Crypto exchange Bybit has initiated quick measures to recover from the hack over the past weekend gathering nearly $700 million worth of Ethereum in just 48 hours of the hack. The crypto exchange has gathered a total of 254,830 ETH in the form of OTC deals and loans sourced from multiple players.
Bybit Amasses $693M in Ether Post-Hack
Following its recent security breach, crypto exchange Bybit has amassed a significant amount of Ethereum (ETH) worth $693 million in the last 48 hours. The funds were reportedly sourced through various channels, including over-the-counter (OTC) deals and loans. Also, the data from SpotOnChain shows the breakdown of the ETH acquired in recent times.
OTC Acquisitions: 132,178 ETH (worth $367 million) likely obtained through deals with Galaxy Digital, FalconX, and Wintermute.
Institutional Loans: 122,652 ETH (valued at $326 million) sourced from exchanges and institutions such as Bitget, MEXC, Binance, and DWF Labs.
Bybit CEO Reaffirms Market Participants
Ben Zhou, the CEO and co-founder of crypto exchange Bybit also spoke on the development stating that the exchange is back to normal operations. Zhou noted:
“Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned”.
Hacker’s Activity in Total Theft
The hacker responsible for the $1.4 billion breach has laundered 40,944 ETH ($115 million) into Bitcoin and other assets using platforms like Chainflip, THORChain, LiFi, DLN, and eXch. Despite these actions, the hacker still holds a substantial portion of the stolen funds—458,451 ETH ($1.29 billion), representing 91.7% of the total stolen amount.
The incident highlights ongoing concerns about exchange security and the effectiveness of asset recovery strategies in the crypto ecosystem. As the crypto community deals with the aftermath of the $1.5 billion Bybit hack, industry peers have united in a coordinated effort to recover the stolen funds. Bybit has announced that this collaboration has resulted in the freezing of nearly $43 million within just two days of the massive security breach.
Bybit has unveiled a Recovery Bounty Program aimed at tracking and reclaiming funds stolen in its recent major security breach. The program offers a 10% reward on recovered assets, potentially reaching $140 million if the full amount is successfully recovered.
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