Bybit Closes $1.4B ETH Gap After Historic Lazarus Hack

Krutika Adani

CEO Ben Zhou Confirms Full Recovery

  • Bybit has fully restored the $1.4 billion in stolen ETH, ensuring all client assets remain at a 1:1 ratio, backed by a new proof-of-reserve report.

Inside the Massive Hack

  • Lazarus Group stole $1.4B in ETH on Feb. 21, the largest crypto hack in history.

  • ETH price dropped 7% but has since rebounded.

How Bybit Closed the Gap

  • $742M in ETH bought from Galaxy Digital, FalconX & Wintermute.

  • Additional $304M in ETH acquired via Binance, MEXC & DeFi platforms.

$5.3B in Withdrawals—Funds Still Backed

  • Bybit’s total assets sit at $10.9B, per DeFiLlama.

  • Auditor Hacken confirms reserves exceed liabilities.

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