Bybit Buys Back ETH After $1.4B Heist, Eyes on $3,100

February 21st was a rough awakening for Bybit as a hacker group named The Lazarus Group, located in North Korea, stole 1.4 billion US dollars worth of ETH. Details about the fund’s recovery or apprehending the individuals behind this heist are still unclear, but Bybit has started its damage control efforts.   

ETH Acquisition 

A crypto intelligence company, Arkham Intelligence, also part of the investigative efforts, reported that Bybit has started buying ETH. Currently, Bybit has spent approximately  100 million USDT to buy 54,393 ETH. The average price of each ETH token is $2,711. Bybit procured these tokens from FalconX and Galaxy Digital through an over-the-counter trade. 

It seems that #Bybit spent 100M $USDT to buy 36,893 $ETH at $2,711 from Galaxy Digital and FalconX through #OTC.https://t.co/tLKDNz9XJn pic.twitter.com/qT2XTR6QLb

— Lookonchain (@lookonchain) February 22, 2025

The Show Of Gratitude  

Following this massive purchase, Bybit’s CEO took to social media to present his gratitude. In a post on social media, Bybit CEO Ben Zhou extended his heartfelt gratitude towards crypto companies that stood by him. The list includes Galaxy, Tether, Bitvavo, Ghaf Capital, Blockchain Center Dubai, TON Foundation, Solana Foundation, Sosovalue, Mirana, MEXC, Pionex, Bitget and Antalpha.  

The post reads as follows, “Bybit is overwhelmed by all the support that we got from partners and industry friends during last night critical time. Here I want to say thanks to all the friends, partners who offered or helped us in any way or form. I am truly grateful. We will need a lot more help down the road as well. Thank you! Although it’s a tragic event for Bybit, however through this hard time our industry showed strength as we unite together. We can only grow bigger from now on. As a team, we are ready to protect our industry together.” 

 However, the post had no mention of Arkham Intelligence. Therefore, this omission might fan some waves of rumors in the industry. 

How Was ETH Affected? 

This substantial purchase by Bybit has worked wonders for ETH tokens. At press time, the token is going for $2,870 with a 2.50% price surge within 24 hours of the purchase. Furthermore, the overall trading volume of the token has hiked by 10%. Therefore indicating positive participation from traders. This could propel the token towards a bullish movement.  

Technical experts suggest that ETH is currently consolidating in a tight band between $2,560 and $2,800, and sources suggest that it might break out. Based on current price action, if the token breaches this consolidation and rests just above $2,820, there is a possibility that the price could soar by 10% and reach $3,100 in the coming month(s).