Yigit Taha OZTURK 
Bybit has managed to recover nearly 50% of its Ethereum reserves following the $1.4 billion hack that took place on February 21. In addition to the exchange’s emergency funds, Bybit reportedly received $390 million in transfers from other major exchanges.
Bybit Rebuilds Its Reserves!
Before the attack, Bybit held 439,000 ETH in reserves, which dropped to just 61,000 ETH. However, the exchange has made a significant recovery, increasing its reserves to 201,600 ETH in a short period.
According to crypto analytics platform Lookonchain, Bybit purchased 106,498 ETH worth $295 million through OTC (over-the-counter) trades.
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Additionally, major crypto exchanges stepped in to support Bybit with emergency transfers:
- Binance sent 50,000 ETH
- Bitget transferred 40,000 ETH
- HTX Group co-founder Du Jun contributed 10,000 ETH
User Confidence Remains Strong!
Despite the attack, Bybit processed over 350,000 withdrawal requests within 10 hours, successfully completing 99.9% of them. This demonstrated the exchange’s operational stability and continued user trust.
Hacken, an independent reserve auditor, confirmed that Bybit still holds more reserves than its liabilities. “Today’s attack was a major hit, but user funds remain fully protected,” the firm stated, highlighting Bybit’s financial strength.
Was the Bybit Hack Linked to North Korea?
Blockchain security researchers believe the attack was carried out by Lazarus Group, a North Korea-linked hacking organization. The group was previously responsible for the $600 million Ronin Network hack.
Reports suggest the attack exploited a vulnerability in Bybit’s multi-signature Ethereum cold wallet. A malicious smart contract manipulated the exchange’s signing authorities, allowing hackers to seize control of the funds.
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