After one of the largest crypto heists in history, where Bybit lost around $1.5 billion, CEO Ben Zhou provided an update confirming that the exchange has fully made up for the ETH shortfall.
Bybit Makes Up for Ethereum (ETH) Shortfall
Zhou took to X to announce, “Bybit has fully reimbursed the ETH shortfall, and a new Proof of Reserves (POR) report will be released soon. Stay tuned.”
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’s swift actions have been praised across the crypto industry for their transparency and quick response to recover from the devastating attack while ensuring users’ funds were protected.
Jeff Park, Head of Strategies at Bitwise Investments, commended the resolution, highlighting that Bybit succeeded where FTX failed, noting that decentralized regulatory oversight is a key strength compared to centralized models. Park remarked, “This is a feature, not a bug.”
On-chain data shows that Bybit secured over 400,000 ETH through OTC purchases and loans. Web3 analytics firm Lookonchain revealed that Bybit purchased 266,694 ETH (worth $742M) after the hack. This includes 157,660 ETH ($437.82M) bought through OTC deals from Galaxy Digital, FalconX, and Wintermute, and 109,033 ETH ($304.12M) purchased from decentralized and centralized exchanges.
Bybit was hacked on Friday by the notorious North Korean Lazarus Group, causing a significant setback. However, the exchange moved quickly to resolve the issue. Several key crypto figures, including Binance CEO Changpeng Zhao and Bitget CEO Gracy Chen, offered support to Bybit and its affected users, applauding the exchange’s transparency. In fact, Bitget even transferred 40,000 ETH (worth $105 million) to Bybit to help with the recovery.
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