Author: Brayden Lindrea, CoinTelegraph; Compiler: Wuzhu, Golden Finance
According to blockchain analysis company Lookonchain, Cryptocurrency exchange Bybit appears to have snapped up nearly 266,700 Ethereum, worth $742 million, in two days after being hacked and losing $1.4 billion.
Lookonchain said in an X post on February 23 that the wallet address "0x2E45...1b77" associated with Bybit purchased 157,660 Ethereum, worth $437.8 million, from cryptocurrency investment firms Galaxy Digital, FalconX and Wintermute through over-the-counter transactions.
Lookonchain cited data from Arkham Intelligence saying that another $304 million worth of Ethereum purchased through centralized and decentralized exchanges using the wallet address "0xd7CF...A995" is also "likely" related to Bybit.
Arkham data shows that the address "0xd7CF...A995" interacted with Binance and MEXC hot wallets.
Ether was transferred from Galaxy Digital, FalconX, and Wintermute to the Bybit-linked "0x2E45...1b77" wallet address.
Multiple transfers were sent to these wallet addresses to make up the corresponding amounts. The first purchase from "0x2E45...1b77" occurred on February 22 at 4:44 PM UTC.
The transfers come as Bybit looks to recover from a $1.4 billion hack on Feb. 21 by the North Korean state-run hacking group Lazarus Group.
The $1.4 billion hack was the largest in cryptocurrency history, accounting for more than 60% of all cryptocurrency funds stolen in 2024.
In a separate post, Lookonchain estimates that Bybit has now received 446,870 Ethereum worth about $1.23 billion from loans, whale deposits, and purchases — nearly 88% of the $1.4 billion stolen.
Since the hack, Ethereum has been transferred to wallet addresses associated with Bybit. Source: Lookonchain
Bybit’s customer withdrawals also topped $5.3 billion on February 22. Proof of Reserves auditor Hacke said the crypto platform’s reserves still exceed its liabilities and user funds remain fully backed.
CoinGecko data showed that after the hack, Ethereum fell from $2,831 to $2,629 in 7 hours, a drop of more than 7%, but has since recovered to $2,765.
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