- Bybit closed the ETH gap within 48 hours from the hack.
- The acquired Ethereum through purchases, electoral deposits and loans.
Bybit recovered quickly from the latest hedge of $ 1.5 billion in average. Exchange fell for hackers even though they were the safe and highest cryptout exchange platform in the industry. Its rapid recovery to offer continuous support to users is an example of other cryptop platforms in the industry.
Latest update: Bybit has already completely closed ETH gap, the new audited POR report will be published very soon to show that village bit is again 100% 1: 1 on client assets through Mercle Tree, stay updated. https://t.co/qla1voujm6
– Ben Zhou (@Benbybit) February 24, 2025
Bybit CEO Ben Zhou published on X with the task that they have completely closed the Ethereum deficit. The exchange is already known to its openness and commitment to its users. With the further stated Ben Zhou stated that they will soon publish the new audited POR report. And the exchange is 100% back on the right track with 1: 1 on client assets through the Mercle tree.
Even on the chain analytics platform Lookonchain Also confirmed the same as the latest results. According to his service, Village bit was almost 446,870 ETH worth $ 1.23 billion in different ways. The exchange has almost closed the gap without interruption in offering services.
Bybit acquires over 90% of Ethereum lost in hack
To help the exchange in maintaining its liquidity, several whales deposited large volumes ETH deposited to the platform. Bybit acquired all Ethereum lost through loans, OTC purchases and electoral deposits.
About 180 269, Ethereum was received via OTC purchase according to Lookonchain. And institutional loans stand for about 122,652 ETH From other crypto companies such as Mexc, Bitet, DWF Labs, etc.
However, it is uncertain about taking out loans to repurchase Ethereum will solve the problem. But it will certainly maintain the liquidity on the platform to offer trade services without interruptions for users.
Despite the criticism and the suspicion, village bits bounced back from the hack before expected. It provides a precedent for other crypto replacements in the industry that suffered similar hacks, such as Wazirx.
Marked crypto news today:
Wazirx moves discreet agent from Bybit after $ 1.5B hack
