The recent $1.4 billion hack of crypto exchange Bybit has sent shockwaves through the digital asset community, triggering a whirlwind of activity as billions in cryptocurrencies flow in and out of the platform. While some transfers indicate investor withdrawals, others appear to be strategic efforts to bolster Bybit’s liquidity.
Binance CEO Denies Involvement in Bybit Transfers
As billions of dollars’ worth of Bitcoin (BTC), Ethereum (ETH), XRP, and USDT made their way to Bybit, speculation arose regarding Binance’s role in these transactions. With large amounts of Ethereum moving from Binance to Bybit, many suspected Binance was aiding its competitor with liquidity injections.
However, Binance’s former CEO, Changpeng Zhao (CZ), swiftly denied these claims. In a statement on X, he clarified that Binance had no involvement in the transfers, stating, “Can’t take credit for it.” Instead, CZ suggested that whales or institutional investors may have loaned funds to Bybit to help stabilize the exchange.
Those are user transactions, I think. Probably some whale loaning to Bybit.
— CZ 🔶 BNB (@cz_binance) February 22, 2025
Can't take credit for it. 🙏
Ethereum and Bitcoin Transfers Raise Questions
On-chain data from Lookonchain revealed that a whale withdrew 11,800 ETH ($31 million) from Binance and deposited it into Bybit’s cold wallet. This was followed by another massive transfer of 36,000 ETH ($96.5 million) from Binance’s hot wallet to Bybit.
Another 36,000 $ETH($96.5M) was transferred from the #Binance hot wallet to the #Bybit cold wallet in the past 15 minutes.https://t.co/gO7tfX6WTE pic.twitter.com/QTLcylci62
— Lookonchain (@lookonchain) February 22, 2025
Other notable transfers include an anonymous wallet sending 2,999 BTC ($285.76 million) to Bybit, while Bitget moved 39,998 ETH ($105.5 million) to the embattled exchange. Bybit also received over 679.7 billion USDT and 40 million XRP from unknown sources.
Jun Du, co-founder of HTX, pledged further support by committing 10,000 ETH to Bybit, stating he will hold the deposit until next month. This influx of assets suggests some major players are betting on Bybit’s recovery despite the security breach.
Large-Scale Withdrawals Continue
At the same time, Bybit is witnessing substantial withdrawals. Arkham Intelligence reports that Galaxy Digital’s OTC trading desk pulled 25,000 ETH ($67.12 million) from the exchange. Additional withdrawals include 700 BTC ($68.8 million) and 200,000 USDC.
Also Read: ZachXBT Identifies Lazarus Group as Culprit Behind $1.4B Bybit Hack, Wins Arkham Bounty
Despite the chaos, Bybit retains significant reserves, holding $6.7 billion in BTC and $1.2 billion in ETH. The coming days will determine whether Bybit can recover from one of the largest hacks in crypto history.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
