Author: Brayden Lindrea, CoinTelegraph; Translator: Wuzhu, Jinse Finance
According to blockchain analytics firm Lookonchain, the cryptocurrency exchange Bybit appears to have purchased nearly 266,700 Ether, worth $742 million, within two days after being hacked for $140 million.
Lookonchain stated in a post on February 23 that the wallet address "0x2E45...1b77" associated with Bybit purchased 157,660 Ether, worth $437.8 million, from cryptocurrency investment firms Galaxy Digital, FalconX, and Wintermute through over-the-counter trades.
Citing data from Arkham Intelligence, Lookonchain said another $304 million worth of Ether purchased through centralized and decentralized exchanges using the wallet address "0xd7CF...A995" is "likely" also related to Bybit.
Arkham data shows that the address "0xd7CF...A995" interacted with Binance and MEXC hot wallets.
Ether was transferred from Galaxy Digital, FalconX, and Wintermute to the "0x2E45...1b77" wallet address linked to Bybit.
Multiple transfers were sent to these wallet addresses to make up the corresponding amounts. The first purchase from "0x2E45...1b77" occurred on February 22 at 4:44 PM UTC.
These transfers were made as Bybit sought to recover from the $140 million hack by the North Korean state-sponsored hacker group Lazarus Group on February 21.
The $140 million hack is the largest in cryptocurrency history, accounting for over 60% of all cryptocurrency funds stolen in 2024.
In another article, Lookonchain estimated that Bybit has now received 446,870 Ether, worth about $1.23 billion, from loans, whale deposits, and purchases - nearly 88% of the $140 million stolen.
Ether has been transferred to wallet addresses associated with Bybit since the hack. Source: Lookonchain
On February 22, Bybit's customer withdrawal volume also surpassed $5.3 billion. Auditor Hacke, who conducted the reserve proof, stated that the crypto platform's reserves still exceed its liabilities, and user funds remain fully supported.
CoinGecko data shows that after the hack, Ether fell over 7% from $2,831 to $2,629 within 7 hours, but has since rebounded to $2,765.
