- OKX denied claims of aiding Bybit hackers in laundering funds.
- Mixed ETH projections between whales and Options traders.
OKX leadership has refuted allegations of laundering part of Bybit’s $1.5 billion stolen Ethereum [ETH] through its DEX aggregator platform (OKX Web3 wallet).
Commenting on the damning headlines, Star Xu, OKX Founder, and CEO, termed the reports “incorrect” and “misleading.”
“According to Bloomberg report, Bybit appears to blame OKX by suggesting we assist the hacker’s to launder stolen funds ($100M)…This is incorrect and misleading.”
The Bloomberg report noted that the OKX laundering allegations had attracted scrutiny from EU regulators. However, Xu reiterated that the firm was open to collaborating with global regulators on Web3 policy.
For his part, Ben Zhou, Bybit’s CEO, clarified that Bloomberg misquoted them.
“We did not provide any statement to this Bloomberg article, I believe when they say “according to Bybit” it was referring to and the facts on it.”
Source: X
U.S. ETH ETFs bleeds
After the Bybit hack, a broader weak sentiment has dented the Ethereum market. U.S. spot ETH ETFs logged over $500M in outflows for the past three weeks.
In fact, for six consecutive days, the products have seen consistent bleed-out as investors reacted to U.S. recession fears.
Source: Soso Value
On Tuesday, they saw $21.5m outflows, while $37.5m of ETH ETF products were sold on the 10th of March.
Unsurprisingly, the risk-off mood has dragged ETH value to a 2-year low of $1.7K. This has brought the altcoin back to levels before the current bull cycle began.
Even so, there were mixed outlooks and sentiments from market participants. Some analysts were optimistic about a potential rebound for the altcoin, citing technical indicators and price fractals.
For example, Titan of Crypto noted that ETH’s market structure resembled BTC’s prior cycle, and a V-recovery could send it soaring higher.
Source: X
On his part, pseudonymous analyst Crypto Rover, projected that ETH could surge to $8K, citing historical trendline resistance that marked its previous cycle tops.
Source: X
ETH was valued at $1.9K at press time, down 53% from a recent peak of $4K. Whether the Pectra Upgrade will boost recovery odds remains to be seen.
However, at press time, Options traders on Deribit were pricing less than a 1% chance of ETH reclaiming $4K by the end of March.
Source: Deribit
