Bybit Purchases $742 Million ETH After $1.4B Hack, ETH Price Recovers 6%
The post Bybit Purchases $742 Million ETH After $1.4B Hack, ETH Price Recovers 6% appeared on BitcoinEthereumNews.com.
Bybit has taken a bold step after suffering one of the biggest hacks in crypto history. Following the massive $1.4 billion security breach, the exchange has reportedly purchased $742 million of Ethereum (ETH) to recover from the attack. This has made the ETH price recover by 6% from last week’s drop. Bybit’s Buys of $742 M ETH After the Hack According to blockchain analytics firm Lookonchain, Bybit has bought 266,694 ETH worth around $742 million. The move appears to be part of the exchange’s effort to stabilize its reserves after losing a significant amount of funds to the hack. The attack, carried out by the North Korean state-backed hacker group Lazarus, targeted Bybit’s multisignature cold wallet, resulting in the loss of nearly $1.4 billion. As per Lookonchain’s analysis, Bybit received 446,870 ETH, worth approximately $1.23 billion, from various sources, including loans, large investor deposits, and direct purchases. This amount accounts for almost 87% of the total stolen funds, suggesting that Bybit is actively working to replace the missing assets. Timeline Of Ethereum Purchases Further blockchain data reveals that a wallet address linked to Bybit, identified as 0x2E45, purchased 157,660 ETH, valued at $437.82 million, from well-known crypto trading firms such as Galaxy Digital, FalconX, and Wintermute through over-the-counter (OTC) transactions. Meanwhile, the second wallet address, 0xd7CF, believed to be associated with Bybit, acquired 109,033 ETH, worth around $304.12 million, from both decentralized (DEXs) and centralized exchanges (CEXs). Efforts to Restore Stability Bybit has wasted no time in bouncing back from the massive security breach. In a recent tweet, CEO Ben Zhou confirmed that the exchange has fully restored the $1.4 billion worth of Ether lost in the Feb. 21 hack. Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to…
Filed under: News - @ February 24, 2025 6:27 am