Bybit Ethereum (ETH) Reserves Steadily Recovering Following Massive Hack, According to CryptoQuant
Market intelligence platform CryptoQuant says that the Ethereum (ETH) reserves of Bybit are recuperating after the crypto exchange was hacked to the tune of $1.4 billion.
In a new thread on the social media platform X, Julio Moreno – CryptoQuant’s head of research – says that Bybit is seeing inflows worth over $390 million in ETH.
“Bybit’s ETH reserves are slowly recovering. The exchange has experienced positive net flows of 139,000 ETH since the hack.”
Previous reports indicate that the Singapore-based exchange suffered the biggest exploit in the digital assets industry when a bad actor took control of its ETH cold wallet, which stores keys offline.
According to recent data from the blockchain tracker Lookonchain, Bybit’s rapid recovery of ETH is being aided by other digital asset firms as well as crypto whales.
“Since being hacked, Bybit has received 145,879 ETH ($390 million) in loans and deposits. Whales withdrew 47,800 ETH ($127.56 million) from Binance to Bybit as loans.
Bitget transferred 40,000 ETH ($106 million) to Bybit as loans. Whale ‘0x3275’ transferred 20,000 ETH ($53.7 million) to Bybit as loans.
[The crypto exchange] MEXC transferred 12,652 stETH ($33.74 million) to Bybit as loans.
Whale ‘0xd7CF’” bought 15,427 ETH ($42.2 million) from CEXs (centralized exchanges) and DEXs (decentralized exchanges), then deposited it to Bybit.
A wallet suspected to be Fenbushi Capital deposited 10,000 ETH ($27 million) to Bybit.”
Furthermore, Lookonchain finds that Bybit itself purchased $197 million ETH via over-the-counter transactions.
Ethereum is trading for $2,808 at time of writing, a 1.5% increase during the last 24 hours.
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Author: Mehron Rokhy
