We’re so used to hacks that the market shrugs off $1.4b stolen from the 3rd biggest exchange. 

Mentally ill market stability. 🤝

musician: gigameshmusic.com | dev: github.com/gigamesh

yeah I expected there to be a lot of panic selling either way but everyone was chill

as usual, it depends on the circumstances. bybit handled withdrawals without issues and stolen assets are tracked, meaning Lazarus will need a long time to clean them. so there is no sell pressure—actually, quite the opposite.

figuring out my next thing | marketing, content, growth | prev. Juicebox, Nouns, RAW DAO | casting about coffee, hi-fi, and other rabbit holes

I guess in the short term, but long term it seems likely to be converted to usd or other fiat. 

Also just creates atmosphere of fear and contributes to the negative stigma of crypto.

why would ETH being removed from circulation be bearish, though?

It helps that the exchange was able to cover all the panic withdrawals

well... what are they gonna do?

sell it?