On Friday, the crypto world faced the largest cyberattack, resulting in the theft of over $1.4 billion in Ether from Bybit.
Who is Behind the Bybit Cyberattack?
The notorious hacking group Lazarus, linked to North Korea, is reportedly behind this massive breach. Known for orchestrating billions in thefts, they utilize social engineering and craft tailored attacks to infiltrate major crypto projects.
How Are Bybit’s Reserves Holding Up?
Recent data from CryptoQuant indicates that Bybit’s reserves have seen a recovery of 50% post-incident. Initially plummeting from 439,000 ETH to 61,000 ETH, the current reserves now stand at 201,600 ETH, thanks to significant borrowing and spot purchases from various exchanges.
Prospects for Recovery
Despite the challenges, Bybit’s ongoing recovery efforts and increased liquidity have provided some reassurance to users. It is hoped that, with time, the risks currently faced will diminish, allowing the platform to regain its footing in the competitive crypto market.
Although the hack dealt a significant blow, Bybit's efforts to improve liquidity and restore reserves demonstrate the company's resilience in the face of adversity.
