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Blockchain analytics firm Lookonchain reports Bybit bought $742 million worth of Ether using two wallet addresses between Feb. 22 and 23.
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Crypto exchange Bybit appears to have snapped up nearly 266,700 Ether worth $742 million across two days after it was hacked for $1.4 billion, according to blockchain analytics firm Lookonchain.
A Bybit-linked wallet address “0x2E45…1b77” bought 157,660 Ether (ETH), worth $437.8 million from crypto investment firms Galaxy Digital, FalconX and Wintermute via over-the-counter purchases, Lookonchain said in a Feb. 23 X post.
Another $304 million Ether purchase using wallet address “0xd7CF…A995” through centralized and decentralized exchanges is also “likely” tied to Bybit, Lookonchain said, citing data from Arkham Intelligence.
Arkham data shows that address “0xd7CF…A995” interacted with Binance and MEXC hot wallets.
Ether transfers from Galaxy Digital, FalconX and Wintermute to Bybit-linked “0x2E45…1b77” wallet address.
Several transfers were sent to those wallet addresses to make up those respective amounts. The first purchase from “0x2E45…1b77” occurred on Feb. 22 at 4:44 pm UTC.
Cointelegraph reached out to Bybit but didn’t receive an immediate response.
The transfers come as Bybit looks to recover from the $1.4 billion hack that it suffered at the hands of North Korean stated-back hacker organization Lazarus Group on Feb. 21.
The $1.4 billion hack was the largest in crypto history and represented more than 60% of all crypto funds that were stolen in 2024.
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
