Bybit exchange purchases $742M in ETH after $1.4B hack
Bybit Exchange would have bought 266,700 ETH worth $ 742 million in two days, according to the Lookonchain blockchain analysis company.
The transactions took place in the days which followed the hacking of $ 1 billion by Bybit, which took industry by surprise. A portfolio linked to parbit, identified as “0x2e45 … 1B77”, bought 157 660 Ethereum (Ethn) —Worth about $ 437 million – Investment companies from cryptocurrency Galaxy Digital, Falconx and Wintermute through over -the -counter transactions. This portfolio made its first transaction on February 22 at 4:44 p.m. UTC.
A second portfolio, “0xd7cf … A995”, was also implied In a purchase of Ethereum of $ 304 million, made through centralized and decentralized exchanges.
Although they are not officially recognized as part of Bybit, Lookonchain and Arkham Intelligence indicate close connections according to transaction trends. The portfolio interactions with Binance and Mexc Hot Wallet Bumelet still have rumors suggest a link to exchange.
Purchases follow one of the greatest Crypto exchanges hacks In history, in which a hacker exploited the bybit’s cold multisig cold wallet using a masked URL tip to manipulate contractual logic and drain more than 401,000 ETH. The striker has since started to move the stolen funds through several wallets, which has caused a coordinated effort to freeze the assets.
A joint effort Between the big blockchain entities, he has already included $ 42.89 million in a single day, according to February 23 of Bybit. Platforms like Tether, Thorchain, Avalanche, Coinex, Bitget and Circle have all played a role in identifying and blocking black addresses, limiting the attacker’s ability to whiten the funds.
Despite the massive hack, Bybit has maintained its financial stability and CEO Ben Zhou said that all user funds are secure. According to Lookonchain dataBybit received around 446,870 ETH, around $ 1.23 billion, whales, loans and ETH purchases from hacking. 140 million dollars prime was also offered by exchange to safety researchers and ethical hackers who help recover stolen assets.
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