Bybit, the cryptocurrency exchange that, he said, suffered a hacking in which 400,000 Ether (ETH) were stolen, is shopping for the asset.
In the last 24 hours, Bybit bought a total of 106,498 ETH, equivalent to almost 300 million dollars (USD), according to on-chain data from the Arhkam explorer observed today, February 23. The acquisition was made through multiple operations through investment signatures in digital assets, Galaxy Digital, Falconx and Wintermute.
This action takes place after Ben Zhou, the Bybit CEO, clarified that user funds are supported and has obtained a loan to cover retreats. Therefore, he said that hacking victims will receive a refund.
With this demand force, the price of ETH, the cryptocurrency of the Ethereum Network, has benefited. Registered a 2% appreciation in the last 24 hours, although several market assets experienced negative behavior at the same time.
ETH, which is the second cryptoactive with more capitalization, now shows better performance than the main one, Bitcoin (BTC), which declined 0.76% in the last 24 hours.
The popular trader known as Crypto Rover cataloged this movement as «bullish» for the Altcoins, stressing that it allows the trigger for an «Altseason.» When this phenomenon occurs, cryptocurrencies have a better performance than Bitcoin.
However, it should be taken into account that, despite the performance of the last 24 hours, ETH remains to be quoting 42% below its historical maximum of USD 4,900 marked more than three years ago. Bitcoin, on the other hand, is 11% of the USD 109,000 record that reached a month ago.
Bybit recovers the normal amount of deposits and withdrawals
According to Bybit, Exchange experienced the greatest number of retirement requests from its history after making the hack known on Friday, February 21. These were more than 350,000 in 10 hours. However, he pointed out that, the next day, The activity of deposits and withdrawals has returned to the levels prior to the incidentas the following graph exhibits.
«Despite facing one of the most important security incidents in financial history, all by Bybit’s functions and products remain completely operational,» said the Exchange.
The platform also announced that, as part of research and recovery efforts, will donate 10% of the funds recovered to reward the experts in cyber security that play an active role in the rescue of cryptocurrencies stolen in the incident.
With this scenario, the fear that the hacking triggered seems to be appeased. In tune, as Cryptonotics reported, Changpeng Zhao (CZ), the CEO of Exchange Binance, congratulated Bybit for the management of the situation.