Cryptocurrency exchange Bybit has recovered the losses after losing $1.46 billion due to a cyberattack.
Financial Recovery
According to Lookonchain, Bybit covered the losses through loans and Ethereum purchases. The company also received substantial deposits from institutional investors and whales. Bybit CEO Ben Zhou announced that the exchange has regained a full 100% asset-to-reserve ratio.
Details of the Attack
Bybit was hacked on Friday, resulting in the theft of $1.4 billion worth of cryptocurrency. Elliptic and researcher ZachXBT reported that approximately 401,346 ETH were stolen.
Connection to Other Incidents
Anonymous blockchain researcher ZachXBT found connections between the Bybit hack and a recent Phemex breach. Both attacks utilized addresses similar to those used by the North Korea-backed Lazarus Group.
Bybit swiftly managed the financial fallout from the attack, reaffirming the security of its assets and restoring user confidence.
