According to the latest report from CryptoQuant, Bybit ETH reserves are gradually recovering after a significant decline caused by a hack. The incident led to a sharp drop in Bybit’s ETH reserves, falling from 443,691 ETH to a low of 63,807 ETH. However, the exchange has made notable progress, with current reserves recovering to 160K ETH.
Bybit ETH Reserves Recover to 160K ETH Amid Stabilization Efforts
According to BlockBeats, Julio Moreno, head of research at CryptoQuant, has reported that Bybit ETH reserves are gradually recovering. Since the platform experienced a hacking incident, the net inflow has reached 1600,000 ETH.
Bybit has not publicly disclosed the exact details of the hack or the total amount lost, but the rapid decline in ETH reserves highlighted the severity of the incident. The gradual replenishment of these reserves suggests that Bybit is working diligently to regain market trust.
Bybit ETH Signals Renewed Investor Confidence
Bybit hacker has transferred 10,000 ETH ($27 million) to Bybit Exploiter 54, initiating the money laundering process. As of now, the hacker controls 489,395 ETH ($1.32 billion) and 15,000 cmETH (unwithdrawable) spread across 53 wallets.
CryptoQuant’s data also hints at broader implications for the cryptocurrency market. Large withdrawals from exchanges often indicate investor concerns, while rising reserves can signal renewed confidence. Bybit’s recovery may positively impact overall market sentiment, especially regarding Ethereum trading activities.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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