Since being hacked, Bybit has received around 446,870 ETH ($1.23 billion) through loans, whale deposits, and purchases, according to blockchain analytics firm Lookonchain.
The exchange struggles to recover from the $1.4 billion loss which stands as the biggest crypto hack in history. The wallet “0x2E45…1b77” associated with Bybit purchased 157,660 ETH worth $437.8 million from Galaxy Digital, FalconX, and Wintermute through Over-The-Counter transactions according to Lookonchain.
The wallet address “0xd7CF…A995” spent $304 million to acquire Ethereum from both centralized and decentralized trading platforms. According to Arkham Intelligence, the wallet belongs to Bybit.
Bybit executed rapid Ethereum purchases after North Korean Lazarus Group members conducted a February 21 hack of its platform. Stolen funds from the February 2024 cyberattack represented more than 60 percent of all cryptocurrency thefts last year.
The proof-of-reserve auditor Hacken confirmed that Bybit’s reserves exceeded its liabilities after customers withdrew $5.3 billion on Feb. 22 thus securing full user fund protection.
The ETH price plummeted 7% during seven hours after the hack occurred and reached $2,629 from its initial value of $2,831. The ETH price data from CoinGecko indicates it has regained its value and now stands at $2,765.
The ETH accumulation strategy by Bybit indicates the exchange is actively rebuilding its reserves although it has not provided any official statement regarding the situation. The future success of this recovery approach to build user trust remains doubtful.
Also Read: Pump.fun bans Bybit hacker from laundering money by memecoins
