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Here’s Dogecoin Price If DOGE Captures 50% of the Global Crypto Market Cap

Lele Jima
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Here’s Dogecoin Price If DOGE Captures 50% of the Global Crypto Market Cap

The price of Dogecoin could soar to double-digits if DOGE eventually captures half of the global crypto market cap. 

Dogecoin (DOGE) is still making moves to recover from the recent market downturn. Data from CoinMarketCap indicates that the price of Dogecoin has soared 6.51% over the past 24 hours and 13.39% in the past seven days. 

At the time of writing, DOGE is trading at $0.2423, with a daily volume of $2.56 billion. Currently, Dogecoin has a valuation of $35.26 billion, making it the eighth-biggest cryptocurrency by market cap. 

Despite being a meme coin, Dogecoin still ranks ahead of several utility tokens, including Cardano (ADA), Tron (TRX), and Chainlink (LINK). 

Following this latest rally, Dogecoin enthusiasts are speculating on its price if it were to capture 50% of the global crypto market cap. This scenario has sparked a mixed reaction of curiosity and excitement within the Dogecoin community. 

As a result, we estimated Dogecoin’s price if it eventually clinches half of the global crypto market capitalization. 

Dogecoin Price If It Captures 50% of Global Crypto Market Cap 

At the time of writing, the global crypto market cap stands at $3.25 trillion. Dogecoin’s valuation of $35.26 billion accounts for 1.26% of the global crypto market cap. 

Therefore, capturing half of the global crypto market cap will push DOGE’s valuation to approximately $1.63 trillion, surpassing Ethereum’s current value. This represents a surge of 3,850% from the current Dogecoin market cap, which currently stands at $35.26 billion. 

If Dogecoin eventually achieves a market cap of $1.63 trillion, its price could spike to $11, assuming its circulating supply remains stable at 148.05 billion tokens. 

The significance of this surge cannot be overemphasized. A portfolio of 100,000 DOGE valued at $27,850 will be worth $1.1 million if Dogecoin clinches 50% of the global crypto market cap and hits a price target of $11. 

DOGE to $11 Predictions 

Notably, several market observers believe Dogecoin is capable of reaching the $11 price mark in its lifetime. 

In November, pseudonymous crypto chartist Trader Tardigrade referenced Dogecoin’s performance within the Gaussian channel to predict a surge to the $11 price territory. At the time, Tardigrade suggested that DOGE will only achieve this feat if it replicates its performance in the 2020/2021 market cycle. 

Additionally, crypto experts at Changelly also believe Dogecoin could clinch the $11 target. According to the experts, Dogecoin will soar to around $11 in January 2040, nearly 15 years from now. 

By this time, they expect Dogecoin to trade at an average price of $11.56, with DOGE’s minimum and maximum targets set at $10.80 and $13.74, respectively. 

Changelly Price prediction for Dogecoin
Changelly Price prediction for Dogecoin

Here’s How Much Shiba Inu Supply Must be Burned for SHIB to Reach $1 with $500B Market Cap

Sam Wisdom Raphael
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Here’s How Much Shiba Inu Supply Must be Burned for SHIB to Reach $1 with $500B Market Cap

For the token to reach its one-dollar value and $500 billion market cap, the Shiba Inu community would have to burn 99% of the SHIB supply.

Despite Shiba Inu’s persistent troubles on the back of the ongoing market drawdown, market participants have maintained confidence around its potential recovery. Amid this optimism, analysts such as Javon Marks have projected rebound targets to levels like $0.0001553 for the mid-term.

Interestingly, proponents have continued to eye longer-term targets at the $0.001 and even $0.01 regions. Despite the pessimism surrounding these projections, discussions around Shiba Inu claiming a massively ambitious $1 price have also dominated the scene. 

Shiba Inu’s $1 Prospects

For instance, last August, leading crypto exchange CoinW hinted that SHIB could actually reach the $1 target, questioning the community if Dogecoin or Shiba Inu will reach the much-coveted $1 mark. Notably, Dogecoin, which currently trades for $0.2756, is much closer to this price than SHIB.

With Shiba Inu changing hands at $0.00001667 as of press time, several voices have dismissed any talks about a rally to $1. Particularly, the major reason behind this pessimism is SHIB’s current circulating supply, which stands at 589 trillion tokens. 

With such a supply, a $1 Shiba Inu price would translate to a market cap of $589 trillion. There just isn’t enough money in the world to sustain this valuation. As a result, for Shiba Inu to ever dream of hitting $1, the token would need to undergo an extensive burn process, even greater than what was observed with Ethereum founder Buterin in May 2021.

How Much Shiba Inu Supply to Burn for SHIB to Hit $1 at $500B Market Cap

Meanwhile, even with substantial burns, Shiba Inu’s market cap would need to exceed current levels for a $1 price. Interestingly, lead developer Shytoshi Kusama suggested last month that the dog-themed meme coin is capable of hitting a $1 trillion market cap sometime in the future. 

On this note, we analyzed how much SHIB the community would need to burn to push Shiba Inu’s price to $1 at half of Kusama’s market cap projection of $1 Trillion. Notably, at a $500 billion market cap, Shiba Inu’s price would reach $1 if its circulating supply is just 500 billion tokens.

Currently, the circulating supply is 589 trillion. Consequently, the community must burn 588.5 trillion tokens, representing 99.91% of the circulating supply, for Shiba Inu to hit $1 at a $500 billion market cap. However, such a burn is unlikely to occur, making the chances of SHIB hitting $1 extremely low.

US SEC Drops Investigation Into NFT Platform OpenSea

Elendu Benedict
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US SEC Drops Investigation Into NFT Platform OpenSea

The US Securities and Exchange Commission (SEC) has ended its probe into the leading NFT platform, OpenSea, in a significant win for the sector.

OpenSea Co-founder and CEO Devin Finzer tweeted the new development on February 21. He noted that the regulator has immediately dropped its investigation into the non-fungible token (NFT) marketplace.

Finzer tagged the development as a “win for everyone” building in the crypto space. According to him, classifying NFTs as a security is a step in the wrong direction for technological innovation in the United States.

US SEC Drops Probe

The case dates back to August 2024, when OpenSea received a Wells Notice from the securities regulatory watchdog. The Gary Gensler-led SEC notified the marketplace of an investigation into a possible offering of unregistered securities to US investors.

The classification of NFTs as securities surprised the crypto community and the US Congress. Gensler came under intense bipartisan scrutiny for his regulatory overreach, with Democratic Representative Ritchie Torres questioning the regulator’s classification of non-fungible tokens as securities.

Meanwhile, the new US SEC administration has displayed a contrasting disposition toward NFT classification, dropping the investigation as a result of this. The OpenSea founder noted that creators can now build freely without fear of regulatory impediments.

Notably, this came hours after the US SEC dismissed its case against Coinbase. The exchange announced the development, sparking a rally in the crypto market before Bybit’s $1.46 billion hack contributed to a steep correction.

Crypto Market Reacts

The OpenSea situation drew reactions from the crypto community, including its strong rival, Magic Eden. Chris Akhavan, the chief business officer at Magic Eden, stated that the development was a win for the space.

While acknowledging its competition with OpenSea, he suggested the SEC attack was against the entire NFT sector and their deep belief in the art. Hence, a win for OpenSea is a win for all creators and artists.

Market commentator Beanie stated that the OpenSea win has paved the way for regulatory clarity in the NFT market. He also suggested that this development could catalyze the sector’s next bull run.

Meanwhile, the SEC’s dismissal adds to the recent bullish momentum around OpenSea. The marketplace reclaimed over 71% of the NFT market’s shares following the buzz around the announcement that it would launch a native token, SEA.

At Shiba Inu Price of $0.00001520, Here’s How Much $1,000 Could Turn Into if SHIB Repeats History

Abdulkarim Abdulwahab
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At Shiba Inu Price of $0.00001520, Here’s How Much $1,000 Could Turn Into if SHIB Repeats History

This analysis explores how much $1,000 invested in Shiba Inu at $0.00001520 could grow if the token replicates its past 884,400% surge.

In the last 24 hours, Shiba Inu dipped to the $0.000014 level after an initial attempt to break into the $0.000016 region. The dip worsened Shiba Inu’s monthly performance, with a 26% loss. Meanwhile, SHIB is gradually recovering, trading at $0.00001520 at press time.

While Shiba Inu’s recent performance has been unimpressive, many are still hopeful due to its historical performance. This optimism stems from the fact that Shiba Inu was one of the best-performing tokens of the last cycle. It experienced a staggering 150 million percent gain from its low point.

In light of this, The Crypto Basic explores the potential worth of $1,000 invested in Shiba Inu today, assuming the asset successfully replicates its past performance.

Shiba Inu Historical Performance

Notably, Shiba Inu launched three months after Bitcoin’s 2020 halving with a modest price of $0.00000001 and minimal trading activity during Bitcoin’s late 2020 surge. However, on January 31, 2021, it gained attention, recording $5.7 million in trading volume. From then on, its trading volumes consistently hit million-dollar thresholds.

As Bitcoin peaked at $64,000 in April 2021, Shiba Inu rose to $0.00000417. By October 2021, it reached $0.00008845, marking an incredible 884,400% increase from the start of the year. Meanwhile, Bitcoin set a new all-time high of $68,789 in November.

In the current cycle, Bitcoin initially reached a peak of $73,750 in March 2024, and Shiba Inu rallied to a four-year high of $0.000045.

However, as Bitcoin has risen to the $100K level, reaching peaks near $110K, Shiba Inu’s performance has not mirrored Bitcoin’s. In fact, Shiba Inu has yet to regain the $0.000045 it reached in March 2024.

Worth of $1,000 in SHIB Today If It Repeats History

Nonetheless, if Shiba Inu replicates its 2020/2021 history and surges by 884,400% from its current price of $0.00001520, its unit price would rise to $0.13444.

Notably, $1,000 would buy approximately 65.78 million SHIB tokens. If Shiba Inu repeats the 884,400% historical surge, this portfolio could expand to $8.84 million.

However, the chances of Shiba Inu rallying by 884,400% as seen in the 2021 cycle are slim. This is mainly due to Shiba Inu’s current multi-billion dollar market cap, compared to just a few thousand in the past.

This high cap limits its growth, as reaching $0.134 would push its market cap to $80 trillion—an unrealistic expectation in the near term. Analysts suggest it could take until 2050 for Shiba Inu to reach a $0.134 price.

Here’s XRP Breakout Target as XRP Secures Daily Cup and Handle Pattern

Sam Wisdom Raphael
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0
Here’s XRP Breakout Target as XRP Secures Daily Cup and Handle Pattern

Thom Sieloff, a notable analyst, confirms that XRP has formed a cup and handle pattern on the daily timeframe.

The market commentator disclosed this in one of his latest XRP analyses as price continued to consolidate around key levels. For context, since dropping from the $2.83 high on Feb. 15, XRP has battled the bears between $2.4 and $2.7, struggling to secure a breakout but maintaining major support.

Data from the 1D chart shows that this consolidation phase has been part of a broader market structure. This short structure began when XRP collapsed from its previous highs above $3 as bearish forces retook control of the scene at the start of February.

XRP Forms the Cup and Handle Pattern

In particular, XRP dropped from a top of about $3.21 on Jan. 28, maintaining the downturn until it hit a floor price of $2.26 on Feb. 7. From this level, the altcoin witnessed a consolidation as selling pressure waned. This range-bound phase lasted until a recovery sprang up on Feb. 12, pushing XRP to the $2.83 high on Feb. 15.

Interestingly, this price action from Jan. 28 to Feb. 15, featuring a gradual but steep drop, a consolidation phase, and a subsequent recovery, resulted in the formation of a cup pattern. This is the first pattern that appears, signaling that the market is on the verge of forming a cup and handle structure.

Expectedly, the broader structure seems to have materialized over the past few days. With the latest pullback from $2.83 and the subsequent consolidation between $2.4 and $2.7, XRP formed the handle pattern of the cup and handle structure.

XRP Cup and Handle Pattern
XRP Cup and Handle Pattern

After pointing out this structure, Sieloff asked his audience where they think the price could go from this level. For the uninitiated, a cup and handle pattern is typically a bullish continuation pattern featuring a larger rounded cup and a smaller, often sloping, handle. 

XRP Eyes $3.36 as Breakout Target

Notably, the handle often represents a short period of consolidation before a breakout. However, this breakout only occurs after the price has broken above the handle’s resistance. In this case, the handle’s resistance could lie around the pivotal $2.7 price mark.

Nonetheless, should this breakout occur, it remains unclear how much XRP could rally. In a subsequent disclosure, Sieloff posed the question to xAI’s chatbot Grok. According to Grok, assets often rally by 20 to 30% from the breakout point of a cup and handle structure.

Citing this data, the AI chatbot projected that XRP could rally by 25.37% from the proposed breakout point at $2.68, essentially claiming a price of $3.36. The last time XRP saw the $3.36 mark was on Jan. 20, but the asset faced intense resistance at the time. A decisive push could this time sustain the price level.

Currently, XRP changes hands at $2.56, having dropped by a massive 4.41% on Friday, Feb. 21. A recovery push could allow it to retest the $2.68 resistance, looking to break above the handle pattern. Market analyst Polly already expects a run to $6 this month once a recovery push occurs.

Shiba Inu: Top Exchange MEXC Adds Support for Shibarium Network

Elendu Benedict
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Shiba Inu: Top Exchange MEXC Adds Support for Shibarium Network

The Shiba Inu ecosystem had one reason to celebrate yesterday as data confirmed that top exchange MEXC had added support for the Shibarium network.

Shibarium Updates, a prominent Shiba Inu community handle, shared an elating update for enthusiasts of the light-hearted doggy-themed meme coin ecosystem. A tweet yesterday noted that the Shibarium network appeared on the crypto exchange MEXC.

Shibarium on MEXC

The Seychelles-based crypto exchange seems to have integrated Shibarium as a network option for transacting on the platform. The prototype “Shibarium Updates” shared shows that the Ethereum layer 2 scaling solution appeared as one of the networks from which users can deposit Bone ShibaSwap (BONE).

However, at the time of the disclosure, the channel was suspended, possibly due to temporary network issues or congestion. Interestingly, data suggests that at the time of reporting, the Shibarium channel is now open for deposits.

Shibarium on MEXC

Possible Benefits to Shibarium and Shiba Inu

Shibarium’s integration as a deposit option on MEXC could boost the Shiba Inu ecosystem in no small way. First, it will increase the adoption and usage of the Shibarium network among the exchange customers.

Consequently, it would lead to the adoption of Shibarium’s native token, BONE, as users can easily purchase and trade the asset. This could spur the much-craved listing of BONE on multiple exchanges.

Furthermore, Shibarium’s integration would provide marketing exposure for the network. Given the growing utility of centralized exchanges over their decentralized counterparts, Shibarium will gain more visibility among traders.

Additionally, the support from MEXC would boost confidence in Shibarium and draw more liquidity to the network. This, in turn, will boost BONE and the broader Shiba Inu ecosystem.

Shiba Inu Community Reacts

Meanwhile, the Shiba Inu community has expressed excitement over the recent bullish development. Reactions applauded MEXC for heeding the clamor from the Shibarium enthusiasts while insisting it will substantially impact BONE. Furthermore, others asked for more exchanges to add this support.

Analyst Sets XRP Short and Long-Term Targets at $4.3 to $67, Reveals Level Necessary for Breakout

Sam Wisdom Raphael
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Analyst Sets XRP Short and Long-Term Targets at $4.3 to $67, Reveals Level Necessary for Breakout

Crypto analyst EGRAG sets his short and long-term XRP targets, highlighting the level the asset must breach to secure an uptrend.

Notably, his analysis comes as XRP has been consolidating between $2.4 and $2.7 over the past week, facing market uncertainty. In his latest report, the analyst outlined potential short-term and long-term price movements, citing major resistance levels and technical formations.

XRP Short-Term Targets

According to EGRAG, in the short term, XRP is showing strong bullish momentum. The market analyst suggested that the asset is approaching a major resistance zone near $3.00. 

Notably, this level has historical significance, as it has acted as resistance during past price surges. The last time XRP attempted to retest this region was on Valentine’s Day, Feb. 14, leading to a roadblock at $2.83. Since then, XRP has observed a pullback and a consolidation phase.

EGRAG noted that A breakout above this could confirm further upward movement. The analyst noted that the next Fibonacci extension targets suggest potential price points at $4.3 and $6.4, new all-time highs. According to him, these price levels mark XRP’s short-term targets, representing a 66% to 147% rise from current levels.

XRP Long-Term Target

Meanwhile, the long-term outlook appears even more optimistic, with projections to levels previously dismissed by other market commentators. Notably, for the long-term, EGRAG Crypto identified a Parabolic ARC formation that follows three phases. 

XRP 1M Chart EGRAG Crypto
XRP 1M Chart | EGRAG Crypto

He stressed that if this pattern continues, XRP could reach much higher levels. His price projections indicate that if momentum remains strong, the asset could rise to a range between $33 and $60 in the future. 

Specifically, he believes the long-term target of $33 to $60 could materialize based on the expansive channel projection. Notably, a confirmed breakout from the Fibonacci 1.618 level, positioned at $6.4 (the higher short-term targets) would validate further upside potential.

The next price milestones include $8, $13, $27, and $67, which align with the second Fibonacci extension. These levels suggest a powerful bullish scenario where increased volume and strong momentum drive XRP to unprecedented highs.

Bullish and Bearish Cases

EGRAG then called attention to the bullish and bearish cases for XRP. For the bullish case, he noted that a push above the pivotal level at $3 would signal bullish confirmation. However, if it fails to break the resistance at $3, the $2 mark still serves as major support. Overall, long-term targets are bullish upon confirmation.

However, potential risks remain. If XRP faces rejection at $3.00, a retracement to the $1.90-$2.00 range is possible. This zone has acted as strong support in previous price movements, but a further decline below $1.90 could introduce a bearish phase.

This more bearish phase may bring prices down to the $0.90-$1.00 level. Such a drop would indicate a severe shift in market sentiment, potentially triggered by external factors. Despite these risks, the analyst remains optimistic in the long-term. Currently, XRP trades for $2.59, down 3% over the past 24 hours.

Bybit Gets Ethereum Loan Support Worth $239M From Bitget and Binance Amid Surge in Withdrawal Requests

Elendu Benedict
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Bybit Gets Ethereum Loan Support Worth $239M From Bitget and Binance Amid Surge in Withdrawal Requests

Leading crypto exchange Bybit has received over 88,000 ETH from exchanges like Bitget and Binance since yesterday as withdrawal heightens.

In the past 24 hours, Bybit has received crypto loans from prominent exchanges to fund withdrawal requests. Multiple sources, citing Arkham, confirmed that it has received over 88,000 ETH ($239 million) from Bitget and Binance addresses.

Notably, these funds will enhance Bybit’s liquidity amid growing customer withdrawals. The exchange confirmed that users are massively moving funds from the exchange following its recent $1.46 billion hack.

Exchanges Support Bybit in Turbulent Times

Notably, Arkham data shows that Bitget transferred 40,000 ETH ($106 million), a quarter of all its Ethereum holdings, to the Bybit Cold Wallet on Feb. 21 at exactly 19:44 (UTC). Market intelligence firm Lookonchain suggested that the exchange shifted the funds to Bybit to provide more liquidity to support customer withdrawals.

Ten minutes later, a Binance Hot Wallet transferred 11,800 ETH ($31 million) to the same Bybit Cold Wallet. Since then, the Binance wallet has sent a total of 47,800 ETH ($127.48 million) to Bybit.

Exchange Deposits to Bybit
Exchange Deposits to Bybit

Notably, crypto journalist Colin Wu noted that a part of the deposits came from the exchange MEXC. The outlet stated that the Seychelles-based trading platform transferred 12,652 ETH ($33.75 million) to Bybit.

Meanwhile, multiple sources also confirmed that a whale or institution funded Bybit through Binance. The whale moved 11,800 ETH ($31 million) from the largest crypto exchange by trading volume to the Bybit Cold Wallet.

Bybit Still Solvent: CEO Says

Amid the chaos, Bybit’s CEO Ben Zhou has assured customers that the exchange is 100% solvent. In a tweet, Zhou stated that users’ funds are backed 1:1, and the exchange can cover the hack losses even if it does not recover them.

Hackers breached Bybit’s system yesterday and withdrew $1.46 billion worth of Ethereum, about 70% of its Ether reserve, from its cold wallet. Meanwhile, reports suggested that notorious North Korean hackers, the Lazarus Group, masterminded the Feb. 21 exploit.

Shiba Inu Team Launches New ShibaSwap Upgrade: Details

Lele Jima
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Shiba Inu Team Launches New ShibaSwap Upgrade: Details

The team behind the Shiba Inu ecosystem has announced an upgrade for ShibaSwap, introducing new and improved liquidity pools (LP) for the DEX. 

Shiba Inu’s top developers, Shytoshi Kusama and Kaal Dhairya, announced the latest ShibaSwap upgrades in separate X posts. According to the team, the new pools enhance users’ ability to add liquidity to the Shiba Inu ecosystem. 

Features of the Latest ShibaSwap Upgrade

The latest ShibaSwap upgrade comes with seamless liquidity pool management, allowing users to create, import, and migrate LP effortlessly within a single page. 

In addition, the upgrade also enhances users’ experience via a cleaner and more intuitive UI for easy navigation. It optimized the backend of the DEX to ensure faster transactions. 

The upgrade also comes with smart sorting and filtering options focusing mainly on annual percentage yield (APY), total value locked (TVL), transaction volumes, and trends. 

Furthermore, the team equipped ShibaSwap with key metrics to help users make informed decisions. With the new metrics, users can track liquidity in real-time, view TVL across the Shiba Inu ecosystem, and access trading volume data to identify best-performing pools. These new features can be accessed on Shib.io, the home of the Shiba Inu ecosystem. 

Benefits of Adding Liquidity on ShibaSwap 

Interestingly, the team also highlighted the benefits of adding liquidity on ShibaSwap, including earning rewards and strengthening the broader Shiba Inu ecosystem. 

Also, users get to enjoy seamless liquidity management, optimized performance, and lightning-fast transactions when they provide liquidity. 

Currently, the total value locked across 593 liquidity pools in the Shiba Inu ecosystem stands at $2.97 million. Over the past 24 hours, these liquidity pools have registered a volume of $1,750. Users have paid $176 in fees for initiating transactions across these liquidity pools in the past seven days. 

Previous ShibaSwap Upgrades 

Launched in July 2021, ShibaSwap has welcomed significant upgrades over the years. It became a multi-chain decentralized exchange last year following its transition to Shibarium. As a result, users could migrate their assets between Shibarium and Ethereum and vice versa. 

The team also added centralized liquidity pools and seamless migration on the DEX, thanks to the launch of ShibaSwap 2.0. In December 2024, it announced plans to introduce liquid staking on ShibaSwap, an initiative allowing users to retain their staked tokens’ liquidity. 

Bybit CEO Confirms Historic Withdrawals Amid $1.5B Hack, but Says “We Have Enough Tokens to Meet Client Demands”

Abdulkarim Abdulwahab
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0
Bybit CEO Confirms Historic Withdrawals Amid $1.5B Hack, but Says “We Have Enough Tokens to Meet Client Demands”

Crypto exchange Bybit has witnessed a historic surge in withdrawal requests following a sophisticated security breach that resulted in the loss of over $1.46 billion in crypto assets. 

According to CEO Ben Zhou, the exchange has processed over 350,000 withdrawal requests within the last 10 hours of the hack. This marked the highest transaction volume in its history. 

Despite the overwhelming traffic, Zhou reassured users that Bybit has sufficient liquidity to meet withdrawal demands.

At the time of writing, approximately 2,100 withdrawals remain pending, with 99.994% already completed. Zhou acknowledged that the team has been working around the clock to address concerns and process transactions. It urged users to remain patient as large withdrawals undergo risk confirmation procedures.

How The Bybit Hack Happened

Blockchain investigator ZachXBT first flagged suspicious outflows from Bybit, confirming that the exchange suffered a major security incident. The attack involved a sophisticated manipulation of Bybit’s Ethereum multi-signature cold wallet. 

Hackers exploited a masked signing interface, tricking Bybit’s team into approving a transaction that modified the smart contract logic. This action allowed the attackers to control the wallet and transfer its ETH holdings to an unidentified address.

Meanwhile, Bybit assured users that all other cold wallets remain secure and that client funds are not at risk. The exchange emphasized that all withdrawal operations are functioning normally despite the high traffic.

Bybit Secures Emergency Liquidity Through Partner Loans

Instead of immediately repurchasing ETH from the market, Bybit has opted to secure bridge loans from its partners to maintain liquidity. Zhou stated that all users will be able to withdraw their funds. However, processing times may be longer than usual due to the sheer volume of requests.

On-chain data from Conor Grogan shows that Bitget and Binance have collectively deposited over 50,000 Ethereum into Bybit’s cold wallets. Notably, Bitget’s contribution accounts for a quarter of the total ETH reserves on the platform. 

In a tweet, Bitget CEO Gracy reassured the market that the loss amounts to only Bybit’s annual profit of $1.5 billion, emphasizing that customer funds remain fully protected. She also clarified that the assets lent to Bybit were Bitget’s own funds and not those of its users.

North Korea’s Lazarus Group Linked to the Attack

Meanwhile, on-chain forensic analysis by ZachXBT and Arkham Intelligence suggests that the hack was orchestrated by the North Korea-backed Lazarus Group. 

Evidence includes test transactions, wallet addresses, forensic charts, and detailed timeline analysis, all of which have been shared with Bybit to aid the investigation. 

Ethereum Rollback Debate Resurfaces

Following the attack, Arthur Hayes, founder of BitMEX, floated the idea of an Ethereum rollback. This is a controversial proposal to reverse the blockchain to recover stolen funds. Hayes expressed willingness to support a rollback if the community decides to take action.

Furthermore, Conor Grogan called the Bybit hack “the largest theft in human history.” Moreover, he suggested the incident could reignite debates on Ethereum’s governance and security measures.

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