The recent major purchase of Ethereum by crypto exchange Bybit has not only rais eyebrows among investors but also shs light on the challenges facing the entire crypto industry. On February 22, 2025, Bybit acquir 266,700 Ethereum worth $742 million in just two days after the platform had previously suffer one of the largest hacks in cryptocurrency history.
What you can expect in this article
Background to the hack
Details of the purchases
The Role of Arkham Intelligence
Impact on the community and the market
Summary
Background to the hack
On February 21, 2025, Bybit fell victim to a hack in which $1.4 billion was stolen, which represents more than 60% of all crypto funds stolen in 2024. For many observers, this incident poses a serious threat to the entire crypto industry, as it raises questions about the security and risks of digital assets.
Details of the purchases
The Bybit majority cambodia email list did not keep quiet shortly after the hack. A wallet address belonging to Bybit, “0x2E45…1b77”, acquir 157,660 Ethereum worth $437.8 million from renown crypto investment firms such as Galaxy Digital, FalconX, and Wintermute via the over-the-counter (OTC) market. In addition, another wallet address, “0xd7CF…A995”, which was us to purchase $304 million worth of Ethereum via centraliz and decentraliz exchanges, is also suspect to be link to Bybit.
The Role of Arkham Intelligence
Blockchain analytics firm artificial Intelligence: Why not switch to Phind.com? Arkham Intelligence identifi these purchases and point out that the address “0xd7CF…A995” interact with various hot wallets of alb directory exchanges such as Binance and MEXC. This is in line with speculation about Bybit’s quick recovery after the shocking incident.