Bybit has successfully restored a 1:1 backing of client assets, closing the "ether gap" created by a $1.4 billion hack that targeted the exchange. Following the breach, Bybit received 446,870 ether (ETH), valued at $1.23 billion, through loans, large deposits, and ether purchases, as tracked by the on-chain service Lookonchain.
In the wake of the hack, which occurred on Friday, Bybit has seen significant recovery activity. Over $400 million in ether was purchased through over-the-counter trading, while another $300 million was sourced directly from exchanges. Additionally, around $300 million of the missing funds were obtained via loans, signaling a positive shift in market confidence for the platform.
Deposit and Withdrawal Activity Recovered
ETH prices briefly spiked by 4% over the weekend due to the influx of buying activity but have since fallen by 2% in the past 24 hours, suggesting a cautious market sentiment. Despite the fluctuations, Bybit reported that deposit and withdrawal activity had fully recovered, with total deposits slightly surpassing withdrawals by Saturday, signaling growing confidence in the exchange.
The hack targeted Bybit's offline "cold" wallets, which are typically considered secure due to their isolation from the internet. The attackers exploited a sophisticated method involving a manipulated user interface and URL, allowing them to alter the smart contract logic and redirect funds to an unidentified address. The stolen ETH was then dispersed across multiple wallets and exchanged on decentralized platforms.
North Korea Strikes Again: Blockchain researcher ZachXBT has linked the hack to the Lazarus Group, a North Korean state-sponsored hacking group responsible for other high-profile crypto thefts, including the $600 million Ronin Network hack and a $230 million attack on Indian exchange WazirX.
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