Bybit: We Have Closed the ETH Gap Following the Hack

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Bybit has successfully replenished the 446,870 ETH, valued at $1.23 billion, that was stolen from its wallets. The breach, which targeted Bybit’s Ethereum reserves last Friday, has been attributed to North Korea’s notorious Lazarus Group.

In a swift response, Bybit CEO Ben Zhou announced that the exchange had addressed the shortfall and would soon release an audited Proof of Reserves (PoR) report to confirm that client assets remain fully backed.

“Bybit has already fully closed the ETH gap. A new audited PoR report will be published very soon to show that Bybit is again back to 100% 1:1 on client assets through Merkle Tree. Stay tuned,” Ben Zhou, CEO of Bybit, stated.

On-chain data from Lookonchain indicated a rapid inflow of funds, helping stabilize Bybit’s liquidity. The exchange reported that withdrawal levels, which surged in the aftermath of the hack, have returned to normal.