After one of the largest encryption theft in history, by BYPIT, about $ 1.5 billion, CEO Ben Zhou has made an update confirming that the stock exchange has completely compensated for the ETH deficiency.
Booms make up ethereum deficiency (ETH)
Zhu took to x to Advertise“Bybit has fully paid the eTH shortage, and a new reserve report (Por) will be released soon. Stay followers.”
Last update: Bybit has already closed the entire Gap ETH, the new auditor Por report will be published soon to show that bybit back to 100 % 1: 1 on the client’s assets through the Merkle Tree, match. https://t.co/qla1voujm6
Benbybit February 24, 2025
ZHOU’s rapid actions were praised through the encryption industry for its transparency and a quick response to recover from the devastating attack while ensuring the protection of user money.
Jeff Park, head of strategies at BitWise Investments, praised the decision, and highlighted that bybit succeeded as FTX failed, noting that decentralized organizational control is a major force compared to central models. Park commented, “This is an advantage, not a mistake.”
The data on the series shows that bybit has received more than 400,000 ETCs through the purchases and loans of OTC. Web3 Analytics Lookonchain revealed that bybit bought 266,694 ETH ($ 742 million) after penetration. This includes 157,660 ETH ($ 437.82 million) purchased through Galaxy Digital, Falconx, Wintermute deals, and 109,033 ETH ($ 304.12 million) purchased from decentralized and central exchanges.
Bybit was hacked on Friday by the notorious North Korean Lazarus collection, causing a large relapse. However, the exchange moved quickly to solve the problem. Many of the main encryption numbers, including the CEO of Binance Changpeng Zhao and CEO of Bitget Grace Chen, provided support for Bybit and its influential users, praising the stock exchange transparency. In fact, Bitget has even converted 40,000 ETH ($ 105 million) to Bybit to help recover.
Also read: JeFidao accuses the fun bull of fraud, and an exchange that denies allegations
