Ethereum Deficit Closed Bybit’s $1.23B Purchase

Bybit Recovers $1.4 Billion Ethereum Deficit After Hack

• Bybit CEO Ben Zhou announced the closure of a $1.4 billion Ethereum deficit.
• The deficit stemmed from a hack by the Lazarus Group, exploiting Bybit’s cold wallet vulnerability.
• Bybit acquired 446,870 ETH, valued at approximately $1.23 billion, through loans and purchases.
• The exchange’s reserves now stand at $10.81 billion.
• A new proof-of-reserves report will confirm Bybit’s asset restoration with a 1:1 backing using Merkle tree technology.

Bybit has successfully closed its $1.4 billion Ethereum deficit caused by a recent hack, acquiring nearly $1.23 billion in ETH to replenish its reserves and restore client assets fully.