ByBit, one of the largest crypto exchanges in the world, is reporting that it has recovered pilfered funds. In a statement today, the company stated they had “restored reserves levels to a 1:1 ratio for in-scope digital assets within 72 hours following a major incident on Friday, Feb. 21.”
The reserves were backstopped by working with firms like Galaxy Digital, FalconX, and Wintermute, and support from Bitget, MEXC and DWF Labs, “who helped Bybit replenish the reserves in record time.”
An audit was completed by Hacken yesterday, and “assets including BTC, ETH, SOL, USDT and USDC exceed(ed) 100% collateral ratios on Bybit.”
The report is available here.
Bybit has also announced a new API updating a black list of suspicious wallet addresses identified so far.
They are offering a 10% bounty on returned funds or “successful interceptions.”
Bybit described the hack that saw over $1.5 billion in value stolen, the largest ever, as a “test of resilience and transparency.”
It has been reported that the hack was orchestrated by North Korea-based Lazarus Group, which has attacked many different entities in recent years. The group is sanctioned by the US Department of Treasury, Office of Foreign Assets Control.
We’re close to 100% on our ETH reserves, and deposits & withdrawals are back to normal.
Through it all, the crypto community, our partners, and our users have shown unwavering support—thank you.
We know where our funds have gone, and we’re committed to turning this experience… pic.twitter.com/pJBpfVtVVH
— Bybit (@Bybit_Official) February 24, 2025
ByBit does not provide services to customers in the US.
