{"id":4504,"date":"2025-02-24T09:32:00","date_gmt":"2025-02-24T11:32:00","guid":{"rendered":"https:\/\/criptonizando.com\/en\/?p=4504"},"modified":"2025-02-24T08:34:35","modified_gmt":"2025-02-24T10:34:35","slug":"bybit-restores-1-4b-in-stolen-eth-ceo-states","status":"publish","type":"post","link":"https:\/\/criptonizando.com\/en\/news\/bybit-restores-1-4b-in-stolen-eth-ceo-states\/","title":{"rendered":"Bybit Restores $1.4B in Stolen ETH, CEO States"},"content":{"rendered":"\n<p>Bybit CEO Ben Zhou has <a href=\"https:\/\/x.com\/benbybit\/status\/1893865556840775758\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">announced<\/a> 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bybit Replaces Stolen ETH Through Loans and OTC Purchases<\/strong><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Lookonchain identified a Bybit-linked wallet address, \u201c0x2E45&#8230;1b77,\u201d which purchased 157,660 ETH\u2014worth roughly $437.8 million\u2014from 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 \u201c0xd7CF&#8230;A995.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Find out the difference between\u00a0<a href=\"https:\/\/criptonizando.com\/en\/learn\/okx-vs-binance\/\" target=\"_blank\" rel=\"noreferrer noopener\">OKX and Binance<\/a><\/li>\n<\/ul>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Exchange Maintains Financial Stability Amid High Withdrawals<\/strong><\/h2>\n\n\n\n<p>The Feb. 21 hack <a href=\"https:\/\/criptonizando.com\/en\/news\/bybit-hack-stolen-funds-expected-to-flow-through-crypto-mixers-says-elliptic\/\" target=\"_blank\" rel=\"noreferrer noopener\">stands<\/a> 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\u2019s reserves still exceed its liabilities, reinforcing the exchange\u2019s financial stability and commitment to user protection.<\/p>\n\n\n\n<p>According to DeFiLlama data, Bybit\u2019s total assets currently stand at $10.9 billion. Despite the initial market turmoil, Ether\u2019s 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.<\/p>\n\n\n\n<p>Bybit\u2019s swift recovery efforts and transparency initiatives, including the upcoming proof-of-reserve report, signal the exchange\u2019s determination to rebuild trust and maintain its standing as a major player in the cryptocurrency space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":4173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tpgb_global_settings":"","kia_subtitle":"","footnotes":""},"categories":[1],"tags":[33,19,44,55],"class_list":["post-4504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bitcoin","tag-blockchain","tag-bybit"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bybit Restores $1.4B in Stolen ETH, CEO States - Criptonizando<\/title>\n<meta name=\"description\" content=\"Bybit CEO Ben Zhou confirms the full recovery of $1.4B in ETH lost in the Feb. 21 hack, with a new proof-of-reserve report coming soon\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/criptonizando.com\/en\/news\/bybit-restores-1-4b-in-stolen-eth-ceo-states\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bybit Restores $1.4B in Stolen ETH, CEO States - 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