Cryptocurrency exchange Bybit recently faced one of the biggest hacks in its history, losing over $1.46 billion, but managed to fully cover these losses in just two days.
Scale of Bybit Attack and Losses
The attack, likely organized by North Korean hackers, resulted in a $1.46 billion loss for Bybit. The confrontation with the hackers forced the exchange to act promptly, finding solutions to save its reputation and compensate for the lost assets.
How Bybit Managed the Crisis
Bybit attracted loans and deposits from major asset holders — whales, and made Ethereum purchases. According to Lookonchain data, the exchange received significant ETH inflows from various sources, including 157,660 ETH from one address and 109,033 ETH from another. Collaboration with crypto exchanges, such as Bitget, providing 40,000 ETH, and MEXC, which contributed 12,653 stETH, played a key role. Anonymous players also made significant contributions by sending thousands of ETH to the exchange's accounts.
Community Reaction and Aftermath
Following the attack, Bybit was actively supported by many in the crypto community. Bybit's CEO Ben Zhou confirmed that the exchange has fully recovered its ETH reserves. The community is keenly awaiting the new proof-of-reserves report, which will affirm the exchange's ability to safeguard client assets. Meanwhile, anonymous investigations revealed connections between the Bybit attack and the recent Phemex breach, where similar tactics were used.
Bybit demonstrated its crisis management capabilities, quickly recovering lost funds. The attack posed a serious challenge but also strengthened the exchange's market position.
