Massive 120,000 ETH Withdrawal Stuns Bybit Exchange, Here’s What’s Happening
The post Massive 120,000 ETH Withdrawal Stuns Bybit Exchange, Here’s What’s Happening appeared on BitcoinEthereumNews.com.
Whale Alert, a prominent blockchain tracker which monitors heavy cryptocurrency transactions, has spotted several large ETH withdrawals made consecutively from the Bybit exchange. This platform is ill-famed for a recent massive hack, when it lost more than $1.4 billion worth of Ethereum to the North Korean hacker team known as Lazarus Group. Related 120,000 ETH leave Bybit into unknown, but destination identified Whale Alert noticed four consecutive withdrawals, carrying 30,000 ETH worth roughly $60.4 million each. Those transfers summed up to 120,000 Ethereum valued at $241.82 million. All four transactions from Bybit were made to wallets tagged by the blockchain tracker as anonymous. However, the same data source provided details that reveal the destination of all four transactions – it was Bybit itself. This makes these transfers internal, as the second-biggest crypto exchange by trading volume after Binance seemed to have reshuffled its ETH holdings. Related Bybit CEO’s statement on retrieving stolen funds Bybit’s chief executive officer Ben Zhou has published an executive summary on the funds stolen by Lazarus Group from Bybit earlier this year. On Feb. 21, Bybit faced an exploit of an Ethereum smart contract. As a result of that, $1.4 billion worth of Ethereum was drained by hackers. That was the equivalent of approximately 500,000 ETH. Ben Zhou said that the largest portion of the stolen crypto (88.87%) is traceable, 7.59% cannot be traced any more and 3.54% of that ETH has been frozen thanks to the quick reaction of exchanges. Bybit BEN: Hackers used a BTC mixer to transfer funds. Out of the total $1.4 billion (approximately 500k ETH) in stolen funds, 88.87% remain traceable, 7.59% have become untraceable, and 3.54% have been frozen. 86.29% of the stolen funds (around 440k ETH) have been converted into… — Wu Blockchain (@WuBlockchain) March 20, 2025 He added…
Filed under: News - @ March 21, 2025 4:28 pm