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Bybit Recovers from $1.5 Billion Ethereum Hack, Restores 1:1 Asset Backing

Ledger Lynx
Ledger LynxFebruary 24, 2025
Hot Topic
Bybit Recovers from $1.5 Billion Ethereum Hack, Restores 1:1 Asset Backing

Bybit Restores Full Reserves After Massive Ethereum Hack

Following one of the largest crypto exchange security breaches, Bybit has announced that it has fully closed the Ethereum gap caused by the recent $1.5 billion exploit. The company has also confirmed that an updated Proof of Reserves (PoR) audit will soon be published, demonstrating that all client funds remain 1:1 via Merkle tree verification.

What Happened?

Earlier this week, Bybit suffered a major security breach, resulting in the theft of approximately 401,000 ETH ($1.5 billion) from one of its cold wallets. The exchange responded swiftly, assuring customers that their assets remained fully backed and secure.

Key Developments Since the Hack:

$1.5 Billion Ethereum Hack

The hacker behind this

What Does This Mean for Bybit Users?

Market Reaction & What’s Next?

The crypto market has responded positively to Bybit’s quick action, with many traders and analysts noting the exchange’s resilience in handling the crisis.

Looking ahead, Bybit’s new PoR report will be a key milestone, confirming the exchange’s financial standing and security improvements. As crypto security threats continue to evolve, Bybit’s response serves as a critical case study for how centralized exchanges handle large-scale cyberattacks.

Disclaimer:The content published on Cryptothreads does not constitute financial, investment, legal, or tax advice. We are not financial advisors, and any opinions, analysis, or recommendations provided are purely informational. Cryptocurrency markets are highly volatile, and investing in digital assets carries substantial risk. Always conduct your own research and consult with a professional financial advisor before making any investment decisions. Cryptothreads is not liable for any financial losses or damages resulting from actions taken based on our content.
Ledger Lynx
WRITTEN BYLedger LynxLedger Lynx is a sharp-eyed market analyst with a deep focus on uncovering the real trends shaping the crypto space—beyond just price movements. Whether it’s tracking developer migrations, blockchain adoption shifts, regulatory waves, or emerging narratives, Ledger Lynx delivers high-value insights that help crypto enthusiasts, traders, and investors stay ahead of the curve. By analyzing on-chain data, ecosystem developments, and broader market sentiment, Ledger Lynx translates raw information into actionable intelligence. From major protocol shifts to unexpected market reactions, every analysis is backed by thorough research and a keen understanding of the forces driving the crypto industry forward.
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