Bybit Replenishes $1.4 Billion in Assets Following Major Hack

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Bybit has restored a 1:1 backing of client assets after a $1.4 billion hack. The exchange received 446,870 ether (ETH), valued at $1.23 billion, through loans and purchases.

Over $400 million in ETH purchased via over-the-counter trading
$300 million sourced directly from exchanges
Nearly $300 million sought as loans from crypto funds

ETH prices increased up to 4% over the weekend but fell 2% in the last 24 hours. Bybit reported that deposit and withdrawal activity has normalized, with total deposits slightly exceeding withdrawals.

The hack occurred on Bybit's offline cold wallet, exploiting a manipulated user interface and URL to redirect funds. The stolen assets were moved across multiple wallets and decentralized exchanges.

Blockchain investigator ZachXBT linked the attack to North Korea's Lazarus Group, known for high-profile crypto thefts.