Bybit Restores $1.4B in Ether Stolen by Hackers
Bybit’s CEO has announced that it had replaced the $1.4 billion worth of Ether stolen in the recent hack.
According to DeFiLlama, Bybit’s total customer assets, initially around $16.9 billion, had decreased to $10.8 billion by the time of reporting.
The withdrawal pressure arose after hackers managed to drain about 70% of the exchange’s clients’ Ether.
Bybit’s CEO, Ben Zhou, took to X (formerly Twitter) to announce that the exchange “has already fully closed the ETH gap.”
He added that “Bybit is again back to 100% 1:1 on client assets through Merkle tree,” and mentioned that Bybit would soon release an audited proof-of-reserves report.
Zhou’s announcement followed an estimate by blockchain analytics firm Lookonchain, which indicated that Bybit had acquired 446,870 Ether, valued at approximately $1.23 billion, covering about 88% of the stolen amount, through loans, whale deposits, and purchases.
