Bybit Restores Ethereum Reserves After $1.4B Hack, Plans to Publish Proof-of-Reserves

Cryptocurrency exchange Bybit has announced the full restoration of its Ethereum reserves after a major security breach that resulted in the loss of $1.4 billion in ETH. Bybit’s CEO, Ben Zhou, confirmed that the exchange successfully replenished its Ethereum holdings through loans, investor deposits, and direct purchases.

In an effort to enhance transparency and user trust, Bybit also revealed plans to publish an audited Proof-of-Reserves (PoR) report, ensuring that customer assets are backed 1:1.

The hack, which occurred on February 21, 2025, resulted in the theft of 401,346 ETH, marking one of the largest cyberattacks on a cryptocurrency exchange. Analysts have linked the attack to North Korea’s Lazarus Group, a notorious hacking organization known for targeting digital asset platforms.

Despite the severity of the breach, Bybit has continued processing withdrawals as usual, showcasing the platform’s resilience and commitment to security.

📌 Source: Cryptonews