New Developments on Bybit’s Stolen Ethereum Funds – Hot Moments, How Much Have They Replaced?

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Bybit has initiated significant purchases of Ethereum (ETH ($2,810.88)) via over-the-counter (OTC) transactions, according to blockchain transaction data.

An address suspected to be affiliated with Bybit (0x2E…1b77) recently purchased 100 million USDT ($1.00) from address 0xEC…B5E76 and allocated 50 million USDT each to Galaxy Digital and FalconX OTC addresses. This transaction enabled the purchase of approximately 36,900 ETH, which was then deposited to Bybit.

In a subsequent transaction, Bybit purchased an additional 17,500 ETH through Galaxy Digital’s OTC services. Additionally, over an 11-hour period, the suspicious Bybit address (0x2E…1b77) purchased an additional 34,800 ETH, which was deposited into Bybit, transferring $48 million to Galaxy Digital and FalconX.

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Institutional activity also appears to be involved in these transactions. An unmarked institutional address (0xbA…85ae) is conducting OTC transactions with Bybit. This address transferred 22,600 ETH to Bybit’s deposit wallet in five separate transactions, while also withdrawing 73.59 million USDT from Bybit.

In addition, a Bybit deposit address suspected to be associated with Fenbushi Capital withdrew a total of 10,000 ETH from Binance and other addresses, moving the entire amount to Bybit’s hot wallet. Meanwhile, the DWF Labs address (0xc0…725D) recently transferred 2,200 ETH to another address (0x9BF…d19C). Analysts suggest that these transactions could potentially be linked to loan agreements.

As a result, the ETH reserve, which was around 443 thousand ETH before the hack and dropped to 18 thousand ETH with the hack, has risen to over 200 thousand ETH at the time of writing this article.