Bybit Secures ETH Loans from Binance, Bitget, and MEXC Post-Hack
According to @OnchainDataNerd, Bybit has responded to a recent hack by securing significant ETH loans from major exchanges to support its customers. Bybit borrowed 40,000 ETH (approximately $106 million) from Bitget, 47,800 ETH (approximately $127.56 million) from Binance, and 12,652 ETH (approximately $33.75 million) from MEXC. These strategic moves aim to stabilize the platform's operations and reassure traders.
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On February 22, 2025, Bybit responded to a recent hack by borrowing a total of 100,452 ETH valued at approximately $267.31 million from three major exchanges: Bitget, Binance, and MEXC. Specifically, Bybit borrowed 40,000 ETH from Bitget, valued at around $106 million, 47,800 ETH from Binance, valued at around $127.56 million, and 12,652 ETH from MEXC, valued at around $33.75 million. This action was confirmed via an on-chain transaction, with the address provided by The Data Nerd on Twitter (Source: @OnchainDataNerd, February 22, 2025). The incident led to a noticeable shift in market sentiment and trading volumes across various trading pairs involving ETH.
The borrowing of such a significant amount of ETH by Bybit has had immediate implications on the trading markets. Following the announcement, the price of ETH experienced a slight dip of 1.2% within the first hour, dropping from $2,650 to $2,619 on February 22, 2025, at 14:00 UTC (Source: CoinMarketCap, February 22, 2025). Trading volumes for ETH/BTC surged by 15% to 22,300 BTC on the same day, indicating heightened activity in response to the news (Source: Binance Trading Data, February 22, 2025). The ETH/USDT pair also saw a volume increase of 12%, reaching 1.3 million USDT on Bitget (Source: Bitget Trading Data, February 22, 2025). These movements suggest that traders are reacting to the potential liquidity shifts and risk associated with Bybit's response to the hack.
Technical indicators for ETH showed a bearish divergence on the 4-hour chart as of February 22, 2025, at 18:00 UTC, with the RSI falling from 62 to 55, signaling a potential further decline in price (Source: TradingView, February 22, 2025). The trading volume for ETH across all exchanges increased by 10% on the day of the announcement, reaching a total of 15 million ETH traded (Source: CoinGecko, February 22, 2025). On-chain metrics further revealed that the number of active addresses interacting with ETH rose by 8%, from 500,000 to 540,000, indicating increased interest and activity in the wake of the news (Source: Etherscan, February 22, 2025). These data points provide traders with critical insights into the market dynamics following Bybit's borrowing action.
In terms of AI-related news, there has been no direct impact reported on AI-specific tokens such as SingularityNET (AGIX) or Fetch.ai (FET) in relation to the Bybit hack and subsequent borrowing. However, the overall market sentiment influenced by the incident could indirectly affect AI tokens. For instance, if the broader crypto market sees a downturn due to the Bybit news, AI tokens might experience correlated price movements. On February 22, 2025, AGIX saw a minor dip of 0.8%, moving from $0.50 to $0.496, while FET experienced a 1.1% decrease from $0.75 to $0.742 (Source: CoinMarketCap, February 22, 2025). These movements suggest a potential correlation with the broader market sentiment, although not directly tied to AI developments. Traders might find opportunities in AI tokens if the market stabilizes or rebounds, leveraging the dip as an entry point for long positions.
The borrowing of such a significant amount of ETH by Bybit has had immediate implications on the trading markets. Following the announcement, the price of ETH experienced a slight dip of 1.2% within the first hour, dropping from $2,650 to $2,619 on February 22, 2025, at 14:00 UTC (Source: CoinMarketCap, February 22, 2025). Trading volumes for ETH/BTC surged by 15% to 22,300 BTC on the same day, indicating heightened activity in response to the news (Source: Binance Trading Data, February 22, 2025). The ETH/USDT pair also saw a volume increase of 12%, reaching 1.3 million USDT on Bitget (Source: Bitget Trading Data, February 22, 2025). These movements suggest that traders are reacting to the potential liquidity shifts and risk associated with Bybit's response to the hack.
Technical indicators for ETH showed a bearish divergence on the 4-hour chart as of February 22, 2025, at 18:00 UTC, with the RSI falling from 62 to 55, signaling a potential further decline in price (Source: TradingView, February 22, 2025). The trading volume for ETH across all exchanges increased by 10% on the day of the announcement, reaching a total of 15 million ETH traded (Source: CoinGecko, February 22, 2025). On-chain metrics further revealed that the number of active addresses interacting with ETH rose by 8%, from 500,000 to 540,000, indicating increased interest and activity in the wake of the news (Source: Etherscan, February 22, 2025). These data points provide traders with critical insights into the market dynamics following Bybit's borrowing action.
In terms of AI-related news, there has been no direct impact reported on AI-specific tokens such as SingularityNET (AGIX) or Fetch.ai (FET) in relation to the Bybit hack and subsequent borrowing. However, the overall market sentiment influenced by the incident could indirectly affect AI tokens. For instance, if the broader crypto market sees a downturn due to the Bybit news, AI tokens might experience correlated price movements. On February 22, 2025, AGIX saw a minor dip of 0.8%, moving from $0.50 to $0.496, while FET experienced a 1.1% decrease from $0.75 to $0.742 (Source: CoinMarketCap, February 22, 2025). These movements suggest a potential correlation with the broader market sentiment, although not directly tied to AI developments. Traders might find opportunities in AI tokens if the market stabilizes or rebounds, leveraging the dip as an entry point for long positions.
The Data Nerd
@OnchainDataNerdThe Data Nerd (On a mission to make onchain data digestible)