Bybit closes the Ethereum deficiency with $ 1.23 billion post-hack purchase: CEO

The CEO of Bybit has revealed that the crypto exchange has closed nearly $ 1.4 billion Ethereum (ETH) deficit, caused by one of the biggest hacks in the crypto history.

Bybit CEO Ben Zhou acknowledged that the findings of the on-chain analysis platform look monchain in a tweet, which states that “newest update: Bybit has already completely closed the ETH gorge.”

According to Lookonchain, the stock market acquired a total of 446,870 ETH – WORTH about $ 1.23 billion – due to a combination of loans, whale deposits and direct purchases, allowing the platform to supplement nearly 88% of last week’s funds.

Last Friday the cryptomarkt was turned upside down by the news that the North Korean had used a vulnerability sponsored Lazarus Hacking Group in Bybit’s Ethereum Cold portion, which removed $ 1.4 billion to Eth and Steth.

Coingecko -data show that Ethereum fell by 3.3% in the last 24 hours to $ 2,707, while the total assets from Bybit are currently $ 10.81 billion, per data from Defillama.

In his tweet, ZHou users also insured that a new proof-of-reserve report would soon be released, which shows that Bybit has fully recovered its client activa with a 1: 1-support with Merkle Tree, a data structure used by blockchains to transaction on Data to be hit.

On Sunday, Lookonchain followed a wallet linked to Bybit, identified as “0x2e45 … 1B77”, which bought 157,660 ETH for $ 437 million in freely available transactions. The first purchase was made on February 22.

The funds came through several channels, including important purchases from Crypto Investment firms Galaxy Digital, Falconx and Wintermute.

The platform also pointed to the involvement of another wallet, “0xd7cf … A995”, which bought an extra 304,000 ETH, which contributed to the exhibition’s efforts to close the shortage.

This wallet had linked transactions to centralized and decentralized fairs such as Binance and MEXC, making it clear that Bybit relied on OTC deals and used other trade channels to restore the stolen funds.

Lazarus Group’s attack had a major influence on the stock market reserves, whereby Bybit saw mass recordings that were $ 5.3 billion within a day.

The Bybit team quickly moved to reassure the market that the stock market had the necessary funds to cover the loss, because the reserves surpassed its obligations.

After the attack, Lazarus Group moved the stolen funds about various decentralized fairs and privacy protocols, making it more difficult to trace the assets.

The stolen funds were distributed over several addresses and led by different platforms to cover up the path.

Blockchain Instichteringbedrijf Elliptic followed more than $ 140 million of the stolen funds while they were converted into BitcoinFurther complicating recovery efforts.

In his public statements, Bybit praised the efforts of industrial partners, including Tether, Circle and Thorchain, for their rapid response when freezing more than $ 42.89 million of the stolen funds.

“Respect for their teams for their timely answers,” tweeted the company on Sunday, adding that the companies “had helped us to check and block the blacklist.”