Well, I’ll be a monkey’s uncle! Ether (ETH) took a good ol’ fashioned nose dive of 5% on the 24th of February, and it’s got folks scratching their heads. You see, crypto outfit Bybit was supposed to be the white knight, riding in with $740 million worth of ETH snatched from the open market. Traders were expecting a rebound, what with Bybit buying up all that ETH to cover their losses. But lo and behold, the rebound never showed its face. 😱
Bybit’s head honcho, Ben Zhou, had a real tall tale to spin. He said their big transaction was like a magician’s trick—looked all shiny and legitimate, but had some sneaky code hiding in the shadows, ready to pinch the wallet’s smart contract funds. And who’s the likely culprit behind this hocus-pocus? None other than Lazarus, the North Korean gang of digital bandits, who usually take their sweet time fencing their stolen goods, what with all the watchful eyes on ’em.
Now, whether the crooks are looking to flip their ETH for a quick buck or not, the analysts are all aflutter. They’re saying that with no OTC desk or exchange having the dough to soak up that much ETH, a big ol’ buying spree was bound to happen. But with just $52 million in the top 10 exchanges’ order books, that $700 million shopping trip was like trying to fill a swimming pool with a thimble. 🌊
Vance Spencer, the co-top-hat at Framework Ventures, says them bridge loans Bybit got are just a temporary fix. Over 400,000 ETH is gonna have to be scooped up eventually, and Lewi from Perennial Labs is on the same page, anticipating a short squeeze that’d make Ether’s price jump like a cat on a hot tin roof.
Data’s Whisperin’: ETH Traders Slammed the Brakes on Leveraged Positions
Ether’s price had a little dance, up 6.7% between the 21st and 23rd, teasing the $2,850 level like a cat with a mouse. But come the 24th, *poof*, that $190 gain vanished like a ghost, and ETH dropped to $2,650. And wouldn’t you know it, this nosedive happened just as Bybit was recovering more than half of their nicked Ether. Once they confirmed the position was kaput, the slide turned into a freefall.
Seems like the traders who banked on Bybit going on an ETH shopping spree had to eat humble pie. They unwound their positions faster than you can say “whoopsie-daisy” once it dawned on ’em that Bybit wasn’t playing Santa Claus. And those OTC desks? They handled the demand like a pro, providing liquidity smoother than a river stone.
Ether futures open interest? It took a dive too, from 8.82 million ETH to 8.52 million ETH. Traders closed their leveraged positions quicker than a frog’s blink, even though forced liquidations were just a drop in the bucket at $34 million. Goes to show, a 6.7% price move can make a mess of things if you’re leveraged up to your eyeballs.
Bybit Hack: A Lesson in Ethereum Multisig Perils
The Bybit heist sure did shake things up. It’s like someone pointed a big ol’ spotlight at the risks of them fancy multisig setups on the Ethereum Virtual Machine (EVM). It’s all well and good until someone gets hurt, and this time, it was the big shots with their billions. Shows that even they can trip over their own shoelaces when it comes to this techy stuff.
On top of that, Ether holders are frowning at that puny 2.4% adjusted native staking yield, especially when ETH supply growth is chugging along at 0.6% inflation. Meanwhile, Solana’s SOL is sitting pretty with a 4
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2025-02-24 22:42