The post Bybit Hack Update: Reserves Under Pressure After $1.4B Loss – Will It Recover? appeared first on Coinpedia Fintech News
The recent Bybit hack has sent shockwaves through the crypto industry, with attackers stealing $1.4 billion in digital assets. The breach triggered widespread panic, but it also led to an unexpected show of support as large amounts of BTC, ETH, XRP, and USDT flowed into Bybit. Many saw this as a sign that investors and platforms were backing the exchange despite the crisis.
Hacker Now Holds More ETH Than Vitalik Buterin
A major concern is that the hacker now controls over 500,000 ETH, more than Ethereum co-founder vitalik buterin 
vitalik buterin
Vitalik Buterin is a professional programmer and Co-Founder of Ethereum. Buterin, along with Gavin Wood, Charles Hoskinson, Joseph Lubin, and Anthony Di, launched Ethereum in 2014. He co-created Ethereum when he understood that he could construct a new, possibly enhanced version by iterating on the Bitcoin blockchain. He has been involved in the Bitcoin community since 2011, writing and co-founding articles for Bitcoin magazine.
Details:
Organization: EthereumLocation: CanadaEducation: Vitalik graduated from the University of Waterloo (2012–2014)Skills: Computer programming and writing
Awards:
Honored with the Thiel Fellowship Award in 2014.Won the World Technology Network prize.Fortune's 40 under 40 list and appeared on the Under 30 list of Forbes at the age of 23
Experience:
He has been the founder of Ethereum from November 2013 to the present.Buterin has contributed as a developer to other open-source software projects. He also contributed to DarkWallet.Buterin has been involved in various initiatives to improve blockchain technology and its applications.
FAQ
1. Who is Vitalik Buterin?One of the most well-known figures in the cryptocurrency space is Vitalik Buterin, who co-founded Ethereum, one of the biggest and most significant blockchain systems.2. What is the net worth of Vitalik?Vitalik's net worth is 32 billion dollars, according to Forbes.
3. What does Vitalik Buterin invest in?Vitalik Buterin has made numerous investments in companies like Varro Life Sciences, Polymarket, and RISE (Singapore) within the healthcare technology systems, information services (B2C), and financial software industries.
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’s reported holdings of 240,000 ETH. The stolen assets are spread across 53 wallets, closely monitored by security teams. Since this is a high-profile attack, selling such a large amount without getting caught will be difficult.
Despite the situation, Bybit CEO Ben Zhou assured users that no customer funds were lost and that the exchange remains financially stable. He also confirmed that Bybit successfully processed over 350,000 withdrawal requests following the hack.
Was Binance Involved? CZ Shuts Down Rumors
Some speculated that Binance might have helped Bybit stabilize by transferring Ethereum to the exchange. However, Binance CEO Changpeng Zhao (CZ) quickly denied this. In a post on X (formerly Twitter), he explained that the ETH inflows were simply user transactions or whale activity, not Binance stepping in to assist.
Those are user transactions, I think. Probably some whale loaning to Bybit.
— CZ
Can't take credit for it.BNB (@cz_binance) February 22, 2025
Crypto analyst Anndy Lian praised Binance’s leadership but advised his followers to withdraw funds from Bybit, not due to a lack of trust but as a precaution against any unexpected risks.
Meanwhile, on-chain data from Lookonchain showed that a whale withdrew 11,800 ETH ($31 million) from Binance and deposited it into Bybit’s cold wallet. Soon after, another 36,000 ETH ($96.5 million) moved from Binance’s hot wallet to Bybit. Reports suggest these may be loans aimed at helping Bybit manage customer withdrawals.
Whale Moves Shake Up the Market
Despite concerns, large investors and rival exchanges have backed Bybit with major deposits. Whale Alert reported that an unknown wallet sent nearly 3,000 BTC ($285 million) to Bybit, while another transferred 39,998 ETH ($105.5 million).
Bitget also contributed significant funds, and HTX co-founder Jun Du announced he would deposit 10,000 ETH into Bybit, promising not to withdraw it until next month as a sign of support.
Withdrawals Surge as Users React
While some whales and platforms are supporting Bybit, many users remain cautious. Arkham Intelligence reported that Galaxy Digital’s OTC trading desk withdrew 25,000 ETH ($67 million) and 200,000 USDC within hours of the attack. Another 700 BTC ($68.8 million) was also withdrawn by an anonymous wallet, adding to the growing outflow of assets.
Bybit Still Holds Billions—What’s Next?
Even after the hack and withdrawals, Bybit still holds significant reserves. Reports show it has 450,462 ETH ($1.2 billion), along with BTC, USDT, USDC, and MNT, totaling billions in assets.
Bybit is now focused on restoring confidence and stabilizing its operations. The market is watching closely to see how the exchange recovers from one of the biggest crypto hacks in history.
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