Bybit has taken recovery measures in response to one of the largest crypto hacks.
Purchase of $742M ETH After the Attack
Bybit purchased 266,694 ETH worth approximately $742M as part of its attempt to stabilize reserves following a $1.4B hack. The attack, orchestrated by the North Korean Lazarus group, targeted Bybit's multisignature cold wallet.
Efforts to Restore Stability
To restore stability, Bybit received 446,870 ETH worth about $1.23B from various sources, including loans and investor deposits. Additionally, Bybit plans to release a new audited proof-of-reserve report to verify that all client assets are fully backed.
Ethereum Price Analysis
Ethereum's price recovered by 6% post-attack but later decreased by 2%, trading around $2,730. If the decline continues, it might test the support level at $2,450. The RSI indicates a bearish trend.
Bybit is actively responding to the incident, aiming to recover lost assets and user trust.
