The crypto world is still reeling from the jaw-dropping $1.4 billion hack that hit Bybit, and the full story is only starting to unravel. As Bybit teams up with other exchanges and blockchain detectives to unmask the culprit, on-chain clues show the hacker wasted no time shuffling their Ethereum loot.
So, what did they snag? According to Nansen, a sharp-eyed analytics platform, the heist netted $1.44 billion at the time of the breach. The hacker drained Bybit’s wallet of 401,347 ETH—worth about $1.12 billion—plus another $320 million in staked ETH tokens. That haul breaks down to 90,376 Lido staked ETH (about $253.16 million), 15,000 Mantle restaked ETH (cmETH) at $44.13 million, and 8,000 Mantle staked ETH (mETH) clocking in at $23 million. It’s a staggering pile of digital cash.
The hacker didn’t sit still. Starting from their main wallet—tracked as 0x47666fab8bd0ac7003bce3f5c3585383f09486e2—they pulled off a slick deception to trick Bybit’s multisig signers, then got busy. First, they swapped the stETH, cmETH, and mETH into plain Ether. Then, they broke it up into $27 million chunks, spreading the funds across more than 40 wallets. Most of those wallets are still holding the ETH, leaving a trail for sleuths to follow.
The crypto market’s feeling the sting. Total market cap’s down over 4%, and while altcoins are mostly nursing small losses, Ethereum’s taken a harder hit, dropping more than 4% to around $2,630. Bitcoin’s not faring much better, slipping nearly 3% to $95,500. How this plays out long-term depends on what’s next, but some analysts are spinning a silver lining: with the hacker unlikely to cash out through stablecoins (which Tether or Circle could freeze), this might’ve yanked $1.4 billion in selling pressure off ETH’s back.
