Bybit's $1.4B ETH Heist: Exchange Buys Back Tokens, Boosts Price

Bybit, a leading cryptocurrency exchange, faced a significant setback on February 21st when a hacker group, reportedly linked to North Korea, stole approximately 1.4 billion US dollars worth of ETH. While details regarding the recovery of the funds or the apprehension of the individuals behind the heist remain unclear, Bybit has initiated damage control measures.

In response to the incident, Bybit has begun purchasing ETH to mitigate the impact of the theft. According to crypto intelligence company Arkham Intelligence, Bybit has spent around 100 million USDT to acquire 54,393 ETH. The average price of each ETH token in this transaction was approximately $2,711. Bybit procured these tokens through over-the-counter trades with FalconX and Galaxy Digital.

Following this substantial purchase, Bybit's CEO, Ben Zhou, took to social media to express his gratitude towards various crypto companies that offered support during the critical time. The list of companies thanked by Zhou includes Galaxy, Tether, Bitvavo, Ghaf Capital, Blockchain Center Dubai, TON Foundation, Solana Foundation, Sosovalue, Mirana, MEXC, Pionex, Bitget, and Antalpha.

The purchase of ETH by Bybit has had a positive impact on the token's price and trading volume. At the time of writing, ETH is trading at $2,870, with a 2.50% price surge within 24 hours of the purchase. Additionally, the overall trading volume of the token has increased by 10%, indicating positive participation from traders. This could potentially drive the token towards a bullish movement.

Technical experts suggest that ETH is currently consolidating in a tight band between $2,560 and $2,800. If the token breaks out of this consolidation and rests just above $2,820, there is a possibility that the price could soar by 10% and reach $3,100 in the coming month(s).