On February 21, the crypto assets trading platform Bybit experienced an astonishing theft incident, believed to have been carried out by the North Korean hacker group Lazarus. Approximately 401,346 Ethereum (ETH) were stolen from Bybit's Cold Wallet, valued at around $1.4 to $1.5 billion at the time.

However, with the surge in the price of Ethereum, the value of the stolen funds has also risen significantly. At the current price of approximately $4600 per ETH, the market value of the stolen ETH has soared to an astonishing $1.845 billion, with a specific valuation fluctuating between $1.85 billion and $1.86 billion.

Although the nominal value of the stolen funds has significantly increased, the liquidity and availability of these funds have been severely restricted. Blockchain analysis shows that hackers quickly implemented a series of complex money laundering operations after the theft. The stolen Ether was dispersed across dozens of addresses, then converted to Bitcoin, and transferred through multi-layered obfuscation pathways.

Currently, blockchain analytics firms have traced approximately 90% of the fund flows. These funds have been converted into Bitcoin and dispersed across about 4,400 independent addresses. Notably, during this process, around 10% of the funds have been "lost" for various reasons (such as transaction fees or being frozen).

This incident has had a profound impact on the Crypto Assets market. Although the market value of the stolen funds exceeds $1.8 billion, the significant dispersion of the funds and the strict monitoring make it difficult to cause a substantial shock to market prices in the short term. However, in the long run, whether these funds will gradually flow into the market and whether it will trigger more regulatory measures will become the focus of market attention.

This incident not only highlights the importance of crypto asset security but also demonstrates the potential of blockchain technology in tracking illegal fund flows. For investors, this serves as a reminder to always pay attention to market dynamics and to recognize the inherent risks and uncertainties of the crypto asset market.

Nevertheless, the significant rise in the price of Ethereum also reflects the market's continued confidence in this crypto asset. As the Ethereum ecosystem continues to develop and institutional investors increase, its future trajectory remains promising.

Important Note: This article is for reference only and does not constitute any investment advice. Investors should make decisions cautiously based on their own circumstances.