Ethereum News: Bybit Hack Leads to Major ETH Laundering, Criticism of Circle for Alleged Inaction

A recent hacking incident involving Bybit has resulted in the theft of nearly half a million Ethereum (ETH), with North Korean hackers laundering a significant portion of the stolen funds. Crypto investigator EmberCN provides insights into the laundering process, while Circle, the issuer of the USDC stablecoin, faces criticism for its alleged delay in blacklisting wallets linked to the attack.

Bybit Hackers Launder Nearly 70% of Stolen ETH

North Korean hackers have laundered nearly 70% of the 499,000 ETH stolen from Bybit, with 62,200 ETH moved on March 1, valued at around $138 million. The remaining unlaundered balance is 156,500 ETH, which could be fully laundered in a matter of days according to crypto investigator EmberCN. Meanwhile, there has been criticism of USDC stablecoin issuer Circle for allegedly delaying action on blacklisting wallets linked to the attack.

If Ethereum Holds $2,200, Price Could Recover Fast

Ethereum is currently trading below the $2,300 mark after failing to maintain key demand levels last week. The cryptocurrency has faced intense selling pressure, leading to concerns among investors about a potential weak bull market ahead. Market sentiment remains uncertain as Ethereum struggles to reclaim lost ground. However, a technical perspective suggests that Ethereum may still bounce back. Crypto analyst Ali Martinez noted that if Ethereum holds above the $2,200 level, it could rebound toward $2,500. Martinez highlights that Ethereum is trading near a crucial support level, which historically has triggered strong upward moves. Bulls must defend the $2,200 mark to prevent further decline.

Ethereum Approaches $2,460 Resistance Level

Ethereum ($ETH) market is moving toward a critical resistance level of $2,460. According to crypto analyst Ali, Ethereum is facing significant selling pressure at this mark. Ali discussed Ethereum’s movement toward $2,460 on social media, noting it as a notable resistance level. To maintain investor confidence, Ethereum needs to reclaim the $2,460 level. Holding above this could reduce selling pressure from 11.64 million investors holding 68.35 million $ETH.

Ethereum Foundation Revamps Leadership Amid Market Volatility

The Ethereum Foundation has announced significant changes in its leadership, appointing Hsiao-Wei Wang and Tomasz Stańczak as co-executive directors. Aya Miyaguchi, who served as Executive Director for seven years, is transitioning to the role of Foundation President. This change comes as Ethereum’s price declines towards the $2,000 mark. Wang and Stańczak bring deep protocol expertise and industry experience to their new roles.