Bybit Hack Fallout Could Boost Ethereum Price – Bitfinex Analysts

The recent hack of Byfit totaled around $1.5 billion and is believed to be done by North Korean hackers – The Lazarus Group. This hack has significantly affected the Crypto market, especially Ethereum.

Following the breach that happened on 21st February, the price of Ethereum dropped drastically. Ethereum was seen experiencing a steep decline of 4% hitting a low point at $2,698.

Despite the hack and downturn of the Ethereum price, many analysts from Bitfinix believe that this fallout can be a boon for Ethereum as it could potentially boost Ethereum’s price.

Bitfinix analysts posit that the loss of more than 400,000 Ethereum coins will create a gap in the market. This will perpetually create a supply shock among the traders potentially driving up demand.

However, this perspective is speculative and should be considered and any decisions based on this should be ventured cautiously.

Currently, Ethereum is trading at $2,651, reflecting the 5.44% drop.

Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6

— Ben Zhou (@benbybit) February 24, 2025

It is important that every coin has two sides to showcase. In that context, if one side sees the entire hacking incident as a potential price increase due to a shortage in supply, it will be difficult to contain the overall sentiment.

The hack has highlighted the hole in the ship that can potentially affect the entire crypto market. It has now become more important than ever to increase scrutiny.

While the supply shock might increase the prices, we might not forget the other factors like market perceptions, regulatory responses, and the economic environment that impact the market as well.

Investors are advised to stay informed through reputable sources and consider the inherent risks associated with cryptocurrency investments, especially in the wake of significant security incidents like the Bybit hack.

Investors are advised to stay informed of what is happening in the market and do not take comments from experts and market leaders based on their face value, especially after a security incident like the Byfit hack.