator sell?

The infiltrators now have more than 500000 ETH- more than the co-founder of Ethereum Vitalik Buterin, who has 240,000 ETH. The stolen eth was distributed across 53 wallets, which are actively monitored by Blockchain security teams and smart contract auditing teams. Given the prominent nature of the attack, the sale of such a large amount of soul is a challenge. Conservative Relax in actual timeWhich makes it difficult for the infiltrator to cancel the money upload without discovery.

In addition, the current market conditions are not favorable to liquidate such a large amount of ETH. If the pirates are selling widely, this is likely to lead to a major shrinkage in the market – with Viktalic Burin who casts its property in twice the size. However, since the infiltrator acquired eth mainly at a zero cost, achieving the highest sale price may not be a priority.

Made wider effects on ETH

The timing of the hacking with Ethdeenver, one of the largest annual ecological system conferences of ETHEREUM, where projects usually announce major updates and new versions. Ethdeenver was historically an upward event for the market, as the ecological system projects revealed its latest developments.

However, the feelings in the Ethereum community have been weak over the past five weeks, exacerbated by internal differences, Vitalik Boterin’s criticism, and concerns about the future of Ethereum. The penetration penetrates enthusiasm, as it casts a declining shadow on an event that usually pushes the positive momentum of the ETH.

What next? Expect market fluctuations

The encryption market is currently in a very sensitive condition, as traders interact sharply with any news-whether realistic or speculative. Rumors, such as the wrong assumption that bybit will buy ETH to cover losses, has already shown their ability to pay sharp price fluctuations.

With increased uncertainty, merchants should be careful, especially when using the leverage. With more details about the penetration and the evaluation of the participants in the market, the effects of the potential multiplication, the large price movements are likely to be in the coming days.