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Bybit CEO Ben Zhou confirmed that the exchange restored Ethereum (ETH) reserves following the recent $1.4 billion security breach. In a Feb. 24 post on X, Zhou announced that Bybit will soon release an updated proof-of-reserves report demonstrating that it now holds client assets 1:1.
Bybit exchange has purchased over 100K Ethereum units over the weekend, but the supply of Ether on CEXes has increased in the past few days amid notable fear of further capitulation.
Bybit has officially sealed the $1.5 billion Ethereum gap left by one of the largest crypto heists in history.
The cryptocurrency market has experienced another downturn, with top cryptocurrencies Bitcoin and Ethereum facing challenges in sustaining their momentum. Currently, the Bitcoin (BTC) price is around the significant $95k mark while Ethereum (ETH) is struggling to surge past $2,800.
The market volatility was expected to increase as it heads towards the end of the monthly trade; however, the rise in the volatility has strengthened the bears. Bitcoin yet again slipped below $96,000 but the broader markets continued to remain stable as Ethereum demonstrated strength.
Adam Back, a cypherpunk and Blockstream CEO, has taken to his account on the X social media network to comment on the recent Bybit hack when the exchange lost a mind-blowing $1.4 billion worth of Ethereum.
The hacker who carried out the biggest heist in cryptocurrency history now holds more Ethereum (CRYPTO: ETH) than the blockchain's creator, Vitalik Buterin. What happened: North Korean state-backed Lazarus Group allegedly pilfered over $1.4 billion worth of ETH tokens after seizing control of the cold wallet of cryptocurrency exchange Bybit.
Crypto exchange Bybit has initiated quick measures to recover from the hack over the past weekend gathering nearly $700 million worth of Ethereum in just 48 hours of the hack. The crypto exchange has gathered a total of 254,830 ETH in the form of OTC deals and loans sourced from multiple players.
Ether's price is at a critical point following the Bybit exchange hack on Feb. 21, in which over $1.4 billion worth of liquid-staked Ether and other digital assets were stolen.
According to CertiK Alert, there have been some suspicious transfers of funds from unverified contracts on Ethereum.
Crypto exchange Bybit has successfully restored its Ethereum (ETH) reserves. This marked a significant milestone in its recovery from one of the largest heists in crypto history.
Just a few days after the shocking Bybit hack, another suspicious fund movement has been detected in the cryptocurrency ecosystem. According to Certik Alert, no fewer than $49.5 million have been transferred from an unverified Ethereum contract. Last week, in the largest hacking event in the history of the crypto industry, approximately $1.
Bybit, one of the world's largest cryptocurrency exchange, suffered a massive security breach, losing over $1.46 billion in what is now the biggest crypto theft in history. The attack primarily targeted Bybit's Ethereum multi-signature cold wallet, which was used for daily trading operations.
Ethereum prices have shown signs of recovering as Bybit buys back enough ETH to cover its losses.
Crypto exchange Bybit, which lost over $1.4 billion in a suspected North Korean hacker attack, says it fully covered the loss within two days. Cryptocurrency exchange Bybit covered its $1.
Bybit has taken a bold step after suffering one of the biggest hacks in crypto history. Following the massive $1.4 billion security breach, the exchange has reportedly purchased $742 million of Ethereum (ETH) to recover from the attack. This has made the ETH price recover by 6% from last week's drop.
Arbitrum's hopes of reinvesting its Ethereum holdings in yield-generating opportunities has hit a hurdle.
Bybit plans to release an audited proof of reserves report to verify that it has restored its client assets on a one-to-one basis.
The crypto market kicked off the week on a bearish note, with Bitcoin (BTC) slipping back to the $95K level, dragging major altcoins lower. Ethereum (ETH), Solana (SOL), and XRP fell between 1% and 5%, while meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also posted losses.
In recent days, the cryptocurrency platform Bybit fell victim to a sophisticated cyberattack, hemorrhaging over $1.4 billion in assets purportedly tied to operatives from North Korea. As of this report, the perpetrator controls roughly 449,395.23 ETH—equivalent to nearly $1.26 billion—making them one of Ethereum's most formidable custodians.
Bybit has returned to a 1:1 backing of client assets days after being hit by the biggest crypto heist ever.
Bybit CEO Ben Zhou announced the exchange has restored its Ethereum holdings after a $1.4B hack and will release a proof-of-reserves audit soon. The post Bybit CEO: ETH Gap Closed Post $1.4B Hack, Exchange to Publish POR Audit appeared first on Cryptonews.
Crypto Market Today (February 24): A wave of caution engulfed traders and investors as the week kicked off, primarily as Bitcoin (BTC) price waned back to the $95K level. Moreover, Ethereum (ETH), Solana (SOL), and XRP prices also tanked 1%-5%, mimicking the flagship coin.
Bybit exchange has reportedly purchased 266,700 ETH worth $742 million across two days, according to blockchain analytics firm Lookonchain. The transactions occurred in the days following Bybit's $1.4 billion hack, which has taken the industry by surprise.
