NEWSLETTER
In a surprising turn of events, cryptocurrency exchange <a target="_blank" href="https://www.channelnewsasia.com/east-asia/north-korean-hackers-suspected-being-behind-record-us15-billion-hack-crypto-exchange-bybit-4954531″ target=”_blank”>Bybit bought around 266,700 eth value of $ 742 million in just 48 hours. The Blockchain Lookonchain analysis company has maintained attention to this important transaction after a disastrous Hack of $ 1.4 billion that sent shock waves to digital asset space.
Tactical movements after the crisis
The exchange strategically responded to two different funds. Through a series of free sales transactions with the heavyweights of the Falconx industry, Galaxy Digital E Wintermute, the first, “0x2e45 … 1b77”, acquired 157,660 eth worth $ 437 million. This wallet demonstrated bybit's determination to maintain its market position despite the most recent reverse. This address carried out its first transaction on February 22.
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It seems that <a target="_blank" href="https://twitter.com/hashtag/Bybit?src=hash&ref_src=twsrc%5Etfw” target=”_blank”>#Bybut has bought 266,694 <a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank”>$ eth($ 742 million) after being pirate.
0x2e45 … 1b77 (related to <a target="_blank" href="https://twitter.com/hashtag/Bybit?src=hash&ref_src=twsrc%5Etfw” target=”_blank”>#Bybut) bought 157,660 <a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank”>$ eth($ 437.82m) of Galaxy Digital, Falconx, Wintermute through OTC.
0xD7CF … A995 (probably related to <a target="_blank" href="https://twitter.com/hashtag/Bybit?src=hash&ref_src=twsrc%5Etfw” target=”_blank”>#Bybut) bought 109,033 <a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank”>$ eth($ 304.12m) of Dexs and CEXS … pic.twitter.com/8ffgzo18ou
– Lookonchain (@lookonchain) <a target="_blank" href="https://twitter.com/lookonchain/status/1893840256342040727?ref_src=twsrc%5Etfw” target=”_blank”>February 24, 2025
Key participants in this coordinated response include Tether, Thorchain, Avalanche, Coinex, Bitget and Circle, which actively identify and block directions with blacklists to avoid stolen money laundering.
Collaboration throughout the industry to confiscate stolen assets
In a notable demonstration of the unit within the cryptocurrency sector, prominent platforms have joined to address hack repercussions. In a single day, $ 42.89 million were blocked in stolen funds, demonstrating the significant results of their collective efforts.
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A coordinated effort led to the freezing of $ 42.89 million in just one day. Thanks to the following teams for their rapid action: <a target="_blank" href="https://twitter.com/Tether_to?ref_src=twsrc%5Etfw” target=”_blank”>@Tether_to: Marked and Frozen Address 181K USDT <a target="_blank" href="https://twitter.com/THORChain?ref_src=twsrc%5Etfw” target=”_blank”>@Ethchain: Blocked the blacklist <a target="_blank" href="https://twitter.com/ChangeNOW_io?ref_src=twsrc%5Etfw” target=”_blank”>@Changenow_io: 34 eth frosted <a target="_blank" href="https://twitter.com/FixedFloat?ref_src=twsrc%5Etfw” target=”_blank”>@Fixedfloat: Froze 120K USDC + USDT …
– bybit (@bybit_oficial) <a target="_blank" href="https://twitter.com/Bybit_Official/status/1893687749229563958?ref_src=twsrc%5Etfw” target=”_blank”>February 23, 2025
The structure of a complex attack
The security period that led to these events presented significant vulnerability in the Bybit infrastructure. The attacker implemented a sophisticated strategy, using a masked URL technique to compromise the logic of the multiple exchange wallet contract.
This manipulation led to the unauthorized transfer of more than 401,000 eth, which is considered one of the most significant security violations in the history of cryptocurrency exchanges.
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Using transparent recovery to recover trust
Despite the attack, Bybit's recovery effort is gaining steam. According to Lookonchain, eth strategic purchases, whale deposits and loans have noted the exchange 446,870 eth, or $ 1.23 billion, from the incident.
The CEO of Bybit, Ben Zhou, has assured users about funds security. <a target="_blank" href="https://www.financemagnates.com/cryptocurrency/bybit-offers-140m-bounty-as-crypto-industry-rallies-after-historic-hack/” target=”_blank”>Bybit has offered $ 140 million to security researchers and ethical computer pirates who help recover stolen assets to show their commitment to the recovery and safety of assets.
Blockchain Arkham Intelligence and Lookonchain analysis have illuminated Bybit's relationship with purchase wallets. Despite their lack of state of property bybit, patterns and interactions of transaction Binance and Mexc strongly reflect an institutional link with the exchange.
Night image of Gemini Image, TrainingView graphic
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