Stormrake - Insights #Lazarus Group HackStormrake - Insights #Lazarus Group Hackhttps://www.stormrake.com/blogs/tag/lazarus-group-hackFri, 01 May 2026 04:27:44 +1000http://zoho.com/sites/<![CDATA[Crypto Hit Hard: Binance Sells ETH, Trump’s Tariffs Shake Markets]]>https://www.stormrake.com/blogs/post/crypto-hit-hard-binance-sells-eth-trump-s-tariffs-shake-markets
To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/
Just after reports emerged that Bybit had fully replenished its Ethereum balance—totalling over $1.4 billion worth of ETH—Binance began selling off its Ethereum holdings. This triggered the initial sell-off yesterday, but by this morning, things had worsened.

As the American market woke up, selling momentum continued. Not only did Bitcoin and the broader crypto market decline, but traditional markets also took a hit—the S&P 500 and Nasdaq dropped 0.35% and 1.07%, respectively, within the first hour of trading. The market, already in a fragile state, did not need another shock. But then came the next blow: Trump reaffirmed that 25% tariffs on Canada and Mexico would go ahead.

This news broke at 7:33 AM AEST, when Bitcoin was trading at $94.5K. Within the next two hours, Bitcoin had fallen to a key support level of $92.5K, marking a 4% daily decline, with most altcoins down over 10-15%.

Sentiment is low, but technically, Bitcoin is still holding up. The best play right now? Accumulate Bitcoin and pick up undervalued altcoins that have been performing impressively despite the recent consolidation and bearish momentum.

Stormrake Spotlight: Sonic (S) ($0.81)

Long-time readers of the Morning Note will remember that Fantom was a Stormrake Spotlight favourite—for good reason. Despite weak price action in the month or two following the migration, Sonic was delivering exceptional on-chain performance. While many were bearish on S, we remained bullish, recognising that its impressive metrics would eventually be reflected in price action. Over the past few weeks, that has finally played out—Sonic has surged from $0.31 at the start of February to nearly $1.

The market has taken notice. Sentiment around S remains bullish, even as Bitcoin and the broader market consolidate and turn bearish. Not only has Sonic outperformed Bitcoin, but it has also attracted major inflows from other blockchains. Developers and users are leaving Solana and other leading chains to move over to Sonic. This is just the beginning…

BTC/USD Key Levels and Price Action:

Bitcoin has fallen below the key $92.5K level. If we don’t see a swift reclaim, we can expect a retest of $90K. Everything on the short-term chart remains bearish—there’s no discussion of bullish price action until Bitcoin finds a level of support, whether that’s at the CPR level of $91.2K or the range low of $90K.

BTC Total ETF Flows for 24 Feb: $ -65.7 million

(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)

ETH/USD Key Levels and Price Action:

After showing decent strength in recent days, Ethereum has given it all back in the past 24 hours. Not only has momentum flipped bearish, but ETH has also fallen through the bottom of its range, breaking the key $2,556 level. It is now sitting at the CPR level, and with the bullish structure broken, ETH’s only hope is for this CPR level to hold, leading to consolidation rather than further downside.

ETH Total ETF Flows for 24 Feb: $ -20.1 million

(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

Create a brokerage account today

Get Started

No Advice Warning 

The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
 

Disclaimer 

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.

Copyright © 2024 Stormrake Pty Ltd, All rights reserved
]]>Tue, 25 Feb 2025 12:14:07 +1100<![CDATA[Two Days on From the Largest Crypto Hack in History]]>https://www.stormrake.com/blogs/post/two-days-on-from-the-largest-crypto-hack-in-historyThe dust has settled following Bybit’s $1.4 billion hack.]]>
To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/
The market has had time to fully digest the impact of Bybit’s hack by the Lazarus Group on Saturday morning. Surprisingly, it has held up well, considering this was the largest crypto hack in dollar terms. Bitcoin remains within the $95.7K–$100K range—though at the very bottom of it—and Ethereum, the asset stolen by the hackers, has continued to rally, now trading higher than it was pre-hack.

Bybit co-founder Ben Zhou and his team delivered a masterclass in crisis management, maintaining constant communication, avoiding withdrawal halts, and ensuring users could move funds as usual. This was despite Binance founder CZ suggesting a temporary pause on withdrawals. No users lost funds, transactions remained smooth, and paradoxically, the response has even reinforced confidence in Bybit for some traders.

Following the hack, Ethereum creator Vitalik Buterin reportedly announced that the Ethereum Foundation is considering either rolling back the chain or burning the stolen ETH. Burning would remove the stolen Ethereum from circulation, ensuring no one benefits from it. A rollback, however, would effectively undo the theft by erasing the transaction and all subsequent ones, requiring a hard fork—a major software update where miners, node operators, and users migrate to a new chain, leaving the old one behind. This has precedent: after the 2016 DAO hack, where $50 million in ETH was stolen, Ethereum executed a rollback, though it was controversial and led to the birth of Ethereum Classic (ETC) when some users refused to switch chains.

The rollback debate is polarising. If Ethereum can be rewound for a major hack, where does the line get drawn? Could smaller hacks, or even political motives, justify future rollbacks? Most of the community opposes it for this reason—it’s a Pandora’s box.

As of now, no decision has been made, but the Ethereum Foundation seems to be leaning towards taking no action, especially as Bybit appears to be replenishing its Ethereum reserves.

The hack has left a $1.4 billion ETH-sized hole in Bybit’s balance sheet, and they have already begun buying back Ethereum. This buying pressure has likely contributed to ETH’s strong price action over the past two days, making it a top performer among major cryptocurrencies, even outpacing Bitcoin.

Stormrake Spotlight: Ondo Finance (ONDO) ($1.13)

Ondo has held the bottom of the accumulation zone and the 0.236 Fibonacci level—a positive sign despite recent bearish price action. If this level holds and Bitcoin reverses to the upside, I’d be confident in calling a low on Ondo, with an expected move back to the top of the accumulation range.

BTC/USD Key Levels and Price Action:

Bitcoin has held the critical $95.7K support and is looking to bounce in an attempt to regain bullish momentum lost in the wake of the hack. However, BTC faces significant resistance from multiple moving averages stacked just above this level. If Bitcoin can flip these into support, we should expect a retest of $100K in the coming days.

BTC Total ETF Flows for 23 Feb: $ (data not available at the time of writing)

(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)

ETH/USD Key Levels and Price Action:

Ethereum has been strong post-hack, rallying to the top of its range and setting a new high. ETH has used the 21 EMA as support on its way up and is now testing the key resistance at $2,865. If this level holds as resistance, the 21 EMA should continue acting as support. However, if ETH flips $2,865 into support, we can expect a push towards $3,000.

ETH Total ETF Flows for 23 Feb: $ (data not available at the time of writing)

(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

Create a brokerage account today

Get Started

No Advice Warning 

The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
 

Disclaimer 

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.

Copyright © 2024 Stormrake Pty Ltd, All rights reserved
]]>Mon, 24 Feb 2025 12:32:34 +1100<![CDATA[Bybit Hacked for $1.4B—The Largest Crypto Theft in History]]>https://www.stormrake.com/blogs/post/bybit-hacked-for-1.4b—the-largest-crypto-theft-in-historyBybit, one of the world's leading crypto exchanges, has just been hacked for $1.4 billion.]]>
To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/
A catalyst has finally arrived, shaking Bitcoin out of its range once again—unfortunately, it’s a negative one. At 2:44 AM, Bybit CEO Ben Zhou confirmed that the exchange had been hacked. Their Ethereum wallet was compromised, leading to the theft of $1.4 billion worth of ETH. Bybit has assured customers that all funds remain secure and that no users have been affected. A sigh of relief for those holding funds on the exchange, but not exactly a confidence boost for sentiment around centralised exchanges.

The culprits? ‘The Lazarus Group’—a notorious North Korean hacking collective, allegedly backed by the North Korean government. Laundering $1.4 billion in ETH is no small feat, especially with the wallets immediately blacklisted. The sum is too large for mixers, so what’s their move? They’ve started bridging the funds to Solana, sparking speculation that they’ll create memecoins and use side wallets to extract the funds. If the past few months haven’t been a loud enough warning to avoid memecoins, this should be the final nail in the coffin. Stay away…

Bitcoin was knocking on the door of $100K, reaching a high of $99.5K off the back of bullish SEC developments and positive momentum. But as soon as the Bybit news hit, markets reacted instantly—Bitcoin plunged over 5%, wiping out the slow, steady gains of the past few days, while altcoins suffered even more.

Although Bybit user funds remain unaffected, the hack underscores the vulnerability of centralised exchanges. If one exploit has been found, who’s to say another won’t emerge—potentially affecting customer funds next time? This is why we advocate for our Stormrake Custody Solution over storing assets on exchanges. If you’re still keeping funds on an exchange, we strongly encourage you to move them to our custody service for protection against potential hacks. Contact your Stormrake Broker or log into the Stormrake Client Portal for deposit instructions.

Stormrake Spotlight: Ondo Finance (ONDO) ($1.10)

Ondo’s reversal signals have been completely invalidated following the Bybit hack. It’s now down almost 12%, testing the bottom of its accumulation zone and the 0.236 Fibonacci level.

BTC/USD Key Levels and Price Action:

Bitcoin was a whisker away from $100K, touching the bottom of the CPR level before getting instantly rejected. Coincidentally, this happened just as the Bybit news broke, sending BTC tumbling. It’s now back below all major moving averages and even the key $95.7K level, where it currently trades.

BTC Total ETF Flows for 21 Feb: $ -60.1 million

(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)

ETH/USD Key Levels and Price Action:

Like Bitcoin, Ethereum was just shy of a key level—$2,865—before tumbling below all moving averages, flipping momentum back to the bears. ETH remains in a broader consolidation range but is now likely to retest the lower support at $2,556.

ETH Total ETF Flows for 21 Feb: $ (data not available at the time of writing)

(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

Create a brokerage account today

Get Started

No Advice Warning 

The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
 

Disclaimer 

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.

Copyright © 2024 Stormrake Pty Ltd, All rights reserved
]]>Mon, 24 Feb 2025 12:23:06 +1100