Bybit Hack: $1.4 Billion Stolen in Massive Crypto Heist

The recent $1.4 billion hack on crypto exchange Bybit has sent shockwaves through the cryptocurrency market. As the exchange and industry experts work to unmask the hacker, on-chain data reveals the perpetrator’s swift efforts to move the stolen Ethereum.

What Did the Bybit Hacker Steal?

According to on-chain analytics, the total amount stolen in the heist stood at $1.44 billion at the time of the breach. The hacker drained Bybit’s wallet of 401,347 Ethereum (ETH) worth approximately $1.12 billion and an additional $320 million in staked ETH tokens. This includes:

  • 90,376 Lido staked ETH (stETH) worth $253.16 million
  • 15,000 Mantle restaked ETH (cmETH) worth $44.13 million
  • 8,000 Mantle staked ETH (mETH) worth $23 million

Trail of the Stolen Funds

The hacker’s main wallet, 0x47666fab8bd0ac7003bce3f5c3585383f09486e2, was used to move the stolen funds. After converting the stETH, cmETH, and mETH tokens to Ether, the hacker offloaded these in chunks of $27 million. The funds were then split across more than 40 wallets, with most still holding the distributed ETH.

Crypto Market Reaction

The crypto market has reacted negatively to the hack, with the total market cap dipping more than 4%. Most altcoins have slipped, while Ethereum is down over 4% and Bitcoin is down nearly 3%. The current trading prices are around $95,500 for BTC and $2,630 for ETH.

“The hack may have just taken a $1.4 billion worth of selling pressure off ETH, as the hacker is unlikely to cash out via stablecoins – which Tether or Circle can freeze.”

What’s Next?

As the situation unfolds, further clarity on how markets react to the incident will likely follow what happens next. In the meantime, investors are advised to remain cautious and monitor the situation closely.

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