Bybit, a cryptocurrency exchange, takes significant steps toward financial recovery following a recent security breach.
ETH Repayment to Partners Post-Breach
Bybit recently announced the return of 100,000 ETH to partners who supported it during the incident. Approximately 33,000 ETH remains to be repaid, highlighting the ongoing recovery process.
Massive OTC ETH Purchase
In a bold move, Bybit also acquired a substantial amount of Ethereum through over-the-counter (OTC) transactions. Over the past three days, the exchange purchased 212,101 ETH valued at approximately $574 million. This acquisition suggests confidence in Ethereum’s long-term potential and stability.
Strengthening Market Confidence
Bybit’s quick repayment plan and aggressive ETH accumulation demonstrate resilience and reinforce its market presence. These moves reflect Bybit’s ability to navigate crises effectively while securing its position as a top crypto exchange.
Bybit’s steps to repay ETH and strategic investments illustrate its recovery of trust and strengthen its position in the cryptocurrency sector.
