Bybit CEO Ben Zhou announced that his cryptocurrency exchange has fully replaced the $1.4 billion worth of Ether stolen on February 21. The exchange’s latest audited proof-of-reserve report, set to be published soon, will show that Bybit’s client assets are back at a 1:1 ratio through a Merkle tree.
According to blockchain analytics firm Lookonchain, Bybit received approximately $1.23 billion in Ether from loans, whale deposits, and purchases, making up nearly 88% of the stolen amount. This includes 157,660 Ether bought by wallet address “0x2E45…1b77” and an additional $304 million purchased using wallet address “0xd7CF…A995”.
Lookonchain’s analysis suggests that these transactions were likely tied to Bybit, as they interacted with Binance and MEXC hot wallets. The first purchase from “0x2E45…1b77” occurred on February 22.
Bybit’s customer withdrawals reached $5.3 billion on February 22, while the exchange’s total assets now sit at $10.9 billion, according to DefiLlama data. Hacken, a proof-of-reserve auditor, confirmed that Bybit’s reserves still exceed its liabilities and user funds remain fully backed.
Following the hack, Ether fell over 7% in seven hours but has since recovered to $2,765.
Source: https://cointelegraph.com/news/bybit-purchases-742-million-ether-days-after-hack