Hackers Steal $1.4 Billion: What Happens Next? – BitRss

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…