Bybit Restores Ethereum Reserves Fully After February Hack

The cryptocurrency exchange Bybit has fully replenished its Ethereum reserves (~444,870 ETH), which were stolen by hackers during the attack on February 21. This was announced by the platform’s CEO, Ben Zhou.

He mentioned that the exchange has acquired the necessary amount of tokens to maintain a 1:1 reserve through a Merkle tree. An audit confirming this will be published soon.

According to Lookonchain, since the hack, Bybit has obtained 446,870 ETH (approximately $1.23 billion) through loans, deposits from whales, and direct purchases.

Data from analysts indicate that the address 0x2E45…1b77, linked to Bybit, purchased 157,660 ETH for $437.8 million from crypto firms Galaxy Digital, FalconX, and Wintermute via over-the-counter transactions.

Additionally, another 109,033 ETH ($304.12 million) was acquired on both a DEX and a CEX from the wallet 0xd7CF…A995, which is also likely linked to Bybit, as reported by Lookonchain. This address interacted with the hot wallets of Binance and MEXC.

Analysts from Elliptic believe that the stolen cryptocurrency is likely to be laundered through crypto mixers.

«If we track the previous laundering methods of the Lazarus Group, we can expect to see the use of mixers next time,» the experts stated.

It is worth noting that Arkham Intelligence linked the hackers behind the Bybit breach to the North Korean group Lazarus Group.