News 
February 24, 2025 
3 min. 
Bybit CEO Ben Zhou has announced that the cryptocurrency exchange has fully replenished the $1.4 billion worth of Ether (ETH) lost in the massive Feb. 21 hack. Zhou reassured users that a new proof-of-reserve report will be released soon to confirm that client assets are back at a 1:1 ratio through a Merkle tree verification system.
Bybit Replaces Stolen ETH Through Loans and OTC Purchases
Following the attack, blockchain analytics firm Lookonchain reported that Bybit had received approximately 446,870 ETH, worth around $1.23 billion, from a mix of loans, whale deposits, and purchases. This amount accounts for nearly 88% of the funds stolen by the North Korean state-backed hacking group, Lazarus.
Lookonchain identified a Bybit-linked wallet address, “0x2E45…1b77,” which purchased 157,660 ETH—worth roughly $437.8 million—from major crypto investment firms, including Galaxy Digital, FalconX, and Wintermute, via over-the-counter (OTC) transactions. Another 113,000 ETH, valued at $304 million, was reportedly acquired through centralized and decentralized exchanges using wallet address “0xd7CF…A995.”
- Find out the difference between OKX and Binance
Several transactions were made to these addresses, with the first recorded purchase occurring on Feb. 22 at 4:44 PM UTC. These strategic acquisitions have helped Bybit swiftly recover the stolen assets, ensuring that its reserves remain strong despite the unprecedented security breach.
Exchange Maintains Financial Stability Amid High Withdrawals
The Feb. 21 hack stands as the largest in crypto history, accounting for more than 60% of all stolen crypto funds in 2024. In response, Bybit saw customer withdrawals soar to $5.3 billion on Feb. 22, raising concerns about liquidity. However, proof-of-reserve auditor Hacken has confirmed that Bybit’s reserves still exceed its liabilities, reinforcing the exchange’s financial stability and commitment to user protection.
According to DeFiLlama data, Bybit’s total assets currently stand at $10.9 billion. Despite the initial market turmoil, Ether’s price, which fell over 7% from $2,831 to $2,629 in the hours following the hack, has since recovered to $2,765, according to CoinGecko data.
Bybit’s swift recovery efforts and transparency initiatives, including the upcoming proof-of-reserve report, signal the exchange’s determination to rebuild trust and maintain its standing as a major player in the cryptocurrency space.
