Crypto exchange Bybit has successfully recovered nearly 100% of the Ethereum lost in its recent security breach, securing 254,830 ETH—worth approximately $693 million—within just 48 hours. The exchange sourced the funds through a combination of OTC deals with Galaxy Digital, FalconX, and Wintermute, alongside institutional loans from platforms such as Bitget, MEXC, Binance, and DWF Labs.
Bybit CEO Ben Zhou assured users that the exchange has closed its Ethereum deficit, restoring a full 1:1 client asset backing. A new proof-of-reserves (PoR) audit will be published soon to confirm Bybit’s financial stability.
Meanwhile, the hacker responsible for the $1.4 billion theft has converted 40,944 ETH ($115 million) into Bitcoin and other assets using platforms such as Chainflip, THORChain, and LiFi. Despite this, the attacker still controls 458,451 ETH, valued at approximately $1.29 billion. In response, Bybit has collaborated with industry peers to freeze nearly $43 million of the stolen funds within just two days.
To further accelerate asset recovery, Bybit has introduced a Recovery Bounty Program, offering a 10% reward on reclaimed funds, potentially totaling $140 million if all stolen assets are recovered. The incident underscores the persistent risks faced by crypto exchanges and the crucial role of rapid response measures in mitigating financial damage.
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