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    Home / News / Business News / Bybit buys $1.25B in ETH tokens following biggest-ever crypto hack
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    Bybit buys $1.25B in ETH tokens following biggest-ever crypto hack
    Bybit lost $1.4 billion in a recent hack

    Bybit buys $1.25B in ETH tokens following biggest-ever crypto hack

    By Mudit Dube
    Feb 24, 2025
    11:25 am

    What's the story

    Leading cryptocurrency exchange Bybit has acquired Ethereum (ETH) tokens worth some $1.25 billion.

    The move comes as part of the company's recovery efforts after a devastating hack that saw it lose $1.4 billion, the largest crypto theft in history.

    The acquisition was made through various channels including loans, large-scale deposits (whale deposits), and purchases according to blockchain analytics firm Lookonchain.

    Transaction details

    Bybit secures substantial ETH through OTC deals

    The recovery process included locking a huge amount of ETH through Over-The-Counter (OTC) deals.

    Bybit bought 157,660 ETH worth $437.8 million from Galaxy Digital, FalconX, and Wintermute through these deals, Lookonchain reported.

    Meanwhile, a wallet linked to Bybit spent $304 million to purchase Ethereum from centralized and decentralized trading platforms, according to Arkham Intelligence's analysis.

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    Financial stability

    Bybit's reserves surpass liabilities post-hack

    In the wake of the hack, Bybit has managed to stay afloat.

    Proof-of-reserve auditor Hacken confirmed that Bybit's reserves now exceed its liabilities, even after customers withdrew a staggering $5.3 billion on February 22.

    The development ensures full protection for user funds despite the massive withdrawal activity in the wake of the security breach.

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    Market impact

    ETH price recovers after initial post-hack dip

    The hack affected the ETH market heavily, with the price plummeting by 7% within seven hours of the incident. The value fell from the original figure of $2,831 to $2,629.

    However, as per CoinGecko data, it has since recovered and is currently trading at $2,765.

    The recovery shows some degree of market resilience after the security breach at Bybit.

    Done!
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