ChainCatcher news, according to an analysis by Eric Wall, co-founder of Taproot Wizards, the Bybit theft incident has been largely confirmed to be the work of the North Korean hacker group Lazarus Group. According to Chainalysis's 2022 report, this organization typically follows a fixed pattern in handling stolen funds, a process that may take years. Data from 2022 shows that the organization still holds $55 million from the 2016 attack, indicating that they are not in a hurry to cash out quickly.The process for handling stolen funds is as follows:Step one: Convert all ERC20 tokens (including liquidity derivatives like stETH) into ETH;Step two: Exchange all obtained ETH for BTC;Step three: Gradually exchange BTC for RMB through Asian exchanges;Final use: It is claimed that these funds will be used to support North Korea's nuclear weapons and ballistic missile programs;Analysis indicates that Bybit is currently supplementing a gap of about $1.5 billion in ETH through borrowing, a strategy that may be based on the hope of recovering the stolen funds. However, given the confirmation that it is the work of the Lazarus Group, the likelihood of recovery is extremely low, and Bybit will have to purchase ETH to repay the loans. In the long term, Bybit's purchase of ETH may offset the actions of the Lazarus Group selling ETH for BTC, and the BTC acquired by the Lazarus Group will gradually convert into selling pressure over the next few years.

ChainCatcher news, according to Defillama data, after the Bybit hacking incident, major cryptocurrency exchanges have shown a divergence in fund flows. Binance had a net inflow of $749.3 million in 24 hours, making it the exchange with the highest inflow. This was followed by OKX and Gate.io, with net inflows of $36.98 million and $50.57 million, respectively.Meanwhile, Bybit experienced a net outflow of $2.399 billion in 24 hours, while Bitget and Robinhood had net outflows of $98.24 million and $39.73 million, respectively.

ChainCatcher message, in response to the community rumor that "Binance is providing ETH loans to Bybit," Binance founder Zhao Changpeng stated that these are user trading activities, and it is possible that some whale investors are providing loans to Bybit, and Binance cannot take credit for this.

ChainCatcher message, regarding the security incident encountered by Bybit, KuCoin CEO BC Wong expressed support for Bybit and has initiated efforts to assist in monitoring fund flows and freezing suspicious assets. KuCoin always prioritizes the safety of user assets and continues to strengthen security measures to maintain industry stability.

ChainCatcher message, Greeks.live researcher Adam posted on social media that the crypto market is booming, with ETF inflows maintaining their trend, and both BTC breaking the $100,000 and ETH breaking the $4,000 integer levels. This week, there are important data releases for CPI and the European Central Bank's interest rates, but recently cryptocurrencies have been moving independently, with limited impact from the macro market. The flow of funds into ETFs and crypto-related US stocks is worth paying close attention to.Bitcoin has successfully broken through $100,000, with altcoins experiencing a comprehensive rotation and multiple mainstream coins seeing several-fold increases. Market capital inflow is strong, and bulls are very aggressive in this spot bull market.The options market is relatively stable, and large trades and market interest rates are worth monitoring. Currently, the implied volatility (IV) for major expirations is at a relatively low level, and short-term IV has significantly declined. With the bull market in full swing, it is a good opportunity to buy options.In terms of the crypto interest rate market, Bitfinex's interest rate market has been relatively stable recently, and suitable interest rate orders can be actively executed, especially during market movements, which is particularly worth paying attention to.

ChainCatcher message, Citibank stated in a research report on Friday that since the launch of spot Ethereum exchange-traded funds (ETFs) in the U.S. on July 23, the cryptocurrency market has been struggling.The bank noted that during this period, other risk assets have also performed poorly, but after adjusting for volatility, cryptocurrencies have underperformed since the rebound in non-farm payroll (NFP) data. Citibank stated that unless the market gains more clarity on the "soft landing versus hard landing outcomes" for the U.S. economy, ETF liquidity may continue to be disappointing.

ChainCatcher news, according to Arkham, the weekly fund flow of the Ethereum spot ETF has achieved positive growth for the first time, with a net inflow of 31,500 ETH last week, approximately 75.07 million USD. This round of fund inflow is mainly driven by Blackrock, which has accumulated purchases of ETH worth 168.55 million USD. Notably, on August 7, Blackrock's daily on-chain inflow reached a peak, receiving ETH worth 108.02 million USD that day.

ChainCatcher news, according to Bloomberg, Bitcoin investors in the Asian market are facing significant volatility, possibly due to automated trading protocols reacting to the fund flow data of U.S. ETFs holding cryptocurrencies.It is reported that the demand levels for these Bitcoin spot ETFs are disseminated throughout the cryptocurrency market during the Asian session after the U.S. stock market closes. On Tuesday, as fund flow data indicated that investors were pulling out, digital assets experienced their largest drop in a month."From an algorithmic trading perspective, robots can automatically crawl and trade based on this data," said Shiliang Tang, president of Arbelos Markets. "It seems that this is what is happening."

ChainCatcher news, the decentralized cross-chain trading protocol THORSwap tweeted that THORSwap contributors have completed the code for a long-term solution and are integrating the final components to restart THORSwap, which will be back online shortly.Previously, THORSwap temporarily switched to maintenance mode to prevent illegal fund flows and to curb any further potential illegal activities.

ChainCatcher message, based on THORChain, the cross-chain DEX aggregator THORSwap announced on its social platform that, in light of illegal funds being used on THORChain and THORSwap, after careful assessment of the situation and consultation with advisors, legal counsel, and law enforcement, the team has decided to temporarily shift the protocol into maintenance mode.This action is taken to swiftly curb any further potential illegal activities. THORSwap will remain in this mode until a more permanent and robust solution can be implemented to ensure the ongoing security and integrity of the platform.