Cryptocurrency firm Bybit has restored nearly half of its Ether reserves after a massive hack that shook the global Web3 industry.
Bybit's Reserve Recovery
After a $1.5 billion breach, Bybit managed to restore 50% of its Ethereum reserves. As of 8:52 am UTC, Bybit held over 201,600 ETH, recovering more than 45% of its pre-attack reserves. Before the breach on February 21, the company held 439,000 ETH, which plummeted to just 61,000 ETH post-attack.
Crypto Industry Support
Crypto leaders and exchanges swiftly assisted Bybit with emergency transfers, including 50,000 ETH from Binance, 40,000 ETH from Bitget, and 10,000 ETH from Du Jun, co-founder of HTX Group. With this support, Bybit was able to fulfill 99.9% of over 350,000 withdrawal requests within just 10 hours post-incident.
Details of the Hack
Blockchain security analysts linked the Bybit hack to the North Korean Lazarus Group. The attack was similar to the hacks on WazirX and Radiant Capital. It involved compromising Bybit’s Ethereum multisig wallet via a deceptive transaction that changed the smart contract logic.
Despite challenges, Bybit has shown resilience, successfully restoring a significant portion of its reserves with industry support.
