CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
Feb 22, 2025
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Bybit Hacker Becomes 14th-Largest Ether Holder with 489,000 ETH

1 min

The Bybit hacker, believed to be linked to North Korea, has become one of the largest holders of ETH, possessing 489,000 ETH valued at approximately $1.34 billion. This amount represents about 0.4% of the total ether supply, positioning the hacker as the 14th-largest holder, surpassing the Ethereum Foundation and Fidelity.

Key points:

  • The hacked ether is likely lost permanently due to monitoring and blacklisting by exchanges.
  • Bybit has secured a bridged loan to cover nearly 80% of the lost ether but will need to purchase additional coins in the market.
  • Currently, Bybit is short 402,000 ETH.
  • Ether's price increased by 2.6%, rising to $2,730 from a low of $2,614.
  • Funding rates for perpetual futures tied to ether remain positive, indicating a preference for long positions.