Bybit Purchases $742 Million ETH After $1.4B Hack, ETH Price Recovers 6%
Bybit takes a bold step after suffering the biggest hack in crypto history. The exchange reportedly purchased $742 million in Ethereum (ETH) to recover from the attack after a massive $1.4 billion security breach. This makes the ETH price pass 6% of last week reduce.
After hack, Bybit’s purchase of $742 m eth
Bybit has purchased 266,694 ETH, worth approximately $742 million, according to blockchain analytics firm Lookonchain. The move appears to be part of the exchange’s efforts to stabilize its reserves as a large amount of money is lost.
The attack was conducted by North Korea-backed hacker group Lazarus, whose targeted Bybit’s multi-word cold wallet resulted in losses of nearly $1.4 billion.
According to Lookonchain’s analysis, Bybit received 446,870 ETH from a variety of sources, including loans, deposits from large investors and direct purchases, worth approximately $1.23 billion.
This amount accounts for almost 87% of the stolen funds, indicating that BYBIT is actively working to replace lost assets.
Ethereum purchase schedule
Further blockchain data shows that the wallet address associated with Bybit (determined as 0x2E45) purchased 157,660 ETH, worth $437.82 million, is from well-known cryptocurrency companies such as Galaxy Digital, Falconx and Wintermute thumbite to YourthenCounter ( Purchased by OTC (OTC). trade.
Meanwhile, the second wallet address is 0xD7CF, believed to be related to Bybit, received 109,033 ETH from decentralized (DEX) and centralized exchanges (CEXS), worth approximately $304,12 million.
Efforts to restore stability
Bybitt wasted no time bounced from massive security breaches. In a recent tweet, CEO Ben Zhou confirmed that the exchange fully recovered $1.4 billion worth of Ether losses in a hacker on February 21.
To rebuild user trust, BYBIT is set to publish a new proof of audit report. Using the Merkel Tree System, the report will verify that all customer assets are firmly backed up at a 1:1 ratio to ensure full transparency and security.
Ethereum price analysis
Ethereum has rebounded nearly 6% since last week’s attack, causing its price to fall. However, ETH has dropped 2% as the new week begins and is now trading around $2,730.
If the decline continues to drop, ETH may drop further and put its next support level test at $2,450.
Ultimately, the Daily RSI also pointed to a bearish trend, currently at 46. It was rejected at the neutral level 50 on Sunday and is now moving downward, indicating weakness.
On the other hand, if Eth recovers power, it may push up and try to reach $3,000 mark.
