Bybit Acquires $742M in Ether Following Hack

Bybit acquires $742M in Ether after a $1.4B hack, as it seeks to recover stolen funds and reassure users of its financial stability.

Azcnews Breaking Bybit Acquires $742m In Ether Following Hack

Blockchain analytics firm Lookonchain has revealed that crypto exchange Bybit purchased approximately $742 million worth of Ether (ETH) between February 22 and 23 using two wallet addresses.

Bybit appears to have acquired nearly 266,700 ETH just days after suffering a $1.4 billion hack, allegedly carried out by the North Korean state-backed hacker group Lazarus, according to Lookonchain.

One wallet address linked to Bybit, “0x2E45…1b77”, reportedly bought 157,660 ETH (worth $437.8 million) from major crypto investment firms Galaxy Digital, FalconX, and Wintermute through over-the-counter (OTC) transactions, Lookonchain stated in a February 23 post on X.

Additionally, another $304 million ETH purchase was made using the wallet address “0xd7CF…A995”, through both centralized and decentralized exchanges. Lookonchain, citing data from Arkham Intelligence, suggested this transaction is also likely connected to Bybit. Arkham’s data further indicates that the address “0xd7CF…A995” has interacted with Binance and MEXC hot wallets.

Several transfers were made to these wallets to accumulate the reported amounts, with the first transaction from “0x2E45…1b77” occurring on February 22 at 4:44 PM UTC.

Ether Transfers To Bybit Linked Wallet Addresses Since The Hack
Ether Transfers To Bybit Linked Wallet Addresses Since The Hack

Bybit’s Efforts to Recover from Historic $1.4B Hack

Bybit’s large Ether purchases come in the wake of the $1.4 billion hack, the largest crypto theft in history, which accounted for over 60% of all stolen crypto funds in 2024.

In a separate post, Lookonchain estimated that Bybit has now accumulated 446,870 ETH (worth approximately $1.23 billion) from a combination of loans, whale deposits, and direct purchases—covering nearly 88% of the stolen funds.

Meanwhile, Bybit’s customer withdrawals surged to $5.3 billion on February 22. Despite the massive outflows, proof-of-reserve auditor Hacken confirmed that Bybit’s reserves still exceed its liabilities, ensuring user funds remain fully backed.

Following the hack, Ether’s price plunged over 7% within seven hours, dropping from $2,831 to $2,629. However, it has since rebounded to $2,765, according to CoinGecko data.

Love

0.0/5

Love

Latest

Binance May Delist 3 Tokens

News | Altcoin | Editor Choice

Binance May Delist 3 Tokens

Binance has added BAKE, IDEX, and SLF to its Monitoring Tag list, signaling a potential delisting if these tokens fail to meet the exchange’s strict listing criteria.

Why Are Memecoin Prices Skyrocketing Again

News | Editor Choice | Memecoin

Why Are Memecoin Prices Skyrocketing Again?

Memecoins like Dogecoin, Shiba Inu, and Floki have suddenly surged in value following Elon Musk’s announcement of a new political party, reigniting excitement across the crypto community.

Uk Traders To Face £300 Fine For Trading From 2026

Policy & Regulations | Editor Choice

UK Traders to Face £300 Fine for Trading from 2026

According to a statement from the UK Government, traders in the country will face a £300 fine if they fail to provide complete personal information.

Stake Toncoin (ton) Receives Uae Golden Visa

Altcoin | Editor Choice

Stake Toncoin (TON) Receives UAE Golden Visa

The Ton Foundation has announced a unique program allowing investors to receive a UAE Golden Visa by staking TON tokens.

Trump Attacks Elon Musk For Wanting To Form A America Party

Altcoin | Editor Choice

Trump Attacks Elon Musk for Wanting to Form a America Party

President Trump has rebutted billionaire Elon Musk's proposal to form an American political party, calling it a ridiculous idea that would only cause chaos.