34,800 ETH Purchased and Deposited

• Bybit wallet transferred $48M, bought 34,800 ETH, and deposited funds back.
• Security breach led to $1.4B loss, prompting industry-wide recovery efforts.
• Bybit launched a $140M bounty to track and recover stolen assets.

A massive crypto hack sent shockwaves through the market when a suspected Bybit wallet transferred $48 million to Galaxy Digital and FalconX’s OTC addresses. In just 11 hours, the same wallet scooped up 34,800 ETH and deposited the entire amount into Bybit. The speed and scale of this transaction fueled speculation about institutional trading strategies or security-related responses.

Industry Rallies as Bybit Faces Security Breach

A historic breach left Bybit grappling with over $1.4 billion in lost liquid-staked Ether and MegaETH (mETH). Instead of navigating the crisis alone, the exchange witnessed an overwhelming show of support from key players in both centralized and decentralized finance. Security firms blacklisted addresses linked to the exploit, creating barriers for unauthorized fund transfers. Chainalysis identified the hacker’s wallet, giving the broader crypto community a way to monitor fund movements. Top cybersecurity experts swiftly secured the platform, ensuring user assets remained untouched.

$140M Recovery Bounty Program Encourages Global Talent

Zero Shadows deployed a dedicated rapid-response team, operating around the clock to trace bad actors, recover stolen funds, and collaborate with law enforcement. While uncertainty loomed, institutional giants such as Wintermute, Cumberland, and GSR Markets held their ground, preventing panic-driven market swings.

Determined to reclaim lost assets, Bybit unveiled a $140 million Recovery Bounty Program. Security experts and blockchain investigators now have a rare chance to earn 10% of any recovered funds. The initiative aims to rally the brightest minds in the industry, transforming asset recovery into a global mission.

This situation serves as a reminder that crypto security thrives on collaboration. A crisis does not signal defeat; instead, it sparks action. The industry rallies, experts mobilize, and defenses grow stronger. The Bybit breach tested the market’s resilience, and the overwhelming response proved that security remains a top priority in the crypto world.