Bybit exchange has reportedly purchased 266,700 ETH worth $742 million across two days, according to blockchain analytics firm Lookonchain.
The transactions occurred in the days following Bybit’s $1.4 billion hack, which has taken the industry by surprise. A wallet linked to Bybit, identified as “0x2E45…1b77,” purchased 157,660 Ethereum (ETH)—worth approximately $437 million—from cryptocurrency investment firms Galaxy Digital, FalconX, and Wintermute through over-the-counter transactions. This wallet made its first transaction on Feb. 22 at 4:44 PM UTC.
A second wallet, “0xd7CF…A995,” was also involved in a $304 million Ethereum purchase, conducted through both centralized and decentralized exchanges.
While not formally recognized as part of Bybit, both Lookonchain and Arkham Intelligence indicate close connections based on transaction trends. The wallet’s interactions with Binance and MEXC hot wallets further fuel rumors suggesting a link to the exchange.
The purchases follow one of the largest crypto exchange hacks in history, in which a hacker exploited Bybit’s multisig cold wallet using a masked URL trick to manipulate contract logic and drain over 401,000 ETH. The attacker has since begun moving the stolen funds across multiple wallets, prompting a coordinated effort to freeze assets.
A joint effort between major blockchain entities has already resulted in $42.89 million being frozen in just one day, according to Bybit’s Feb. 23 X post. Platforms like Tether, THORChain, Avalanche, CoinEx, Bitget, and Circle have all played a role in identifying and blocking blacklisted addresses, limiting the attacker’s ability to launder funds.
Despite the massive hack, Bybit has maintained its financial stability, and CEO Ben Zhou affirmed that all user funds are secure. According to Lookonchain data, Bybit has received about 446,870 ETH, roughly $1.23 billion, from whale deposits, loans, and ETH purchases since the hack. A $140 million bounty has also been offered by the exchange to security researchers and ethical hackers who help retrieve the stolen assets.
