Reports indicate that Bybit has allocated 100 million USDT to a new wallet for purchasing cryptocurrency, leading to a notable rise in the price of Ethereum (ETH). This uptick was further fueled by news of a hacked exchange beginning to buy ETH. The hacker, who possesses around 489,000 ETH valued at approximately $1.34 billion, is currently one of the largest holders of the cryptocurrency.
Experts suggest that the entity behind the hack, believed to be the Lazarus Group, may face significant challenges in using the stolen funds effectively. This situation highlights the complexities of market dynamics and the impact of large holders on cryptocurrency prices, particularly in the context of security and regulatory concerns.
