Bybit moved quickly to bounce back from among the biggest hacks in bitcoin history. Following a $1.4 billion security breach on February 21, the exchange has fully restored its Ether losses. Ben Zhou, CEO of Bybit, verified through a Merkle tree validation that client assets are now exactly 1:1 backed.
Blockchain data shows Bybit bought from a mix of loans, significant investor deposits, and direct purchases around 446,870 Ether, worth $1.23 billion. This practically explains 88% of the pilfering of money.
Linked to Bybit, a wallet address known as “0x2E45…1b77” was discovered to have bought 157,656 ETH valued at $437.8 million from big trading companies Galaxy Digital, FalconX, and Wintermute. Another address, “0xd7CF…A995,” apparently acquired an extra $304 million worth of Ether via centralized and distributed exchanges.
Bybit showed its financial fortitude by resisting $5.3 billion in client withdrawals on February 22 in spite of the turmoil. Based on DeFiLlama data, the total assets of the exchange right now are $10.9 billion.
Targeting Bybit’s cold wallet system, the attack—attributed to the North Korean-backed Lazarus Group—caused notable losses. Bybit has stated intentions to publish a fresh proof-of-reserve audit, guaranteeing openness and thus strengthening security policies, so rebuilding trust.
After the hack, Ethereum’s price decreased first over 7%, from $2,831 to $2,629. But when market confidence rises, it has lately recovered to $2,6565.
Bybit’s rapid response to restocking pilfers and preserving complete reserves emphasizes its dedication to security and user confidence in the changing bitcoin scene.
