Crypto Exchange Bybit Fully Closes Ethereum Gap, According to Updated Proof of Reserves Report
Bybit’s chief govt says the agency has now absolutely closed the Ethereum hole after hackers stole practically $1.5 billion value of ETH and Lido Staked Ether (stETH) from the crypto change final week.
Bybit CEO Ben Zhou says the change has restored a 1:1 backing on all shopper property after the record-setting hack.
Zhou’s claims are echoed in a proof-of-reserves audit report printed by the blockchain safety auditor Hacken on Sunday.
“The Hacken crew’s Proof of Reserves audit, carried out on Sunday, February 23, 2025, demonstrates that Bybit maintains an in-scope reserve ratio of > 100 %. This discovering signifies that Bybit possesses enough reserves to cowl its in-scope liabilities, thereby bolstering belief and confidence amongst its customers and stakeholders.”
The Bybit CEO stated hackers manipulated an ETH switch between one of many change’s chilly wallets and heat wallets. Pseudonymous on-chain investigator ZachXBT linked the exploit to the Lazarus Group, an notorious North Korean cybercriminal outfit.
The Dubai-based change announced a full restoration of providers on Sunday regardless of a record-setting stage of withdrawal requests following the hack.
“Bybit has efficiently processed the best variety of withdrawal requests in our historical past. Inside the first 10 hours of the incident, we processed over 350,000 withdrawal requests, finishing 99.9% of them by 1:45 AM UTC. As of now, all withdrawals throughout all tokens are absolutely operational, with our methods operating easily and processing with out delays. In whole, over 580,000 withdrawal requests have been efficiently accomplished.”
Bybit additionally launched a restoration bounty program to get better the stolen funds, providing 10% of the retrieved quantity.
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