OKX in the Clear? Exchange Denies 'Laundering' Stolen ETH from Bybit Hack
The cryptocurrency market has been plagued by recent allegations of illicit activity, with OKX, a prominent exchange, being accused of laundering stolen Ethereum (ETH) following a $1.5 billion hack on Bybit. However, the CEO of OKX, Star Xu, has vehemently denied these claims, terming them "incorrect" and "misleading."
A Response to Allegations
In response to the allegations, Xu released a statement stating that Bloomberg had misquoted him in an article published earlier this week. The report suggested that Bybit had blamed OKX for assisting hackers in laundering stolen funds worth $100 million through the exchange's DEX aggregator platform. However, Xu insisted that this was not true and that Bybit had never provided any statement to support these claims.
Bybit Clarifies Their Position
Ben Zhou, CEO of Bybit, has also clarified their position on the matter. In a statement, he stated that Bloomberg had misquoted them, citing an article from Lazarusbounty.com as evidence. This suggests that Bybit did not provide any official statement to support the allegations made against OKX.
The Impact on Ethereum
The recent Bybit hack has had a significant impact on the Ethereum market, with U.S. spot ETH ETFs experiencing over $500 million in outflows over the past three weeks. The outflows have been consistent, with investors reacting to fears of a U.S. recession. On Tuesday alone, there were $21.5 million in outflows, while $37.5 million in ETH products were sold on March 10th.
A Volatile Market
The Ethereum market has been volatile since the Bybit hack, with the altcoin's value plummeting to a two-year low of $1.7K. This has brought the price back to levels before the current bull cycle began. However, there are mixed outlooks and sentiments from market participants, with some analysts predicting a potential rebound for ETH.
Analyst Predictions
Some analysts have expressed optimism about a potential rebound for ETH, citing technical indicators and price fractals. For example, Titan of Crypto noted that ETH's market structure resembles BTC's prior cycle, suggesting a V-recovery could send it soaring higher. On the other hand, pseudonymous analyst Crypto Rover projected that ETH could surge to $8K, citing historical trendline resistance that marked its previous cycle tops.
Options Traders Weigh In
At press time, options traders on Deribit were pricing less than a 1% chance of ETH reclaiming $4K by the end of March. This suggests that many investors are skeptical about the potential for a significant rebound in ETH.
A Pectra Upgrade and Recovery Odds
Whether the Pectra Upgrade will boost recovery odds remains to be seen. However, at press time, it appears that the market is still uncertain about the potential for a recovery. As investors wait for a reversal, some are turning their attention to other assets, such as ADA.
ADA Price Prediction and Cardano Surge
Gemini's prediction suggests that Cardano (ADA) could surge this week, with Trump predicting a significant increase in price. While it remains to be seen whether these predictions will come true, one thing is certain: the cryptocurrency market is always subject to unexpected twists and turns.
Bitcoin and Ethereum ETFs Bleed Millions
In other news, Bitcoin and Ethereum ETFs have been bleeding millions of dollars over the past week. It appears that investors are selling off their positions, possibly due to profit-taking or nerves about the market.
Shiba Inu Hits 7-Month Low, Then Jumps 9% - Is $0.000013 Next?
In a surprising turn of events, Shiba Inu has hit a 7-month low before jumping 9%. The question on everyone's mind is: will it continue to rise? Will we see the price reach $0.000013?
U.S. House Votes to Overturn IRS DeFi Rule
In other regulatory news, the U.S. House has voted "292-132" to overturn an IRS rule affecting DeFi activities. It appears that there is still a lot of uncertainty and debate about how regulations will affect the cryptocurrency market.
Ethereum Price Prediction: When Could Traders Look to Go Short?
Finally, as the Ethereum market continues to be volatile, traders are looking to go short on the altcoin. But when exactly will this happen? Will it be in response to a significant price drop or after a period of consolidation?
The cryptocurrency market is always subject to unexpected twists and turns. As we wait for answers to these questions, one thing is certain: only time will tell what the future holds for ETH and other cryptocurrencies.