Bybit Recovers $1.23 Billion in ETH After Hack

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Bybit Recovers $1.23 Billion in ETH After Hack, Nears Full Restoration

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 24, 2025

Key Takeaways

Bybit recovered 88% of stolen ETH, securing 446,870 ETH worth $1.23 billion through loans, deposits, and direct purchases;
Bybit has announced plans to release an updated proof-of-reserves report utilizing Merkle tree verification to confirm that user assets are fully backed;
Tether, ChangeNOW, FixedFloat, and THORChain helped freeze $42.89 million in stolen funds, aiding Bybit's efforts to mitigate losses from the hack.

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Bybit Recovers $1.23 Billion in ETH After Hack, Nears Full Restoration

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Bybit $2.89B has already filled the $1.4 billion gap in its Ethereum ETH $3,090.52 holdings following a hack that led to massive withdrawals.

Ben Zhou, CEO of Bybit, confirmed that the exchange has restored its reserves, responding to on-chain data that showed Bybit had secured most of the missing funds.

Lookonchain, a blockchain analytics platform, reported on February 24 that Bybit acquired 446,870 ETH—worth about $1.23 billion—through loans, large deposits, and direct purchases. This recovery effort has replaced about 88% of the assets lost in the attack.

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The platform also traced one of Bybit’s wallets, identified as "0x2E45...1b77", which purchased 157,660 ETH for $437 million in private over-the-counter transactions. The first of these purchases took place on February 22.

Additional funds came through a second wallet, “0xd7CF...A995”, which acquired another 304,000 ETH. Transactions linked to this wallet involved centralized and decentralized exchanges, including Binance $8.01B and MEXC $3.31B .

Bybit announced that it will soon release an updated proof-of-reserves report to confirm that user assets remain fully backed. The report will use Merkle tree verification, a standard method for ensuring transparency in blockchain transactions.

Additionally, the exchange acknowledged the role of industry partners in mitigating losses. Tether USDT $1.00 , ChangeNOW, FixedFloat, and THORChain helped freeze over $42.89 million in stolen funds. In a February 23 post on X, Bybit stated:

Respect to their teams for their timely responses. They helped us monitor and block the blacklisted addresses.

Meanwhile, the crypto exchange eXch recently denied claims that it helped launder stolen funds in the Bybit hack. What did it say? Read the full story.