Bybit restores Ethereum reserves after $1.5 billion crypto hack; details here
cryptocurrency exchange Bybit has successfully replenished its Ethereum (ETH) reserves after suffering a massive security breach last week that resulted in the theft of approximately $1.5 billion worth of Ether.
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CEO Ben Zhou confirmed that the exchange has fully restored the stolen ETH, ensuring that all client assets remain backed 1:1, CNBC reported.
How Bybit replenished its stolen assets
To compensate for the lost ETH, Bybit secured approximately 446,870 ETH through a mix of loans, large investor deposits, and direct purchases. The exchange acquired 157,660 ETH through over-the-counter transactions from crypto investment firms Galaxy Digital, FalconX, and Wintermute.
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Additionally, the cryptocurrency exchange platform purchased another $304 million worth of ETH from centralized and decentralized exchanges, according to blockchain analytics firm Lookonchain.
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