Galaxy → Bybit → Binance → OKX → SharpLink

According to Arkham, Galaxy Digital sold $145 million worth of ETH to SharpLink Gaming earlier today.

The transaction was routed through Bybit, OKX, and Binance. In other words, it wasn’t a direct crypto-to-fiat deal between buyer and seller - they relied on centralized intermediaries.

What’s surprising is that even two well-known companies, both run by industry veterans, didn’t execute this deal directly. Instead, they opted for third-party platforms. And the most questionable choice here is Bybit - a platform that still carries unresolved obligations after its February hack, both to its users and to the creditors who helped fill the hole. Personally, Bybit is the last place I’d want to send ETH right now.

But why go this route at all? Maybe it’s because crypto coming from a non-custodial wallet is seen as more “suspicious” than crypto sourced from a CEX? I’m afraid that’s exactly what’s happening. Unless you have another theory?

One thing I want to highlight is that rabbit.io gladly accepts crypto from non-custodial wallets. In fact, I believe that’s exactly where it should be stored.