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24/02/25
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Bybit’s Bold Ether Acquisition Totals $742M Amid Major Hack Fallout
Crypto exchange Bybit has reportedly acquired approximately 266,700 Ether, valued at around $742 million, over a two-day period following a significant hack that resulted in the loss of $1.4 billion. This information comes from blockchain analytics firm Lookonchain, which provided details on the transactions linked to Bybit.
A wallet associated with Bybit, identified as “0x2E45…1b77,” executed a purchase of 157,660 Ether for about $437.8 million through over-the-counter transactions from notable crypto investment firms, including Galaxy Digital, FalconX, and Wintermute. Additionally, another wallet, “0xd7CF…A995,” is believed to have acquired Ether valued at $304 million via both decentralized and centralized exchanges. According to Arkham Intelligence, these purchases are likely connected to Bybit, particularly as the address in question has shown interactions with major exchanges like Binance and MEXC.
The initial purchase from the wallet “0x2E45…1b77” took place on February 22 at 4:44 PM UTC, and various transactions contributed to the Ether accumulation in both wallets. This aggressive acquisition comes in the wake of the cyberattack attributed to the North Korean hacker group Lazarus, which occurred on February 21 and marks the largest hack in cryptocurrency history. The incident accounted for over 60% of the total crypto funds stolen in 2024.
As Bybit navigates the aftermath of the attack, the company’s swift response to bolster its asset reserves indicates an ongoing effort to stabilize and recover from the significant financial setback. Further developments regarding Bybit’s situation are anticipated as the story continues to evolve.
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