Following a major hack of the Bybit exchange in February 2025, the company managed to restore its Ethereum operations and nearly resume normal activity.
Bybit's ETH Reserves Are Close to 100%
On February 21, 2025, the well-known cryptocurrency exchange Bybit experienced a significant security breach blamed on North Korea's Lazarus Group. The cyberattack resulted in the theft of over 400,000 ETH, valued at approximately $1.4 billion from the exchange's reserves. In response, Bybit implemented emergency liquidity measures, including acquiring 446,870 ETH. The exchange now reports that its ETH reserves are nearly fully restored.
Ethereum Price Volatile After Bybit Breach
The news of a major cyberattack on Bybit caused sharp fluctuations in the Ethereum market. Immediately after the announcement on February 21, the price of Ethereum fell from $2,845 to $2,614, an 8% drop. However, the market sentiment began to stabilize as Bybit implemented emergency measures, with the price eventually recovering to $2,860.
Summary of the $1.5 Billion Hack
On February 21, 2025, Bybit suffered the largest hack in cryptocurrency history, losing more than $1.5 billion in assets. The attack was initially identified by crypto analyst ZachXBT, who reported suspicious withdrawals of more than 401,346 ETH from the platform. The attack was later attributed to the Lazarus Group from North Korea.
Despite the massive breach, Bybit has quickly restored its operations and nearly regained its reserves, demonstrating the robustness of their security system and user support.
