Bybit’s ETH gap is closed after a $1.4B hack, with a new Proof of Reserves report confirming full asset coverage.
Bybit, a major cryptocurrency exchange, has successfully closed its Ethereum (ETH) gap after suffering a major hack on February 22. Ben, CEO of Bybit, shared this news on his official X account. The company expressed that an audited Proof of Reserves (POR) report will soon become available to the public. The newly formed audit demonstrates that Bybit controls 100% of client assets using a Merkle tree verification system.
The hack was a serious event in the history of crypto. Theft from this Bybit hack resulted in the loss of $1.4 billion worth of Ethereum. Bybit continued with prompt actions to retrieve its operating capital. The company achieved more than 400,000 ETH acquisitions through over-the-counter (OTC) purchases and loans as per on-chain data.
According to Lookonchain, Bybit obtained about 446,870 ETH which equated to $1.23 billion at current values. Different sources funded these purchases of ETH through whale deposits in addition to loans with direct cash transactions.
One more notable crypto exchange termed MEXC made a $33.75 million transfer that involved 12,652 stETH to Bybit’s cold wallet storage. Bitget provided financial support to Bybit after becoming a well-known exchange in the crypto industry. Bitget issued 64,452 ETH worth $170 million in order to let Bybit address its immediate liquidity crisis needs.
Bybit Recovers Stolen Assets, Reinforces Security Commitment
The funds required for this transaction originated from Binance and MEXC before Bitget took possession of them. After this, it moved them to Bybit. Through the support Bybit received, it was able to strengthen its reserve position.
Bybit is currently ready to release its most recent POR report. A crisis report for the company has been issued to prove complete asset coverage. Users will find reassurance through this report, which demonstrates the safety of their funds.
Bybit proved its dedication to security and transparency through its immediate response to the crisis. The exchange immediately started recovering stolen assets while upholding both customer trust and security.
Security takes priority status as the crypto market continues its path of expansion. The Bybit recovery process illustrates the fundamental need for sound financial support combined with open operations. Future investors will monitor exchanges in their management of security threats and their reserve funds.
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2025-02-24 16:26