Crypto Heist: Hacker Nabs $142M in ETH, Leaves $1.26B Trail

The cryptocurrency market has been shaken by a recent hacking incident at Bybit, a popular crypto exchange. According to an analysis by Alethea Warneke, the hacker has liquidated approximately 50,700 ETH, valued around $142 million, and used these funds to acquire DAI and other on-chain instruments, including BTC. Notably, a significant portion of the stolen funds, amounting to 448,600 ETH, remains in the hacker's wallet, equating to an estimated $1.26 billion. This development highlights the ongoing implications of crypto security vulnerabilities in the market.

In a related development, an address suspected of being linked to Bybit, identified as 0x2E4…b77, has recently executed substantial transactions. The address procured 157,600 ETH at approximately $441 million via reputable brokers such as Galaxy Digital, FalconX, and Wintermute. This swift accumulation and subsequent transfer of assets to Bybit not only highlights significant trading activities but also reflects the ever-evolving dynamics of liquidity management amid rising market uncertainties.