Bybit’s CEO has announced that the company has successfully closed the Ethereum gap following the theft of almost $1.5 billion in ETH and stETH from the exchange last week. Ben Zhou stated that Bybit has restored a 1:1 backing on all client assets post the unprecedented hack.
Zhou’s statements are supported by a proof-of-reserves audit report released by the blockchain security firm Hacken on Sunday, confirming that Bybit now maintains reserves exceeding 100% of its liabilities, enhancing trust and confidence among users and stakeholders.
The CEO revealed that hackers exploited an ETH transfer between one of Bybit’s cold wallets and warm wallets, with on-chain investigator ZachXBT linking the exploit to the Lazarus Group, a well-known North Korean cybercriminal organization.
Despite a surge in withdrawal requests after the breach, the Dubai-based exchange announced full service restoration on Sunday. Bybit processed a record number of withdrawal requests, completing almost all of them within hours of the incident, totaling over 580,000 successful withdrawals across all tokens.
Bybit has also initiated a recovery bounty program to retrieve the stolen funds, offering a reward of up to 10% of the amount recovered.
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