Author: Brayden Lindrea, CoinTelegraph; Compiled by: Wuzhu, Golden Finance

According to blockchain analysis company Lookonchain, cryptocurrency exchange Bybit lost $1.4 billion after being hacked, It seems that nearly 266,700 Ethereum were snapped up in two days, worth $742 million.

Lookonchain said in a February 23 X post that the wallet address associated with Bybit, “0x2E45...1b77” purchased 157,660 from cryptocurrency investment companies Galaxy Digital, FalconX and Wintermute through OTC transactions Ethereum, worth $437.8 million.

Lookonchain cited data from Arkham Intelligence that another $304 million worth of Ethereum purchased through centralized and decentralized exchanges using the wallet address "0xd7CF...A995" is also "possible" Related to Bybit.

Arkham data shows that the address "0xd7CF...A995" interacts with Binance and MEXC hot wallets.

Ether transfers from Galaxy Digital, FalconX and Wintermute to the "0x2E45...1b77" wallet address linked by Bybit.

A number of transfers were sent to these wallet addresses to make up for the corresponding amount. The first purchase from "0x2E45...1b77" occurred on February 22 at 4:44 pm UTC.

These transfers come as Bybit hopes to recover from a $1.4 billion hacking attack by the official North Korean hacker group Lazarus Group on February 21.

This $1.4 billion hack is the largest hacker in cryptocurrency history, accounting for more than 60% of all cryptocurrency funds stolen in 2024.

In another article, Lookonchain estimates Bybit has now received 446,870 Ethereum from loans, whale deposits and purchases, worth approximately $1.23 billion — nearly 88 of the stolen $1.4 billion %.

Ethereum has been transferred to the wallet address associated with Bybit since the hack. Source: Lookonchain

On February 22, Bybit's customer withdrawals also exceeded $5.3 billion. Reserve Certificate Auditor Hacke said the crypto platform’s reserves still exceed its liabilities and the user funds are still fully supported.

Ethereum fell from $2,831 to $2,629 in seven hours, down more than 7%, but has since rebounded to $2,765, according to CoinGecko data.