Bybit’s CEO, Ben Zhou, has confirmed that the crypto exchange has nearly recovered from its $1.4 billion Ethereum (ETH) shortfall, which resulted from one of the largest hacks in cryptocurrency history.
In response to an on-chain analysis by Lookonchain, Zhou stated in a tweet, “Latest update: Bybit has already fully closed the ETH gap.” The analytics platform reported that Bybit managed to acquire 446,870 ETH—valued at roughly $1.23 billion—through a mix of loans, large deposits from high-net-worth individuals, and direct purchases. This effort helped the exchange recover nearly 88% of the assets lost in last week’s cyberattack.
The security breach, which occurred last Friday, was attributed to the North Korean-linked Lazarus Group. The hackers exploited a vulnerability in Bybit’s Ethereum cold wallet, leading to the theft of $1.4 billion in ETH and stETH, shaking the crypto market.
Bybit replenished its Ethereum reserves through multiple sources, including substantial acquisitions from crypto investment firms such as Galaxy Digital, FalconX, and Wintermute.
Additionally, an external wallet identified as “0xd7CF…A995” played a role in the recovery effort, purchasing 304,000 ETH to help bridge the deficit. Transactions from this wallet were linked to both centralized and decentralized platforms, including Binance and MEXC, indicating that Bybit utilized OTC deals and various trading channels to reclaim lost assets. The Lazarus Group’s attack had a significant impact on Bybit’s reserves, triggering a surge in withdrawals that surpassed $5.3 billion within a single day.
