The post Bybit Raises 254,830 ETH Following Hack: A Deep Dive into Recovery and Cross-Chain Challenges appeared on BitcoinEthereumNews.com.

In a significant development within the crypto landscape, Bybit has successfully secured an extraordinary 254,830 ETH, equivalent to approximately 6.93 billion USD, just 48 hours post-hack, as per data from Spotonchain. The influx includes a substantial 132,178 ETH (~3.67 billion USD) reportedly acquired via OTC transactions, possibly involving influential firms like Galaxy Digital, FalconX, and Wintermute. Furthermore, the exchange/platform network has facilitated access to 122,652 ETH (around 3.26 billion USD) through various institutions such as Bitget, MEXC, Binance, and loans from DWF Labs, indicative of strategic moves by larger market participants. Meanwhile, the perpetrator of the hack is reported to have executed a cross-chain exchange of 40,944 ETH (~1.15 billion USD) into BTC alongside other cryptocurrencies, utilizing platforms like Chainflip, THORChain, and LiFi. Notably, the hacker retains a significant amount—458,451 ETH (~12.9 billion USD)—accounting for 91.7% of the total 499,395 ETH (roughly 14 billion USD) originally stolen. Source: https://en.coinotag.com/breakingnews/bybit-raises-254830-eth-following-hack-a-deep-dive-into-recovery-and-cross-chain-challenges/

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Filed under: News - @ February 23, 2025 2:24 pm