Cryptocurrency Exchange Bybit Purchased $742 Million Worth of ETH to Recover from a Hack

In a surprising turn of events, cryptocurrency exchange Bybit purchased around 266,700 ETH worth $742 million in just 48 hours.

Major cryptocurrency exchange Bybit has reportedly purchased a substantial amount of ETH in the wake of a recent $1.4 billion hack, according to blockchain analytics firm Lookonchain.

The firm has been tracking large ETH movements following the concerning incident, which saw a massive outflow of digital assets from the exchange’s multisig cold wallet.

Now, let’s dive into the details of this interesting development.

Bybit悄悄补仓26.67万枚ETH 其中一笔大额资金由FalconX Galaxy Digital Wintermute通过柜台交易售出

Lookonchain 24 日发推称，#Bybit 在被黑后已悄悄补仓 266,694 枚 $ETH（7.42 亿美元）。其中一笔大额资金由 Galaxy Digital、FalconX、Wintermute 等业内巨头通过柜台交易售出，共计 157,660 枚 $ETH（4.37 82 亿美元），从 0xd7CF…A995 (可能与 Bybit 相关) 开始，辗转至 0x2E45…1b77 (与 Bybit 相关)。

This particular transaction involved the movement of 157,660 ETH valued at $437.82 million from Galaxy Digital, FalconX, and Wintermute, among other industry heavyweights.

The funds were transferred through over-the-counter (OTC) sales, ultimately reaching a wallet address (0x2E45…1b77) that is closely linked to Bybit, as highlighted by Lookonchain.

This address commenced its first transaction on Feb. 22. It appears that the exchange is actively replenishing its ETH reserves following the recent setback.

0xd7CF…A995 大约从DEX和CEX处买入109,033 枚ETH，其中包括CoinEx、Bitget、Avalanche 等。

blockchain analytics firm, deepchain scan shows that 0xd7CF…A995 bought 109,033 枚 $ETH($304.12M) from DEXs and CEXs, like CoinEx, Bitget, and Avalache, and finally reached a C45…536e address, which is flagged by Hackers/Phishers/Scammers/Spammers by Coinbase.

As the transaction progressed, the ETH flowed through several cryptocurrency exchanges and decentralized exchanges (DEXs), including Bitget, CoinEx, and Avalanche.

Finally, the funds arrived at a wallet address (C45…536e) that Coinbase has flagged for suspicious activity, including hacking, phishing, scamming, and spamming.

According to the blockchain analytics firm, another large ETH purchase was made by an address (0xd7CF…A995) that is most likely connected to Bybit. This address acquired 109,033 ETH valued at $304.12 million from various centralized exchanges (CEXs) and DEXs, including CoinEx, Bitget, and Avalanche.

Afterward, the funds were transferred to a C45…536e address, which Coinbase has flagged for involvement in hacking, phishing, scamming, and spamming activities.