Bybit Raises $693M in 48 Hours After Hack; Hacker Converts $1.15B in Stolen ETH

Cryptocurrency exchange Bybit has raised a significant amount of funds in the aftermath of a recent hack. In just 48 hours following the incident, the platform managed to secure approximately 254,830 ETH, which is equivalent to around $693 million.

The funds were raised through various channels, including over-the-counter (OTC) trades with prominent institutions such as Galaxy Digital, FalconX, and Wintermute. Additionally, Bybit received support from exchanges, platforms, and institutions like Bitget, MEXC, Binance, and DWF Labs' loans. These contributions totaled 132,178 ETH (3.67 billion USD) and 122,652 ETH (3.26 billion USD), respectively.

Meanwhile, the hacker responsible for the incident has been active in cross-chain exchanging a substantial portion of the stolen ETH. Through platforms like Chainflip, THORChain, LiFi, DLN, and eXch, the hacker converted 40,944 ETH (1.15 billion USD) into BTC and other assets. Despite these transactions, the hacker still holds a significant amount of the stolen funds, with approximately 458,451 ETH (12.9 billion USD) remaining, which accounts for about 91.7% of the total 499,395 ETH (14 billion USD) stolen.