Bybit's Notable Cryptocurrency Movements

Bybit's Suspicious Crypto Transactions

In a recent development, cryptocurrency exchange Bybit is under scrutiny due to suspicious fund movements totaling $1.46 billion. Blockchain investigator ZachXBT spotlighted this significant activity.

Investigation Details

The transaction sequence began with a transfer of 401,346 ETH, equivalent to $1.1 billion, into a new wallet. This wallet has taken further steps by converting various forms of staked ether (stETH), including moving them to decentralized platforms and initiating sales of mETH and stETH.

Currently, the wallet has managed to liquidate approximately $200 million in stETH.

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