Ethereum

Galaxy

Arkham

<p class="is-style-lead">Bybit exchange has reportedly purchased 266,700 ETH worth $742 million across two days, according to blockchain analytics firm Lookonchain.</p>
<p>The transactions occurred in the days following Bybit’s $1.4 billion hack, which has taken the industry by surprise. A wallet linked to Bybit, identified as “0x2E45…1b77,” purchased 157,660 Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>)—worth approximately $437 million—from cryptocurrency investment firms Galaxy Digital, FalconX, and Wintermute through over-the-counter transactions. This wallet made its first transaction on Feb. 22 at 4:44 PM UTC.</p>
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   <p lang="en" dir="ltr">It seems that <a href="https://twitter.com/hashtag/Bybit?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bybit</a> has bought 266,694 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>($742M) after being hacked.<br><br>0x2E45…1b77(related to <a href="https://twitter.com/hashtag/Bybit?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bybit</a>) bought 157,660 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>($437.82M) from Galaxy Digital, FalconX, Wintermute via OTC.<br><br>0xd7CF…A995(likely related to <a href="https://twitter.com/hashtag/Bybit?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bybit</a>) bought 109,033 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>($304.12M) from DEXs and CEXs.… <a rel="noopener noreferrer nofollow" href="https://t.co/8FfGZo18OU" target="_blank">pic.twitter.com/8FfGZo18OU</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1893840256342040727?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 24, 2025</a>
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<p>A second wallet, “0xd7CF…A995,” was also <a href="https://intel.arkm.com/explorer/address/0xd7CF68819c29F4c03d6908d1A066420Fd811A995" target="_blank" rel="noopener noreferrer nofollow">involved</a> in a $304 million Ethereum purchase, conducted through both centralized and decentralized exchanges.</p>
<p>While not formally recognized as part of Bybit, both Lookonchain and Arkham Intelligence indicate close connections based on transaction trends. The wallet’s interactions with Binance and MEXC hot wallets further fuel rumors suggesting a link to the exchange.</p>
<p>You might also like: <a href="https://crypto.news/ethena-labs-reveals-zero-unrealized-pnl-exposure-to-bybit/" rel="noopener noreferrer nofollow"> Ethena Labs reveals zero unrealized PNL exposure to Bybit </a></p>
<p>The purchases follow one of the largest crypto exchange <a href="https://crypto.news/live/bybit-hack/" target="_blank" rel="noopener noreferrer nofollow">hacks</a> in history, in which a hacker exploited Bybit’s multisig cold wallet using a masked URL trick to manipulate contract logic and drain over 401,000 ETH. The attacker has since begun moving the stolen funds across multiple wallets, prompting a coordinated effort to freeze assets.</p>
<p>A joint <a href="https://crypto.news/crypto-sector-rally-bybit-responds-1-4-billion-breach/" target="_blank" rel="noopener noreferrer nofollow">effort</a> between major blockchain entities has already resulted in $42.89 million being frozen in just one day, according to Bybit’s Feb. 23 X post. Platforms like Tether, THORChain, Avalanche, CoinEx, Bitget, and Circle have all played a role in identifying and blocking blacklisted addresses, limiting the attacker’s ability to launder funds.</p>
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   <p lang="en" dir="ltr">A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action: <a href="https://twitter.com/Tether_to?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Tether_to</a>: Flagged address and froze 181K USDT <a href="https://twitter.com/THORChain?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@THORChain</a>: Blocked the blacklist <a href="https://twitter.com/ChangeNOW_io?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ChangeNOW_io</a>: Froze 34 ETH <a href="https://twitter.com/FixedFloat?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@FixedFloat</a>: Froze 120K USDC + USDT…</p>— Bybit (@Bybit_Official) <a href="https://twitter.com/Bybit_Official/status/1893687749229563958?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 23, 2025</a>
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<p>Despite the massive hack, Bybit has maintained its financial stability, and CEO Ben Zhou affirmed that all user funds are secure. According to Lookonchain <a href="https://x.com/lookonchain/status/1893852261027140041?s=46&amp;t=nznXkss3debX8JIhNzHmzw" target="_blank" rel="noopener noreferrer nofollow">data</a>, Bybit has received about 446,870 ETH, roughly $1.23 billion, from whale deposits, loans, and ETH purchases since the hack. A $140 million <a href="https://crypto.news/bybit-launches-140m-bounty-to-track-down-crypto-heist/" target="_blank" rel="noopener noreferrer nofollow">bounty</a> has also been offered by the exchange to security researchers and ethical hackers who help retrieve the stolen assets.</p>
<p>Read more: <a href="https://crypto.news/ethereum-wavers-as-bybit-eth-reserves-rise-after-lazarus-hack/" rel="noopener noreferrer nofollow"> Ethereum wavers as Bybit ETH reserves rise after Lazarus hack </a></p>

Bybit reportedly purchases $742M in Ethereum following $1.4B hack

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