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The recent hacking incident does not constitute a doomsday scenario where an entire exchange is compromised or databases are seized. Instead, a single wallet was hacked, leading to the movement of $1.4 billion in assets. The attacker is likely splitting these assets into various wallets and subsequently attempting to obscure their trail, possibly using mixers.
Details of the Hack and Current Situation
While there are concerns among traders about a potential sell-off due to this incident, the $1.4 billion in assets cannot be liquidated on centralized exchanges. Even if crypto mixers are utilized, the attacker will aim to avoid detection by selling on decentralized platforms discreetly. In previous DEX hacking cases, the stolen altcoins often led to significant market fluctuations.
Market Reactions and Advice from Experts
However, Ether does not possess such shallow liquidity. Losing $1.4 billion appears to be a non-compensable loss for ByBit unless a significant bank run occurs; user funds could still be recoverable. CZ provided his insights during this turmoil, recommending that all withdrawals be temporarily halted as a standard security measure.
“This is not an easy situation to deal with. It might be advisable to temporarily halt all withdrawals. I am here to provide any necessary assistance. Good luck!” – CZ
Justin Sun, often criticized, also made his presence felt during this crisis.
“We are closely monitoring the Bybit situation and will do everything we can to assist our partners in tracking the relevant funds to the best of our capabilities.” – Justin Sun
In response to the incident, Arkham announced a program offering 50,000 ARKM rewards to those who can help identify the criminals involved.
