The post Bybit Hack Update: Massive ETH Transfers & User Withdrawals Explained appeared first on Coinpedia Fintech News
The recent Bybit hack has sent shockwaves through the crypto world, with hackers making away with a whopping $1.4 billion worth of digital assets. While the attack caused panic, it also led to massive fund transfers, with large amounts of BTC, ETH, XRP, and USDT pouring into Bybit. Many saw this as a show of support from other platforms and investors.
The major concern is that the hacker now controls over 500,000 ETH, more than ETH Co-Founder Vitalik Buterin’s 240,000 ETH. The stolen funds are spread across 53 wallets, closely watched by security teams. Since the attack is high-profile, selling such a huge amount without getting caught will be tricky. In the meanwhile, Bybit CEO Ben Zhou assured users that no customer funds were lost and the exchange remains financially stable. Despite the hack, they successfully processed over 350,000 withdrawal requests.
Binance Distances Itself from Bybit Transactions
Speculation arose that Binance 
Binance
–
binance@miceneurol.com
Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment
might have been involved in transferring Ethereum to Bybit to help stabilize its reserves. However, Binance CEO changpeng zhao
changpeng zhao
Changpeng Zhao is the Founder and Chief Executive Officer at Binance. His contribution to the enhancement of Binance made the platform the world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the blockchain network Binance Smart Chain which has made a remarkable contribution to the development of the decentralized finance ecosystem. Whereas in 2019, he launched Binance’s US affiliate, Binance. The US.
Details:
Organization: Binance
Location: United Arab Emirates
Skills: Trading System and Electronic Trading
Experience:
CEO at Binance from Jul 2017 to Nov 2023 ·
Founder at BijieTech from Sep 2015 to Jul 2017
Head of Development at Blockchain.com from 2013 – 2014 ·
Partner at Fusion Systems Group from Nov 2005 to Dec 2013
Head of Tradebook Futures Development at Bloomberg from 2001 – 2005
FAQ
1. What is the net worth of Changpeng Zhao?
Changpeng’s net worth is $6,260 crores.
2. What are the latest investments of Changpeng Zhao?
Changpeng Zhao investing in the blockchain sector as well as artificial intelligence and biotechnology
EntrepreneurInvestorChief Executive Officer
quickly shut down these rumors. In a post on X, he denied any involvement, stating that the funds moving to Bybit were simply user transactions or whale activity, not Binance’s doing.
Those are user transactions, I think. Probably some whale loaning to Bybit.
Can’t take credit for it.
— CZ
BNB (@cz_binance) February 22, 2025
In response Crypto analyst, Anndy Lian while praising Biannce’s leadership advised his followers to withdraw funds from Bybit—not due to a lack of trust but to avoid any rare unforeseen risks.
Whale Moves Shake Up the Market
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. Shortly after, another 36,000 ETH ($96.5 million) was transferred from Binance’s hot wallet to Bybit. Reports suggest these transactions are loans aimed at helping Bybit manage customer withdrawals following the hack.
Meanwhile, Whale Alert reported massive fund transfers into Bybit. A single unknown wallet sent nearly 3,000 BTC, worth $285 million, while another transferred 39,998 ETH ($105.5 million). Bitget also contributed large sums, and Jun Du, co-founder of HTX, announced his plan to deposit 10,000 ETH into Bybit as support, vowing not to withdraw it until next month.
Withdrawals Surge as Users React
Despite the influx of funds, many users have been withdrawing assets from Bybit amid security concerns. According to Arkham Intelligence, Galaxy Digital’s OTC trading desk pulled out 25,000 ETH ($67 million) and 200,000 USDC within hours. Another anonymous wallet withdrew 700 BTC ($68.8 million), adding to the growing outflow.
Bybit’s Current Market Sentiment
Even after the massive hack and withdrawals, Bybit still holds a significant amount of assets. Reports indicate it has 450,462 ETH, worth around $1.2 billion, alongside BTC, USDT, USDC, and MNT, amounting to billions in total reserves. While Bybit is working to regain stability, the situation remains tense as the market watches how it recovers from this unprecedented attack.
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