Bybit, a major cryptocurrency exchange, would have recovered its loss of $ 1.46 billion from a recent hack, thanks to a combination of loans, whales and purchases of Ethereum (ETH), according to Lookonchain Data.
This happens after the company launched a recovery premium program with awards of up to 10% of stolen funds. Bybit called the most brilliant spirits of cybersecurity and the analysis of cryptography to join the world’s hunting for the greatest robbery in the history of the crypto. With a reward of 10% of the amount recovered, the contributors share a bonus potentially up to 140 million USD value in the scenario of a complete recovery.
The CEO has revealed that since the hack, the exchange has experienced the greatest number of withdrawals it has ever seen. He revealed that they had a total number of more than 350,000 withdrawal requests, and so far, around 2100 withdrawal requests to be processed. Overall, 99. 994% of withdrawals were disclosed.
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In the future, on February 24, Lookonchain reported that Bybit had received a substantial. 157,660 ETH (around $ 437.8 million) from a single address, probably through over -the -counter transactions (OTC). In addition, 109,033 other ETH ($ 304.1 million) came from an entity that bought ETH in centralized and decentralized scholarships.
Whales and institutions have provided more than $ 127 million eth eths as loans, with:
- Bitget contributing 40,000 ETH ($ 106 million)
- Mexc sends 12,653 STETH ($ 33.9 million)
Other contributions included:
- 22,609 ETH ($ 61.9 million) of an over -the -counter buyer.
- 20,000 ETH ($ 53.7 million) of an unknown entity.
- 10,000 ETH ($ 28 million) each of Mirana Ventures and a possible address related to Fenbushi capital.
- Smaller amounts of users linked to “@yuchao” (2,499 ETH) and DWF Labs (2,200 ETH).
Recognizing the support received for the recovery of hacked funds, Bybit wrote,
“Within 24 hours of the event, we were overwhelmed by the support of some of the best people and organizations in the industry, and we do not hold it for granted. We have shared a dark moment in the history of cryptography, and we have proven that we are better than the malicious actors. We want to officially reward our community, which has lent us their expertise, experience and support through the recovery bonus program, and our efforts to make this difficult lesson a precious duration does not stop here. Bybit is determined to go beyond the reverse and fundamentally transforming our safety infrastructure, improving liquidity and being an unshakable partner in our friends in the cryptographic community. ”
On Monday 24 2025, the CEO of Bybit, Ben Zhou, announced on X that Bybit has already closed the ETH space, noting that a new audited por report will soon be published to show that the exchange of Crypto is once again back to 100% 1: 1 on customer assets via the Merkle tree.
Possible links with the Phemex Hack and Lazarus group
The Blockchain Zachxbt ‘investigator identified the chain connections between the pirat The recent violation of Phemex. The attackers merged stolen funds from the two incidents using the same addresses, a strategy previously used by the Lazare group supported by North Korea in several hacks.
On the other hand, some reports have suggested that the authors could be north-Korean state hackers, the Lazare group, which was blamed for previous large-scale cracks, including the flight of $ 615 million Blockchain Ronin Group project in 2022.
Bybit has taken a decisive step by apparently buying $ 742 million ETH to restore its references, making it one of the biggest post-hack recovery in the history of cryptography. This decision had a significant impact on the price of the Ethereum market, contributing to a resumption of 6% compared to the decline of the previous week.
In particular, bybit’s rapid response has been rented as a strong example of the management of the crisis, although some analysts note that relying on loans means that the exchange always has debts to settle, raising questions onFinancial health term.
