Shocking Ethereum Heist: Bybit’s Wild Ride After the Hack! 😱💰

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In a most audacious ballet of digital thievery, hackers pirouetted away with a staggering 0.4 million Ethereum (ETH) tokens, a veritable treasure trove worth a jaw-dropping $1.5 billion, plucked from the icy embrace of Bybit’s cold wallet. One can only imagine the glee of these cyber marauders, their fingers dancing over keyboards like a pianist in a fevered frenzy.

Yet, in the face of this calamity, Bybit, that stalwart bastion of cryptocurrency exchange, did not dally in despair. No, they sprang into action with the alacrity of a caffeinated squirrel, assuring their users that their funds remained as safe as a cat in a sunbeam, thanks to their 1:1 reserve ratio. Business as usual, they proclaimed, as if a mere $1.5 billion heist was just a minor hiccup in their otherwise splendid day.

Business as usual 👍

— Bybit (@Bybit_Official) February 23, 2025

Such proactivity has earned Bybit a chorus of applause from the crypto community, who now look upon the exchange’s management as the shining knights of centralized exchanges, valiantly battling the dragons of adversity.

Meanwhile, behind the scenes, a veritable symphony of ETH transactions unfolded, with large sums flitting between institutions, OTC desks, and the ever-busy Bybit itself. Join me, dear reader, as we embark on a thrilling expedition to track the ethereal movements of Ethereum post-hack, piecing together this grand puzzle.

Track Bybit Eth Movement Here

Since the fateful day of February 22, a suspiciously institutional address (0xbA…85ae) has been busy, transferring a staggering 22,600 ETH into Bybit deposits across five separate transactions. Between the ungodly hours of 1:03 AM and 12:39 PM UTC+8 on February 23, this address also withdrew a jaw-dropping 73.599 million USDT. One can only wonder if these movements are a clever ruse for liquidity management or a desperate attempt to recover from the hack.

Another address (0x2E…1b77), rumored to be a Bybit confidant, has been equally industrious, moving $48 million to the OTC desks of Galaxy Digital and FalconX in a mere 11 hours. The purpose? To procure 34,800 ETH, which was promptly deposited into Bybit, as if they were stocking up for a digital feast. Shortly thereafter, Bybit made another purchase, securing 17,500 ETH from Galaxy Digital, because why not?

The transfers, it seems, are relentless. Bybit also received a cool 100 million USDT from 0xEC…B5E76, which was swiftly followed by $50 million each sent to Galaxy Digital and FalconX, resulting in the acquisition of 36,900 ETH. This ETH, like a well-trained dog, was deposited into Bybit just eight hours ago, signaling a clear effort to restock their dwindling reserves.

And then there’s Fenbushi Capital, adding a delightful twist to our tale. A Bybit deposit address, allegedly linked to Fenbushi, whisked away 10,000 ETH from Binance and other sources before depositing it all into Bybit’s hot wallet. Could it be that outside firms are swooping in like gallant knights to assist Bybit in managing its liquidity? The plot thickens!

Meanwhile, DWF Labs has also been busy, with an address linked to them (0xc0…725D) transferring 2,200 ETH to 0x9BF…d19C just five hours ago. Speculation abounds that these movements could be part of a loan agreement or a strategic shuffle of funds, as if they were playing a high-stakes game of poker.

The hack, alas, dealt a grievous blow to Bybit’s Ethereum reserves, which plummeted from 443,691 ETH to a mere 63,807 ETH at their nadir. Yet, through aggressive buying and deposits, Bybit has managed to rebuild its reserves to a respectable 159,702 ETH. According to CryptoQuant, the exchange has been on a buying spree, securing 106,498 ETH ($294.93M) in just one day through OTC deals with Galaxy Digital, FalconX, and Wintermute. Quite the comeback, wouldn’t you say?

Bybit’s CEO, Ben Zhou, candidly admitted that the hack wiped out about 30% of the platform’s

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2025-02-23 18:14