According to data, the hacker has cashed out around $1.34 billion worth of ETH (499,395 ETH) and $42 million worth of cmETH (15,000 ETH), and has distributed the funds across 53 addresses.
KOL: Who should Bybit borrow 500,000 ETH from?
After the theft, Bybit may face a funding gap of 500,000 ETH. In a live stream earlier today, the Bybit CEO stated: "We will not purchase ETH to fill the gap, but are currently obtaining a bridge loan from partners to compensate for the stolen funds, and have already recovered nearly 80% of the stolen liquidity (ETH)".
However, community KOL questioned in a tweet who could lend such a large amount of ETH to Bybit, suggesting it could only be Binance or a consortium of institutions, but considering Bybit's previous reputation issues, he believes institutions may not be willing to bail them out:
Bybit says they are borrowing ETH, not buying ETH. But at the end of the day, it still needs to be repaid, and Bybit's annual profit is not even $1.5 billion.
Who else can lend 400,000 ETH (the current stolen amount is around 500,000 ETH) other than Binance (BN) or a consortium of institutions? Yes, a single institution cannot save them, it would take several institutions to step in.
But considering Bybit's previous Bit token issuance, where they heavily diluted users, and the promised contract revenue injection was never fulfilled, I don't think Bybit has a good reputation with institutions.
Now the top spot in spot trading volume is Binance, and the rising Bybit is second, so do you think anyone will step in to save them? With the FRX precedent, who would still keep their coins on Bybit and share their fate?
For those with funds on Bybit, I suggest you withdraw them quickly. Those who say they won't withdraw are idiots, I suggest you block them directly.
Bybit has seen a net outflow of $1.7 billion so far, and the accumulated withdrawals are not yet clear, but I estimate the net outflow to be over $5 billion.
As a final piece of cold knowledge, the net inflow to ETH spot ETFs has only been $3 billion in all these days, while Bybit was hacked for $1.5 billion in a single day.
Bybit has received over 64,452 ETH in loans
According to monitoring by Yu Jin, exchanges including Binance, , and have transferred ETH or stETH to Bybit wallet addresses to help them through the crisis. Binance and have cumulatively transferred over 50,000 ETH, while has transferred 12,652 stETH.
It's worth noting that Binance founder CZ earlier tweeted that Binance has not yet started supporting Bybit, and the large ETH transfers were likely user behavior:
I believe those are user trades. There may be some whales lending to Bybit. I can't take credit for that.
As of now, Bybit has received approximately 64,452 ETH in loans to support them, coming from , institutions withdrawing from Binance, and .
