Bybit Burglarized For a Billion

In this issue of Coin Metrics’ State of the Network, we turn our attention to the Bybit exchange hack, utilizing on-chain data to analyze exchange reserves, fund flows and contextualize its market impact.

Key Takeaways:

•  Bybit, a prominent crypto exchange, fell victim to the largest hack in crypto history, draining $1.5B in ETH from its cold wallet.
• While hackers remain in possession of stolen assets, dispersing 401,346 ETH across multiple accounts, Bybit has replenished $1.2B of its deficit, bringing ETH reserves to 380,000 ETH.
• The market fallout was largely contained, resulting in relatively small and brief price dislocations compared to previous incidents.

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