# Bybit Burglarized For a Billion

<https://coinmetrics.substack.com/p/state-of-the-network-issue-300>

- Host: [coinmetrics.substack.com](https://links.thingelstad.xyz/hosts/coinmetrics.substack.com/)
- Saved: February 27, 2025 (2025-02-28T01:44:34Z)
- Record: https://links.thingelstad.xyz/links/a73dbd6d7451/
- JSON: https://links.thingelstad.xyz/links/a73dbd6d7451.json

## What Jamie wrote

This article on the Bybit hack takes the view after the hack and looking at the funds. While it is obviously a bad thing for an exchange to get robbed like this, it is super interesting how crypto technology allowed the ecosystem around it to stabilize and know what happened. The graph of "Fund Flows" that shows the wallets that all of the 401.347 ETH tokens were sent to is incredible. At some point it will not be possible to track these funds, but it is wild how much visibility we can have. It is also interesting to see how everyone could see the $1.5B go out of their account, and then validate that they shortly after added $1.3B in deposits to provide solvency. This can all be done without relying on auditors, just purely the technology.

## Facts

- Kind: [Newsletter](https://links.thingelstad.xyz/kinds/newsletter/)

## Appears in

- [WT311: Weekly Thing 311 / WikiTok, Bookmarklets, Tapestry](https://weekly.thingelstad.com/archive/311/), Notable

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## Elsewhere

- Wayback Machine: https://web.archive.org/web/*/https://coinmetrics.substack.com/p/state-of-the-network-issue-300