Crypto Exchange Bybit managed to restore its Ethereum (ETH) reserves. This has marked an important step in its recovery from one of the greatest robberies in the history of cryptography.
The announcement, made by the CEO of Bybt, Ben Zhou, on February 24, comes only a few days after the scholarship underwent a piracy of $ 1.5 billion which would have been perpetrated by the Lazare group in North Korea .
Bybit restores Eths’ assets
The attack targeted the Bebit multisig cold wallet system. The hackers exploited a vulnerability to siphon 401.346 ETH – estimated about $ 1.13 billion – from the hot portfolio of the exchange.
Within 24 hours of violation, the total reserves of Bybit dropped $ 5.2 billion, which made concerns about the stability of the platform. Despite the setback, the exchange quickly obtained emergency funding to strengthen its reservations. In addition, the data on the chain have confirmed that deposits and withdrawals from the bybt have returned to normal levels shortly after hacking.
Now Zhou has confirmed that Bybit has restored its ETH reservations to full support 1: 1 of customer assets.
“Bybit has already fully concluded the gap of ETH,” he said.
He added that an audited proof of reserve report (POR) will soon be published. The next POR report will use a Merkle tree structure, providing transparent evidence that the appeal maintains 100% reserve support for customer assets.
According to Lookonchain data, Bybit received approximately 446,870 ETH ($ 1.23 billion) thanks to a combination of loans, whale deposits and direct ETH purchases.
Among the main contributors, possible over -the -counter transactions (OTC) represented 180,269 ETH, while purchases from centralized and decentralized exchanges added 109,033 ETH additional. Loans from whales or unidentified institutions contributed 47,800 ETH, alongside transfers of two unknown sources, one sending 20,000 ETH and another moving 8,000 STETH.
Several players in the industry also intervened to support the resumption of Bybit. Bitget provided a loan of 40,000 ETH, and Mexc lent 12,653 Steth. DWF Labs also contributed 2,200 ETH.
Additional contributions come from Mirana Ventures and possible comments from Fenbushi Capital, each providing 10,000 ETH. Bybit also received 4,416 ETH withdrawn from other centralized exchanges. Finally, the 2,499 ETH of an individual entity were added to the total entrances.
Jeff Park, chief of Alpha Strategies in Bitwise, congratulated the rapid recovery of Bybit, which contrasts strongly with the collapse of the FTX in 2022.
“Parbit has succeeded where FTX did not do it because the crypto cooperative is stronger for decentralized regulatory capture than centralized regulatory capture,” said Park
According to Park, this structural advantage is not a defect but a fundamental force of the cryptographic ecosystem.
“The reason is simple: the Crypto Sans Frontières cooperative is retail and non-Americans represent 95.8% of the world’s population,” he added.
In addition to its reserve restoration, Bybit launched a bonus program, offering up to 10% of the active as a reward. If the total of $ 1.13 billion was recovered, participants could collectively win up to $ 140 million.
Meanwhile, despite the rapid response of the exchange, the price of the Ethereum market was struggling to bounce back. Piracy has triggered an immediate drop in the value of ETH.
Although a brief recovery has followed, the price has since slipped since again. At the time of writing the editorial staff, ETH was negotiated at $ 2,731, representing a 2.0% drop in the last 24 hours.
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