The Ethereum reserve of Bybit exchange is back to normal levels as industry partners loaned the firm over 400,000 ETH to aid its operations
Less than three days after suffering a considerable attack, cryptocurrency derivatives exchange Bybit successfully recovered the Ethereum (ETH) reserve slump caused by the hack. The Ben Zhou-led digital asset service provider has replaced the $1.4 billion worth of Ethereum that the bad actors carted away.
Bybit Publishes PoR to Show Progress Following $1.4 Bln Hack
The firm achieved this feat on February 24, 2025, while the exploit occurred on February 21, 2025.
According to the exchange’s CEO, clients’ assets are now backed at 1:1 through a Merkle tree. To promote transparency and uphold its integrity, Bybit has published a Proof-of-Reserve (PoR) showing its financial portfolio’s current outlook and health status.
It also noted that deposits and withdrawals on its platform have returned to normal.
“We know where our funds have gone, and we’re committed to turning this experience into an opportunity to strengthen the ecosystem. Initiatives are coming to help the crypto space grow stronger,” Bybit wrote in a February 24 X post.
We’re close to 100% on our ETH reserves, and deposits & withdrawals are back to normal.
Through it all, the crypto community, our partners, and our users have shown unwavering support—thank you.
We know where our funds have gone, and we’re committed to turning this experience… pic.twitter.com/pJBpfVtVVH
— Bybit (@Bybit_Official) February 24, 2025
Blockchain analytics platform Lookonchain reported that the exchange has received 446,870 ETH, worth $1.23 billion at current prices, through loans, large deposits, and purchases in the past two days. Based on the address activity, over $400 million has been purchased through Over-the-Counter (OTC) trading, and another $300 million was acquired directly from exchanges.
Up to $300 million were generated as loans; the remaining part came from addresses linked to crypto funds.
Ethereum Sees Price Fluctuations, Trades at $2,682
The new development triggered Ethereum’s slight 4% price recovery, coinciding with the increased buying activity.
However, the altcoin has recently registered some market value loss. ETH traded at $2,682.44 at this writing, owing to a 4.43% price dip within the last 24 hours. This price action suggests that sentiment is yet to recover fully.
It is worth noting that the hacker behind the attack attempted to move the stolen Ethereum to Bitcoin not long after the incident.
Zhou claimed that some of the stolen funds were being transferred to Chainflip, a decentralized crypto bridge. To this end, he shared four transaction addresses linked to this movement. These include ‘0x4f5…8c5ef’; ‘0x1e7…ddfcc’; ‘0x3ff…4e6b2’ and ‘0xdc5…0446a.’
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
