The recent Bybit hack and successful Ethereum reserve restoration have drawn the crypto community's attention, impacting Ethereum's price.
The Bybit Hack and its Impact
Last week's Bybit hack resulted in over $1.4 billion being siphoned off. The incident significantly impacted Ethereum's price, dropping to $2,619, as investors feared a massive sell-off.
Restoration of Ethereum Reserve on Bybit
Following the incident, Bybit successfully closed its Ethereum reserve shortfall, receiving approximately 446,870 Ethereum worth about $1.23 billion. Bybit CEO Ben Zhou confirmed the platform can now fulfill 1:1 client asset redemptions thanks to Merkle tree verification.
Ethereum Price Recovery
The price of Ethereum has returned to pre-incident levels, trading at $2,727. Before the hack, the cryptocurrency was on track for $3,000, inspiring traders amid news of decreased regulatory actions by the U.S. SEC.
The successful reserve restoration by Bybit and their operation to return funds positively impact the market, stabilizing Ethereum's price and boosting investor confidence.
