ByBit Hack and XRP Transfer

It is a new week, but the attention remains on the second-largest offshore crypto exchange in the world, ByBit. For those unfamiliar with it, the exchange was hacked for assets worth about $1.5 billion. This hack is now considered the biggest in the digital asset industry.

The focus now shifts to a significant transfer of nearly 52 million XRP, valued at approximately $128.78 million, to ByBit from a wallet identified as “rGdKQ.” According to a report from Whale Alert:

> 🚨 🚨 🚨 🚨 🚨 🚨 51,999,999 #XRP (128,782,393 USD) transferred from unknown wallet to #Bybit Tweet Link
> — Whale Alert (@whale_alert) February 24, 2025

This wallet, activated by Binance, was nearly empty post-transfer but had seen an outflow of 52 million XRP to the recently hacked ByBit; it was topped up by a transfer from ByBit itself.

What’s Happening?

This situation may indicate a potential collaboration or interaction between two major exchanges in the crypto space. Both entities have their own histories, and Binance, the leading centralized crypto platform, was one of the first to assist ByBit after the hack.

However, the usual perception among market participants is that transfers on exchanges signal bearish intentions, suggesting large investors might be planning to sell. This time, the transfer of 52 million XRP may not lead to sales on ByBit. Still, any moves in the post-hack period will be closely scrutinized by market participants, heightening their doubts and concerns.