Bybit Recovers $6.9B in ETH in 48 Hours; Hacker Still Holds $12.9B

Bybit, a prominent cryptocurrency exchange, has swiftly responded to a recent hack by securing a substantial amount of 254,830 ETH, valued at approximately 6.93 billion USD, within just 48 hours. This remarkable recovery effort involved various strategic moves by the exchange and its network of partners.

The exchange acquired a significant portion of the recovered ETH through over-the-counter (OTC) transactions, with reports suggesting the involvement of influential firms such as Galaxy Digital, FalconX, and Wintermute. These transactions accounted for 132,178 ETH, equivalent to around 3.67 billion USD.

In addition to OTC transactions, Bybit facilitated access to 122,652 ETH, valued at approximately 3.26 billion USD, through various institutions and partnerships. These include collaborations with Bitget, MEXC, Binance, and loans from DWF Labs, demonstrating the exchange's strategic alliances with larger market participants.

Meanwhile, the hacker responsible for the initial theft has been active in executing a cross-chain exchange of 40,944 ETH, valued at around 1.15 billion USD, into BTC and other cryptocurrencies. The hacker utilized platforms such as Chainflip, THORChain, and LiFi for this purpose.

Despite the significant recovery efforts, the hacker still retains a substantial amount of the stolen ETH, totaling 458,451 ETH, valued at approximately 12.9 billion USD. This accounts for 91.7% of the original 499,395 ETH, roughly 14 billion USD, that was stolen during the hack.