Bybit Restores Ethereum Reserves Following Hack

Cryptocurrency exchange Bybit has fully replenished its Ethereum reserves (~444,870 ETH) following a hack on February 21, as announced by the platform’s CEO, Ben Zhou.

Latest Update: Bybit has already fully closed the ETH gap, 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. https://t.co/QLa1vOujM6

— Ben Zhou (@benbybit) February 24, 2025

Zhou noted that the exchange has already acquired the necessary tokens to ensure a 1:1 reserve through a Merkle tree. A corresponding audit will be published shortly.

According to Lookonchain, since the hack, Bybit has acquired 446,870 ETH (~$1.23 billion) through loans, whale deposits, and direct purchases.

Analysts report that a Bybit-associated address 0x2E45…1b77 purchased 157,660 ETH worth $437.8 million from crypto firms Galaxy Digital, FalconX, and Wintermute via over-the-counter transactions.

It seems that #Bybit has bought 266,694 $ETH($742M) after being hacked.

0x2E45…1b77(related to #Bybit) bought 157,660 $ETH($437.82M) from Galaxy Digital, FalconX, Wintermute via OTC.

0xd7CF…A995(likely related to #Bybit) bought 109,033 $ETH($304.12M) from DEXs and CEXs.… pic.twitter.com/8FfGZo18OU

— Lookonchain (@lookonchain) February 24, 2025

An additional 109,033 ETH ($304.12 million) were purchased on DEX and CEX from a wallet 0xd7CF…A995, which is also likely linked to Bybit, according to Lookonchain. The address interacted with hot wallets of Binance and MEXC.

Analysts at Elliptic believe that the stolen cryptocurrency will likely be laundered through crypto mixers.

“If we trace the previous laundering patterns of the Lazarus Group, we can expect to see the use of mixers next time,” experts stated.

Earlier, Arkham Intelligence linked the hackers who breached Bybit to the North Korean group Lazarus Group.