Market intelligence platform CryptoQuant has reported that Bybit, a crypto exchange, is seeing a recovery in its Ethereum (ETH) reserves following a recent hack that resulted in a loss of $1.4 billion. According to Julio Moreno, head of research at CryptoQuant, Bybit has experienced positive net flows of over 139,000 ETH since the hack, with inflows totaling more than $390 million in ETH.
The Singapore-based exchange faced a major exploit when a bad actor gained control of its ETH cold wallet, which securely stores keys offline. Despite this setback, Bybit’s rapid recovery of ETH has been supported by other digital asset firms and crypto whales. Data from the blockchain tracker Lookonchain reveals that Bybit has received significant loans and deposits, with whales transferring large amounts of ETH to the exchange.
For instance, Binance facilitated a loan of 47,800 ETH ($127.56 million) to Bybit, while Bitget transferred 40,000 ETH ($106 million) as loans. Additionally, Whale ‘0x3275’ provided 20,000 ETH ($53.7 million) in loans, and MEXC transferred 12,652 stETH ($33.74 million) to Bybit. Notably, Whale ‘0xd7CF’ purchased 15,427 ETH ($42.2 million) from both centralized and decentralized exchanges before depositing it into Bybit, and a wallet suspected to belong to Fenbushi Capital deposited 10,000 ETH ($27 million) into the exchange.
Moreover, Lookonchain reports that Bybit itself acquired $197 million worth of ETH through over-the-counter transactions. As of the latest data, Ethereum is trading at $2,808, reflecting a 1.5% increase in the last 24 hours.
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In conclusion, Bybit’s recovery of ETH reserves showcases resilience in the face of adversity, bolstered by support from industry players and investors. As the crypto exchange continues to rebuild its reserves, the market remains dynamic, offering opportunities for growth and innovation.