Bybit’s Daring Heist Recovery: Can They Bounce Back from the Brink? 💰

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In a turn of events that could make even the most seasoned of cat burglars raise an eyebrow, Bybit, the exchange that recently found itself the unfortunate victim of a $1.4 billion hack—yes, you read that right, billion with a ‘b’—has embarked on a rather audacious recovery mission. According to the esteemed blockchain sleuths at Lookonchain, they’ve managed to wrangle in a staggering 446,870 ETH, which translates to a cool $1.23 billion, through a delightful mix of loans, whale deposits, and the occasional purchase. One can only imagine the frantic phone calls to the bank! 📞

Now, if you thought that was the end of the story, think again! The wallet with the rather charming address “0x2E45…1b77” has been busy as a bee, snapping up 157,660 ETH worth $437.8 million from the likes of Galaxy Digital, FalconX, and Wintermute, all through Over-The-Counter transactions. It’s like a high-stakes game of poker, but with digital tokens instead of chips! 🃏

Since being hacked, #Bybit has received ~446,870 $ETH($1.23B) through loans, whale deposits, and ETH purchases.#Bybit has nearly closed the gap.

— Lookonchain (@lookonchain) February 24, 2025

But wait, there’s more! The wallet “0xd7CF…A995” has also been on a spending spree, shelling out a jaw-dropping $304 million to acquire Ethereum from both centralized and decentralized trading platforms. Arkham Intelligence, the Sherlock Holmes of the crypto world, has deduced that this wallet belongs to none other than Bybit itself. Elementary, my dear Watson! 🕵️‍♂️

In a plot twist worthy of a summer blockbuster, Bybit executed these rapid Ethereum purchases right after the notorious North Korean Lazarus Group decided to play a little game of digital tag on February 21. The stolen funds from this cyber escapade accounted for more than 60 percent of all cryptocurrency thefts last year. Talk about a bad day at the office! 😱

As if that weren’t enough drama, the proof-of-reserve auditor Hacken has confirmed that Bybit’s reserves now exceed its liabilities, even after customers made a mass exodus, withdrawing a staggering $5.3 billion on February 22. It’s like watching a magician pull a rabbit out of a hat, only the rabbit is a whole lot of cash! 🎩🐇

In the aftermath of this digital debacle, the price of ETH took a nosedive, plummeting 7% in just seven hours, dropping from $2,831 to $2,629. However, like a phoenix rising from the ashes, it has since regained its composure and now stands at $2,765. A true comeback story! 📈

Bybit’s strategy of accumulating ETH suggests they are actively trying to rebuild their reserves, although they’ve been rather tight-lipped about the whole affair. Whether this recovery approach will win back the trust of their users remains to be seen. One can only hope they have a few more tricks up their sleeves! 🎩✨

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2025-02-24 08:05