Bybit Moves $1.5 Billion Worth of ETH: Unusual Transactions and DEX Activity Uncovered

On February 21st, COINOTAG News reported that a significant transaction occurred involving Bybit’s multi-signature wallet, which transferred $1.5 billion in Ether (ETH) to a new blockchain address (0x47666fab8bd0ac7003bce3f5c3585383f09486e2). Following this initial transfer, the funds were subsequently redirected to address 0xa4b2fd68593b6f34e51cb9edb66e71c1b4ab449e, which has actively engaged in selling stETH and mETH for native ETH.

This wallet’s activity is notable due to its use of four different decentralized exchanges (DEXs), indicating complex trading behavior. Given the substantial volume involved, this indicates a high risk of slippage if attempted through standard exchanges. Market participants typically utilize over-the-counter (OTC) channels for such large transactions to mitigate slippage, making this situation quite atypical.