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- Bybit purchased 266,694 ETH valued at $742M following a $1.46B security breach targeting its digital assets.
- The attack on February 21, 2025, involved 400,000 ETH dispersed across 40 addresses; 15,000 cmETH was recovered.
- Ethereum’s price stabilized at $2,821.87 with $33.31B volume after volatile movements between March and February.
Bybit has bought approximately 266,694 Ethereum, valued at around $742 million, after encountering a security incident. Data from Arkham Intelligence indicates the acquisition occurred shortly after the exchange detected the breach.
Immediate Response to the Security Incident
Following the breach, Bybit acted swiftly by acquiring a substantial amount of ETH. The purchase reflects the company’s efforts to stabilize operations. Data shows the acquisition took place soon after the security event, with the Ethereum tokens being transferred to Bybit’s wallets. The quick response aimed to secure assets and maintain operational liquidity.
Blockchain records confirm the large-scale transaction, with the 266,694 ETH transferred to Bybit-linked addresses. Arkham Intelligence tracked the movement, identifying the exchange as the buyer. The transaction, valued at roughly $742 million, was executed in a series of transfers. Bybit’s wallet addresses now hold the purchased ETH, according to the on-chain data.
Market Insights and Security Breach
An enormous security breach targeting Bybit resulted in the theft of over $1.46 billion in digital assets. The attack, which occurred on February 21, 2025, involved tampering with the Safe multisig wallet system.
Initial tracking revealed the attacker dispersed 400,000 ETH into 40 separate addresses. Among these transfers, 205 ETH was swapped for BTC and cross-chained to another wallet. The mETH Protocol responded quickly by halting cmETH withdrawals, recovering 15,000 cmETH from a hacker-controlled address.
Tracking the market trend of ETH's price alongside its trading from September 2024 to February 2025, Coinglass data indicates that the asset price surged above $4,000 in March and June 2024 before dropping. At the time of press, the price stood at $2,821.87 with a $33.31 billion volume.
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Volume fluctuated, spiking during significant price movements. Volume peaked around March and June, aligning with price highs. After July, Ethereum’s price experienced volatility with moderate trading volume. By late February, both price and volume stabilized near recent averages.
