In a significant move following its recent security breach, cryptocurrency exchange Bybit has reportedly purchased 266,700 Ethereum (ETH) worth approximately $742 million over two days, according to blockchain analytics firm Lookonchain.
The purchases were made by wallets associated with Bybit, although the exchange has not officially acknowledged this. One wallet, “0x2E45…1b77,” acquired 157,660 ETH valued at around $437 million through over-the-counter transactions with firms like Galaxy Digital, FalconX, and Wintermute, with the first transaction recorded on February 22 at 4:44 PM UTC. Another wallet, “0xd7CF…A995,” also purchased ETH worth approximately $304 million via centralized and decentralized exchanges.
Since the attack, the hacker has been actively transferring the stolen assets across multiple wallets, triggering an industry-wide effort to freeze the funds. A coordinated response from major blockchain firms has already led to the freezing of $42.89 million within a day, as confirmed by Bybit in a February 23 statement. Platforms including Tether, THORChain, Avalanche, CoinEx, Bitget, and Circle have played key roles in identifying and blocking blacklisted addresses, limiting the attacker’s ability to launder the stolen assets.
Despite the severity of the breach, Bybit has maintained its financial stability. CEO Ben Zhou assured users that all funds remain secure. Data from Lookonchain indicates that Bybit has received approximately 446,870 ETH—equivalent to $1.23 billion—through whale deposits, loans, and new ETH purchases since the attack.
To aid in the recovery of stolen assets, Bybit has also announced a $140 million bounty for security researchers and ethical hackers who can assist in retrieving the compromised funds.
These large-scale acquisitions come in the wake of one of the most substantial crypto exchange hacks in history. Bybit fell victim to a sophisticated attack that exploited its multisignature cold wallet security using a masked URL trick to manipulate contract logic. The breach resulted in the loss of over 401,000 ETH. Blockchain intelligence firm Arkham Intelligence confirmed that Lazarus Group is responsible for the hack.
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