Bybit Restores Full Ethereum Reserves After $1.5 Billion Hack
- Hackers stole nearly $1.5 billion in ETH and Lido Staked Ether (stETH) from Bybit.
- Bybit CEO Ben Zhou confirmed the restoration of a 1:1 backing on all client assets.
- A proof-of-reserves audit by Hacken shows Bybit maintains an in-scope reserve ratio of over 100%.
- The exploit was linked to the Lazarus Group, a North Korean cybercriminal outfit.
- Bybit processed over 580,000 withdrawal requests following the hack, completing 99.9% within the first ten hours.
After a significant security breach resulting in the theft of nearly $1.5 billion in ETH and stETH, Bybit has restored its reserves to cover all client assets fully, as confirmed by a recent audit report. The exchange successfully managed record withdrawal requests post-incident.
Source (2.6)https://dailyhodl.com/2025/02/25/crypto-exchange-bybit-fully-closes-ethereum-gap-according-to-updated-proof-of-reserves-report/?rand=59076
