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I agree with @Jesseeckel, exchanges can play musical chairs with customer funds, but once the music stops (ETH pumps), it's game over FTX Part 2... Problem is, as soon as they announce ETH purchases, hackers could move funds across wallets, short ETH elsewhere, and profit from fear while laughing at Bybit for 'buying the top.' Bybit better pray the hacker doesn't start burning ETH now - that pump could turn their $1.4B ETH short into liquidation city.
Option 1: Buy ETH to cover short, risk pullback from hacker fear but stay solvent.
Option 2: Gamble on ETH dropping, buy back cheaper... or count on market manipulators to help suppress price (since everyone net-long would prefer avoiding FTX-style collapse). Risk? Hacker burns ETH → manipulators/Bybit go kaboom stone age style.
Choosing Option 2 blows my mind 🤯
@ByzGeneral@wizardofsoho@trading_axe any thoughts? what am I missing?
@Kasmo4nextlevel@heycape_ Not sure how easy it is to track mixers🤔 is 1m a day possible with a sophisticated set up? Idk need someone with more experience in on-chain investigations🤷♂️
ok, considering ByBit just borrowed 80% of the eth stollen, lets say they are short 1B in eth now,. Can't a hedge fund or another exchange, try and run it to the moon or gamma squeeze Eth and... ftx part 2 or? seems they are critically exposed from my pov
@heycape_ Between mixers- buying tokens with other wallets and using the eth to pump the price of them, I think they can extract a decent amount, clearly they are sophisticated af🤔 idk tho I hope your right for my bags sake🙏