Bybit Secures ETH Holdings Following $1.5 Billion Theft
Crypto exchange Bybit successfully restored its Ethereum (ETH) reserves. This marks a major milestone in its recovery from one of the biggest robberies in crypto history.
Baybit CEO Ben Zhou announced on February 24 that the exchange was hit by $1.5 billion in alleged attacks on North Korea’s Lazarus Group A few days.
Bybit Recover ETH Holdings
this Attacking the Dosig Cold Wallet System against Bybitt. this Hackers exploit vulnerability Starting with the exchange’s hot wallet, to siphon 401,346 ETH (approximately $1.13 billion).
Bybit’s total reserves fell by $5.2 billion within 24 hours after the violation, raising concerns about the stability of the platform. Despite setbacks, exchange Get emergency funds quickly Strengthen its reserves. In addition, the chain data confirms Deposits and withdrawals Shortly after the hack, BYBIT returned to normal levels.
Now, Week has confirmed that Bybit has restored its ETH reserves to all 1:1 support for customer assets.
he explain.
He added that the audited proof of retention (go through) Report will be released soon. The upcoming POR report will leverage the Merkel tree structure to provide transparent evidence that Bybit maintains 100% reserve support for client assets.
according to data From Lookonchain, Bybit received approximately 446,870 ETH ($1.23 billion) through a combination of loans, whale deposits and direct ETH purchases.
Among the main contributors, possible over-the-counter (OTC) transactions account for 180,269 ETH, while buying from centralized and Dispersed communication 109,033 ETH was added. Loans from unidentified whales or institutions contributed 47,800 ETH, as well as transfers from two unknown sources, one of which dispatched 20,000 ETH and the other moving 8,000 Steths.
Several industry participants also stepped in to support Bybitt’s recovery. Bitget offered a loan of 40,000 ETH and MEXC borrowed 12,653 Steth. DWF Laboratories also contributed 2,200 ETH.
Additional contributions came from possible opinions from Mirana Ventures and Fenbushi Capital, with 10,000 ETHs per capital. Bybit also withdraws 4,416 ETH from other centralized exchanges. Finally, 2,499 ETHs of an individual entity are added to the total inflow.
Jeff Park FTX crash in 2022.
“Bybit has succeeded where FTX does not have it because crypto cooperatives are more powerful than centralized regulatory capture than centralized regulatory capture.” statement
According to Parker, this structural advantage is not a flaw, but a fundamental advantage of the crypto ecosystem.
“The reason is simple: Borderless crypto cooperatives are retail, and non-Americans make up 95.8% of the world’s population,” he said. additional.
In addition to reserve reduction, bybit also has Bounty program startedproviding up to 10% of any retrieved assets as a reward. If all $1.13 billion is recovered, participants may make as much as $140 million.
Meanwhile, despite the rapid response of exchanges, Ethereum’s market prices are still struggling to rebound. Hacker triggered Reduce the value of ETH immediately.
Despite a brief recovery, prices have since fallen again. At the time of writing, ETH traded at $2,731, down 2.0% in the past 24 hours.
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