Blockchain analysts observed “an abnormal spike” in Ethereum activity on eXch during the Bybit hack, with trading volumes far exceeding normal levels and prompting suspicions of laundering activity

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At the time, on-chain investigators observed "an abnormal spike" in Ethereum volume through the platform immediately following the theft

[eXch] has recorded an abnormal spike in ETH volume — 20K ETH in the past 24 hours versus its usual 800 ETH," blockchain analyst vxdb wrote on X, with data from the day of the Bybit hack. "Their Bitcoin reserves are also empty, but their ETH reserves have increased by 900%."

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