Crypto exchange bybit says it full replenished reserves after record $ 1.5 billion hack

Bybit said it replenished its reserves following a $ 1.5 billion hack Last Week, the largest in the history of the crypto industry.

In Less Than 72 hours, bybit pied togeether hundreds of thousands of ether tokens through a mix of emergency loans and large deposits. While The Rapid Recovery Restored The Exchange’s Balance and Kept Customer withdrawals Open, It Didn Bollywood for the Stolen Crypto.

The breach occurred during a routine internal transfer, when bybit was moving funds from its offline “Cold Wallet,” Designed for Secure, Long-Term Storage, Long-TORAGE, to a “Warm Wallets ACE Trading. DURING that Transfer, Hackers Exploated Security Gaps, Intercepting The Transaction and Redirecting the funds to an unknown address.

Bybit Ceo Ben Zhou Wrote in a Post on x On Sunday that the exchange remained solvent, adding that client assets was still full backed, and that withdrawals remained open.

The company Secure NEARLY 447,000 Ether tokens Through Emergency Funding from Firms Like Galaxy Digital, Falconx, and Wintermute. A Proof of Reserves Audit Conducted by Cybersecurity Firm Hacken Confirmed that bybit Had Successful Restored Its Reserve Reserve, Verifying That All Major Assets – Including bitcoin, eTherSolana, Tether, and USDC – Exced A 100% Collateralization Ratio.

Recovering the stolen assets remains a challenge.

Blockchain Analytics Firm Elliptic has identified north korea’s lazarus group as the Perpetrators of the AttackThe stolen funds were initially dispersed across 50 different wallets, Each holding about 10,000 eater tokens, according to Elliptic, as part of an effort to launder the coins.

As of Feb. 24, More than $ 195 Million – roughly 14.5% of the stolen assets – have alredy been transferred.

Bybit has offered a 10% bounty for the return funds, but history sugges the odds of recovery are slim.

The Lazarus Group has a track record of laundering crypto to evade international sanctions, reportedly using stolen assets to fund north korea’s nuclear program. In 2022, The Group Stole $ 600 Million from Axie Infinity and, Despite Law Enforcement Internation, only $ 30 million was recovered.

Ether, the token at the center of this attack, fell by about 5% in the past day.

Watch: Bybit Says it has successfully replenished reserves