Bybit Acquires $7.42 Billion in ETH Following Hack: A Deep Dive into Strategic Purchases

The recent acquisition of 266,694 ETH (valued at approximately $7.42 billion) by Bybit, after a significant security breach, has raised considerable eyebrows in the cryptocurrency market. According to LookIntoChain, a notable portion of this acquisition, precisely 157,660 ETH (around $4.3782 billion), was obtained through an over-the-counter (OTC) transaction facilitated by Galaxy Digital, FalconX, and Wintermute. Additionally, it appears that another wallet, potentially linked to Bybit, secured 109,033 ETH (valued at around $3.0412 billion) through various decentralized exchanges (DEX) and centralized exchanges (CEX). This large-scale acquisition signifies strategic maneuvering by Bybit in response to market volatility and underscores the critical importance of security measures in the crypto sector.