Recently hacked cryptocurrency exchange Bybit has successfully recovered from a hacking attack, managing to fill the Ethereum liquidity gap, ensuring client assets are back to 100% availability.
Restoring Liquidity After the Attack
Bybit, one of the largest cryptocurrency exchanges, has successfully filled the Ethereum liquidity gap caused by a recent hack, considered the largest theft in cryptocurrency history. The Lazarus Group, a notorious hacker organization associated with the North Korean government, hacked the exchange and stole over $1.4 million in Ethereum. In a February 24 blog post, Bybit CEO Ben Zhou confirmed the closure of the ETH gap through loans, whale deposits, and ETH purchases, with the exchange returning to 100% client asset availability.
Community Praise
The cryptocurrency and NFT communities on social networks praised Bybit's swift crisis management following the hack. Users congratulate Ben Zhou for his adept crisis management and encourage other crypto exchange founders to follow his example. Communities are thankful for the assistance and the restoration of trust in the platform.
About Bybit
Bybit launched in March 2018 and quickly gained popularity as a derivatives trading platform, particularly for perpetual and futures contracts. The platform allows traders to operate with over 650 cryptocurrencies. Additionally, Bybit manages an NFT trading platform, providing users with the ability to buy, sell, and trade non-fungible tokens across various blockchains.
Bybit successfully and efficiently recovered from one of the largest hacks in cryptocurrency history. The swift restoration of ETH liquidity strengthened client trust and once again highlights the importance of effective management in security and the industry's growth.
