Crypto exchange Bybit has successfully restored all funds stolen in a historic $1.4 billion Ether heist and is preparing to release a new audited proof-of-reserves report.
Methods of Funds Recovery
Bybit CEO Ben Zhou has confirmed that the company has fully replenished the $1.4 billion in stolen Ether through a combination of loans, large investor deposits, and direct purchases. This effort helped recover 88% of the stolen funds.
Analysis and Transactions
Analytics from Lookonchain discovered that Bybit, via wallet '0x2E45…1b77', acquired 157,660 ETH worth $437.8 million through OTC transactions with major investment firms. An additional $304 million was acquired via wallet '0xd7CF…A995' interacting with Binance and MEXC exchanges.
Market Reaction
The $1.4 billion hack marked the largest crypto theft in history, causing Ether's price to drop over 7% in seven hours. Despite this, Bybit maintained its asset solvency, confirmed by auditors. Currently, Bybit's assets stand at $10.9 billion, aiding in restoring user trust.
Bybit has successfully completed the recovery process of stolen funds and is preparing a new proof-of-reserves report. These actions showcase the company's commitment to transparency and user accountability.
