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- The $1.4 billion Bybit hack triggered substantial movements of digital assets across the network.
- Binance CEO Changpeng Zhao dismissed allegations that Binance participated in Bybit’s recent digital asset transfers.
- Bybit still holds $6.7 billion BTC and $1.2 billion ETH despite the hack and withdrawals.
The Bybit hack stands as one of the biggest crypto-related breaches in history and sparked market unrest. The cyber attackers stole $1.4 billion worth of digital assets while targeting thousands of crypto users. However, Bybit has received billions in crypto assets from unknown parties. This exhibited their support toward the platform.
Speculation spread that Binance facilitated liquidity for Bybit after multiple big transactions attracted attention. However, CEO Changpeng Zhao of Binance refuted the allegations. He clarified that Binance had no direct involvement in the transfers. He suggested that private investors or whales might have loaned funds to Bybit to stabilize the exchange.
Ethereum and Bitcoin Flow into Bybit
On-chain data from Lookonchain revealed a significant Ethereum transfer linked to Bybit. A whale withdrew 11,800 ETH ($31 million) from Binance and deposited it into Bybit’s cold wallet. This transaction raised concerns about whether Binance played a role in Bybit’s recovery.
Additionally, Binance’s hot wallet sent 36,000 ETH ($96.5 million) to Bybit’s cold wallet. Reports suggest these transfers are part of a loan to facilitate customer withdrawals. The inflows did not stop at Ethereum. An unknown wallet transferred 2,999 BTC ($285.76 million) to Bybit, signaling potential coordinated support.
Crypto Exchanges Show Support for Bybit
Several exchanges and investors have sent large amounts of crypto to Bybit. Bitget transferred 39,998 ETH ($105.5 million) to the affected exchange. Jun Du, co-founder of HTX, also pledged support. He announced plans to deposit 10,000 ETH into Bybit and promised not to withdraw the funds until next month.
These actions indicate confidence in Bybit’s ability to recover. Many industry players believe Bybit will remain stable despite the major security breach. However, analysts continue to monitor the exchange’s financial health.
Increased Withdrawals Raise Concerns
Following the hack, Bybit experienced large crypto outflows as investors moved funds. Arkham Intelligence reported that Galaxy Digital’s OTC trading desk withdrew 25,000 ETH ($67.12 million). The same wallet later withdrew 200,000 USDC and 90 ETH within minutes.
Another unknown wallet withdrew 700 BTC ($68.8 million) from Bybit. These withdrawals have raised concerns about the exchange’s stability. However, Bybit still maintains significant reserves. The exchange currently holds 69,856 BTC ($6.71 billion) and 450,462 ETH ($1.2 billion). Additional holdings include 4.12 billion USDT, 2.45 billion MNT, and 652.16 million USDC.
What’s Next for Bybit?
Despite the hack, Bybit’s large reserves suggest the exchange remains financially stable. Industry experts believe Bybit will recover if security measures are improved. The ongoing inflows and outflows indicate uncertainty, but the exchange continues operating normally.
Bybit has yet to release a full statement on its recovery plan. Many investors remain cautious, watching for updates on security enhancements. The crypto community will continue monitoring Bybit’s actions to restore trust and prevent further attacks.