{"id":21421,"date":"2025-02-24T10:25:31","date_gmt":"2025-02-24T08:25:31","guid":{"rendered":"https:\/\/forklog.com\/en\/bybit-restores-ethereum-reserves-following-hack\/"},"modified":"2025-02-24T10:25:31","modified_gmt":"2025-02-24T08:25:31","slug":"bybit-restores-ethereum-reserves-following-hack","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bybit-restores-ethereum-reserves-following-hack\/","title":{"rendered":"Bybit Restores Ethereum Reserves Following Hack"},"content":{"rendered":"<p>Cryptocurrency exchange Bybit has fully replenished its Ethereum reserves (~444,870 ETH) following a hack on February 21, as announced by the platform&#8217;s CEO, Ben Zhou.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. <a href=\"https:\/\/t.co\/QLa1vOujM6\">https:\/\/t.co\/QLa1vOujM6<\/a><\/p>\n<p>\u2014 Ben Zhou (@benbybit) <a href=\"https:\/\/twitter.com\/benbybit\/status\/1893865556840775758?ref_src=twsrc%5Etfw\">February 24, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Zhou noted that the exchange has already acquired the necessary tokens to ensure a 1:1 reserve through a Merkle tree. A corresponding audit will be published shortly.<\/p>\n<p>According to Lookonchain, since the hack, Bybit has acquired 446,870 ETH (~$1.23 billion) through loans, whale deposits, and direct purchases.<\/p>\n<p>Analysts report that a Bybit-associated <a href=\"https:\/\/intel.arkm.com\/explorer\/address\/0x2E45f6eA5293a17771d256Fe5BC955fF17e71b77\">address<\/a> 0x2E45\u20261b77 purchased 157,660 ETH worth $437.8 million from crypto firms Galaxy Digital, FalconX, and Wintermute via over-the-counter transactions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It seems that <a href=\"https:\/\/twitter.com\/hashtag\/Bybit?src=hash&#038;ref_src=twsrc%5Etfw\">#Bybit<\/a> has bought 266,694 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($742M) after being hacked.<\/p>\n<p>0x2E45\u20261b77(related to <a href=\"https:\/\/twitter.com\/hashtag\/Bybit?src=hash&#038;ref_src=twsrc%5Etfw\">#Bybit<\/a>) bought 157,660 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($437.82M) from Galaxy Digital, FalconX, Wintermute via OTC.<\/p>\n<p>0xd7CF\u2026A995(likely related to <a href=\"https:\/\/twitter.com\/hashtag\/Bybit?src=hash&#038;ref_src=twsrc%5Etfw\">#Bybit<\/a>) bought 109,033 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($304.12M) from DEXs and CEXs.\u2026 <a href=\"https:\/\/t.co\/8FfGZo18OU\">pic.twitter.com\/8FfGZo18OU<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1893840256342040727?ref_src=twsrc%5Etfw\">February 24, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>An additional 109,033 ETH ($304.12 million) were purchased on <span data-descr=\"decentralized exchange\" class=\"old_tooltip\">DEX<\/span> and <span data-descr=\"centralized exchange\" class=\"old_tooltip\">CEX<\/span> from a <a href=\"https:\/\/intel.arkm.com\/explorer\/address\/0xd7CF68819c29F4c03d6908d1A066420Fd811A995\">wallet<\/a> 0xd7CF\u2026A995, which is also likely linked to Bybit, according to Lookonchain. The address interacted with hot wallets of Binance and MEXC.<\/p>\n<p>Analysts at Elliptic <a href=\"https:\/\/www.elliptic.co\/blog\/bybit-hack-largest-in-history\">believe<\/a> that the stolen cryptocurrency will likely be laundered through crypto mixers.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf we trace the previous laundering patterns of the Lazarus Group, we can expect to see the use of mixers next time,\u201d experts stated.<\/p>\n<\/blockquote>\n<p>Earlier, Arkham Intelligence linked the hackers who breached Bybit to the North Korean group Lazarus Group.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency exchange Bybit has fully replenished its Ethereum reserves (~444,870 ETH) following a hack on February 21, as announced by the platform&#8217;s CEO, Ben Zhou. Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1151,1166,44],"class_list":["post-21421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bybit","tag-centralized-exchanges-cex","tag-cybercrime"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/21421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=21421"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/21421\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/21420"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=21421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=21421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=21421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}