Bybit Spent 100 Million USDT to Buy 54393 ETH at $2711 from Galaxy Digital and FalconX Through OTC

Bybit has started buying ETH. Currently, Bybit has spent approximately  100 million USDT to buy 54,393 ETH. The average price of each ETH token is $2,711.

A hacker group from North Korea, known as The Lazarus Group, stole 1.4 billion US dollars worth of ETH from Bybit on February 21st. While details regarding the recovery of the funds or the apprehension of the individuals involved in the heist remain unclear, Bybit has initiated its damage control efforts.

A crypto intelligence company, also involved in the investigative efforts, reported that Bybit has begun purchasing ETH. According to the report, Bybit has spent nearly 100 million USDT to acquire 54,393 ETH at an average price of $2,711 per token. These tokens were procured from FalconX and Galaxy Digital via an over-the-counter trade.

Following this substantial purchase, Bybit's CEO expressed his gratitude on social media. In a post, Ben Zhou extended his heartfelt appreciation to the crypto companies that stood by him. The list includes Galaxy, Tether, Bitvavo, Ghaf Capital, Blockchain Center Dubai, TON Foundation, Solana Foundation, Sosovalue, Mirana, MEXC, Pionex, Bitget and Antalpha.

"Bybit is overwhelmed by all the support that we got from partners and industry friends during last night critical time," the post reads. "Here I want to say thanks to all the friends, partners who offered or helped us in any way or form. I am truly grateful. We will need a lot more help down the road as well. Thank you!"

"Although it’s a tragic event for Bybit, however through this hard time our industry showed strength as we unite together," the post continues. "We can only grow bigger from now on. As a team, we are ready to protect our industry together."

However, the post notably omitted any mention of Arkham Intelligence, which may fan some waves of rumors in the industry.

This substantial purchase by Bybit has worked wonders for ETH tokens. At press time, the token is going for $2,870 with a 2.50% price surge within 24 hours of the purchase. Furthermore, the overall trading volume of the token has hiked by 10%. Therefore indicating positive participation from traders. This could propel the token towards a bullish movement.

Technical experts suggest that ETH is currently consolidating in a tight band between $2,560 and $2,800, and sources suggest that it might break out. Based on current price action, if the token breaches this consolidation and rests just above $2,820, there is a possibility that the price could soar by 10% and reach $3,100 in the coming month(s).