Bybit’s $742M ETH Buy: Is It Genius or Just Desperation? 🤔💸

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So, here we are. Bybit, in a move that can only be described as “let’s throw money at the problem,” just bought around 266,700 ETH for a whopping $742 million in a mere 48 hours. I mean, who needs a plan when you can just buy your way out of a $1.4 billion hack, right? Talk about a bold strategy!

Tactical Moves In The Aftermath Of Crisis

Now, Bybit’s not just sitting there twiddling its thumbs. No, no! They’re making some tactical moves, like a chess player who just lost their queen. They did a little over-the-counter shopping with the big boys—FalconX, Galaxy Digital, and Wintermute. The wallet “0x2E45…1b77” snatched up 157,660 ETH for $437 million. It’s like they’re saying, “We’re still in the game, folks!” But really, who wouldn’t want to buy a little ETH after a disaster?

It seems that #Bybit has bought 266,694 $ETH($742M) after being hacked.

0x2E45…1b77(related to #Bybit) bought 157,660 $ETH($437.82M) from Galaxy Digital, FalconX, Wintermute via OTC.

0xd7CF…A995(likely related to #Bybit) bought 109,033 $ETH($304.12M) from DEXs and CEXs.…

— Lookonchain (@lookonchain) February 24, 2025

And let’s not forget the key players in this little drama: Tether, THORChain, Avalanche, CoinEx, Bitget, and Circle. They’re out there playing bouncers, blocking blacklisted addresses like it’s a nightclub on a Saturday night. No laundering on their watch!

Industry-Wide Collaboration To Seize Stolen Assets

In a shocking twist, the crypto world decided to come together like a bunch of high school kids at a reunion. They managed to block $42.89 million in stolen funds in just one day. Who knew they could actually work together? It’s like watching cats and dogs become best friends!

A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action: @Tether_to: Flagged address and froze 181K USDT @THORChain: Blocked the blacklist @ChangeNOW_io: Froze 34 ETH @FixedFloat: Froze 120K USDC + USDT…

— Bybit (@Bybit_Official) February 23, 2025

Now, let’s talk about the structure of this complex attack. Apparently, Bybit had a little security lapse. The attacker used a masked URL technique—sounds fancy, right?—to mess with their multisig cold wallet. Over 401,000 ETH just vanished! It’s like a magic trick gone horribly wrong.

But wait, there’s more! Bybit is trying to recover from this mess. They’ve managed to gather 446,870 ETH, or $1.23 billion, since the incident. It’s like they’re saying, “Look, we’re not dead yet!” CEO Ben Zhou is out there reassuring users about fund security. They even offered $140 million to security researchers and ethical hackers. It’s like a bounty on the heads of the bad guys!

And let’s not forget the blockchain analytics firms. They’re shining a light on Bybit’s wallet relationships. It’s like a soap opera, with Binance and MEXC playing the role of the mysterious benefactors. Who knew crypto could be so dramatic?

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2025-02-24 16:16