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Cryptocurrency exchange Bybit successfully covered its $1.46 billion loss from a recent hacker attack through a combination of loans, whale deposits, and Ethereum (ETH) purchases, according to blockchain data from Lookonchain.
In an X post on February 24, Lookonchain revealed that Bybit received 157,660 ETH (approximately $437.8 million) from one address, likely through over-the-counter buying.
Another 109,033 ETH ($304.1 million) came from an entity that bought ETH from both centralized and decentralized exchanges.
Whales and institutions contributed over $127 million in ETH as loans, with crypto exchange Bitget providing 40,000 ETH ($106 million) and MEXC contributing 12,653 stETH ($33.9 million).
Another address, possibly an over-the-counter buyer, sent 22,609 ETH ($61.9 million).
An unknown entity transferred 20,000 ETH ($53.7 million), while Mirana Ventures sent 10,000 ETH ($28 million), and another address, possibly linked to Fenbushi Capital, sent the same amount. Smaller contributions came from users associated with “@yuchao” (2,499 ETH) and DWF Labs (2,200 ETH).
Bybit CEO Ben Zhou’s announcement
Following Lookonchain’s post, Bybit CEO Ben Zhou announced on X that the exchange has “fully closed the ETH gap.” He added that a new audited proof-of-reserves report
“will be published very soon to show that Bybit is again back to 100% 1:1 on client assets through Merkle tree.”
Anonymous blockchain investigator ZachXBT found direct on-chain links between the Bybit hack and the recent Phemex breach. On-chain data shows that the attackers merged funds from both incidents using the same initial theft addresses, a tactic similar to those used by the North Korea-backed Lazarus Group to connect multiple exchange hacks.
Bybit took a bold step after suffering one of the biggest hacks in crypto history by reportedly purchasing $742 million of Ethereum (ETH) to recover from the attack. This move has caused the ETH price to recover by 6% from the previous week’s drop.
What you should know
- According to blockchain analytics firm Lookonchain, Bybit purchased 266,694 ETH worth around $742 million. The move appears to be part of the exchange’s effort to stabilize its reserves after losing a significant amount of funds to the hack.
- The attack, allegedly carried out by the North Korean state-backed hacker group Lazarus, targeted Bybit’s multisignature cold wallet, resulting in the loss of nearly $1.4 billion.
- As per Lookonchain’s analysis, Bybit received 446,870 ETH, worth approximately $1.23 billion, from various sources, including loans, large investor deposits, and direct purchases.
To rebuild user trust, Bybit is set to release a new audited proof-of-reserve report. Using a Merkle tree system, the report will verify that all client assets are securely backed at a 1:1 ratio, ensuring full transparency and safety.
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