Bybit CEO Ben Zhou has disclosed that the exchange has closed the Ethereum gap created by the $1.4 billion hack on Saturday.
The Friday hack saw prominent crypto exchange Bybit lose $1.46 billion worth of Ethereum. While the exchange has yet to recuperate the funds from North Korea’s Lazarus Group, it appears to have refilled its Ethereum stash.
CEO Ben Zhou revealed in a tweet today that Bybit has closed the gap the hack created on its Ethereum stash. He further disclosed that all client assets are now fully backed 1:1 on the exchange.
Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6
— Ben Zhou (@benbybit) February 24, 2025
Bybit Made Whole on Ethereum Reserve
Zhou’s tweet came in response to a Lookonchain tweet showing that Bybit has received Ethereum tokens worth nearly the amount it lost during the Friday hack.
According to on-chain data, Lookonchain shows that Bybit has received 446,870 ETH ($1.23 billion). The leading crypto exchange realized the tokens through whale support, loans, and Ether purchases.
Meanwhile, an earlier analysis reveals that Bybit has been stacking Ethereum through the OTC market, with Lookonchain showing the exchange has acquired 266,694 ETH ($742 million) through the means.
Furthermore, a previous report from The Crypto Basic confirmed that trading platforms Bitget and MEXC, along with other whale wallets, sent over 88,000 ETH ($239 million) to Bybit about 24 hours after the hack.
Funds on The Move as Bybit Offers 10% Bounty
Meanwhile, the Bybit hackers have started laundering the stolen Ethereum. Blockchain security firm PeckShield disclosed that multiple addresses connected to the exploiter have been laundering Ethereum through exchange eXch.
Notably, the trading platform has denied the claims, noting it has no involvement with North Korea’s Lazarus Group and that the exchange had not facilitated any laundering attempt by the notorious hacker.
Nonetheless, stablecoin issuer Tether has frozen an account reportedly an address linked to the hack. CEO Paolo Ardoino tweeted that the issuer froze 181,000 USDT tied to the exploiters.
Bybit CEO Zhou has disclosed a bounty for any entity that aids in recovering stolen funds. The derivative platform will reward cybersecurity experts with 10% of any retrieved funds through relevant information or expertise.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
