- Bybit closed the ETH gap within 48 hours from the hack.
- It acquired Ethereum through purchase, whale deposits, and loans.
Bybit quickly recovered from the recent hack of $1.5 billion worth of funds. The exchange fell prey to hackers despite being the secure and top-second crypto exchange platform in the industry. Its quick recovery to offer continuous support to users is setting an example to other crypto platforms in the industry.
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
Bybit CEO Ben Zhou posted on X stating they have completely closed the Ethereum deficit. The exchange is already known for its transparency and commitment to its users. Taking it further, Ben Zhou stated they will publish the new audited POR report soon. And, the exchange is 100% back on track with 1:1 on client assets through the merkle tree.
Even the on-chain analyst platform Lookonchain also confirmed the same as per its recent findings. As per its post, Bybit received nearly 446,870 ETH worth $1.23 billion through different means. The exchange has almost closed the gap with no interruption in offering services.
Bybit Acquires Over 90% of Ethereum Lost in Hack
To help the exchange maintain its liquidity, several whales deposited large volumes of ETH into the platform. Bybit acquired all of the ethereum lost through loans, OTC purchase, and whale deposits.
Around 180,269 Ethereum was received through OTC purchase as per Lookonchain. And, institutional loans account for around 122,652 ETH from other crypto firms like MEXC, Bitget, DWF Labs, etc.
However, it is unsure if taking loans to repurchase Ethereum will solve the problem. But, it will surely maintain the liquidity on the platform to offer trading services without any interruption to users.
Despite the criticism and suspicion, Bybit bounced back from the hack sooner than expected. It sets a precedent for other crypto exchanges in the industry that suffered similar hacks, such as WazirX.
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