Ah, Bybit. The exchange that turned a $1.4 billion hack into a weekend shopping spree for ETH. 🛒💸 After an unprecedented heist that left their cold wallets feeling a little too cold, the exchange has somehow managed to patch up the “ETH gap” and return to a 1:1 backing of client assets. Bravo, I suppose. 👏
According to on-chain sleuths at Lookonchain, Bybit has received a staggering 446,870 ETH (worth $1.23 billion, give or take) through loans, whale deposits, and a flurry of purchases. Over $400 million of that came from over-the-counter trading, while another $300 million was snatched directly from exchanges. The rest? Loans and crypto funds, because why not? 🤷♂️
Since being hacked, #Bybit has received ~446,870 $ETH($1.23B) through loans, whale deposits, and ETH purchases.#Bybit has nearly closed the gap.
— Lookonchain (@lookonchain) February 24, 2025
ETH prices, ever the drama queen, rose 4% over the weekend amid the buying frenzy, only to drop 2% in the past 24 hours. Sentiment, it seems, is still as fickle as a cat in a room full of rocking chairs. 🐱
Bybit, ever the optimist, announced late Sunday that deposit and withdrawal activity had “fully recovered to normal levels.” Deposits even slightly exceeded withdrawals, which is either a sign of market confidence or sheer disbelief. 🎭
Friday’s attack was no ordinary hack. It targeted one of Bybit’s offline “cold” wallets, which are usually as secure as a vault in Fort Knox. But hackers, being hackers, exploited a manipulated user interface and URL to alter smart contract logic and redirect the funds to an unknown address. The stolen ETH was then split across multiple wallets and swapped on decentralized exchanges. Smooth criminals, indeed. 🕶️
Blockchain investigator ZachXBT pointed the finger at North Korea’s Lazarus Group, a state-sponsored hacking collective with a penchant for crypto theft. Lazarus has been behind several high-profile attacks, including the $600 million Ronin Network hack in 2022 and the $230 million drain on WazirX in 2024. Clearly, they’re not just in it for the kimchi. 🥢
So, there you have it. Bybit’s $1.4 billion hack, a weekend of ETH shopping, and a reminder that even the coldest wallets can get burned. Stay vigilant, folks. And maybe keep your crypto in a sock under the mattress. 🧦
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2025-02-24 08:24