Bybit Hack Funds Traced to Thorchain as U.S. Strategic Crypto Reserve Boosts Market
Over $25 million from the recent Bybit hack has been traced to Thorchain, with some funds potentially linked to the stolen cryptocurrency. This incident coincides with increased market volatility, particularly among altcoins, and significant developments in the U.S. crypto landscape.
President Trump's announcement of a U.S. strategic crypto reserve, initially including XRP, SOL, ADA, BTC, and ETH, has sparked market activity. The Kaiko EAGLE index has surged nearly 30% since Sunday, reflecting optimism around such announcements. Meanwhile, Michael Saylor's Strategy has nearly doubled its Bitcoin holdings to over 220K BTC since the U.S. election, despite MSTR shedding nearly 15% YTD.
ADA, the least liquid asset in the strategic reserve, could see the strongest price impact. Its open interest on major exchanges has risen 10% YTD to $554 million, suggesting its inclusion in the reserve may not yet be fully priced in. The top 10 altcoins now account for a larger share of altcoin volume on U.S. and offshore exchanges, indicating increased interest in these assets.
The Bybit hack funds moving through Thorchain and the U.S. strategic crypto reserve announcement have contributed to market volatility and shifting dynamics. As the reserve's composition and impact on prices continue to unfold, investors remain watchful.
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