Ah, Bybit! The exchange that has managed to regain half of its Ether (ETH) reserves after a $1.4 billion hack that sent shockwaves through the global Web3 industry. I mean, who doesn’t love a good heist story? 🎭
On February 21, Bybit was hacked for over $1.4 billion worth of liquid-staked Ether (STETH), Mantle Staked ETH (mETH), and other ERC-20 tokens. It was like the Ocean’s Eleven of crypto thefts, only with fewer charming criminals and more spreadsheets.
But wait! Within two days of this devastating attack, Bybit managed to replenish its Ether reserve to nearly 50% of pre-hack levels. Talk about a comeback! CryptoQuant data shows they’re back in the game, folks.
As of 8:52 am UTC, Bybit held over 201,600 Ether tokens, which is a staggering 45% of the 439,000 Ether it had on February 20. Just a day before the hack, they were swimming in Ether like Scrooge McDuck. Now, they’re down to a mere 61,000 ETH. Ouch!
Part of this miraculous recovery can be attributed to spot buying. Bybit bought 106,498 Ether worth $295 million in over-the-counter (OTC) trades since the exploit. Lookonchain reported this on February 23, and I can only imagine the frantic phone calls: “Hello, yes, I’d like to buy a small country’s worth of Ether, please.”
Crypto industry leaders and exchanges rushed to assist Bybit with emergency transfers. Binance sent 50,000 Ether, Bitget sent 40,000, and Du Jun, co-founder of HTX Group, sent 10,000. It’s like a charity drive, but for digital currency! 🎉
Bybit’s recovering exchange reserves and the continued user withdrawals are a robust sign of trust for the crypto industry. They managed to stay operational after the biggest hack in crypto and financial history. Bravo! 👏
In a remarkable feat, Bybit processed more than 350,000 withdrawal requests within 10 hours of the exploit, completing 99.9% of them by 1:45 am UTC. Ben Zhou, Bybit co-founder and CEO, must have been running on caffeine and sheer willpower!
Bybit loaned nearly $400 million since exploit
The crypto industry has come together to aid Bybit with $390 million worth of Ether in emergency loans and transfers. It’s like a GoFundMe, but with fewer heartfelt stories and more blockchain jargon.
Bybit received a total of 145,000 ETH worth $390 million in loans and deposits since the hack, including $127 million from Binance-based whales and over $53 million from a single whale wallet. I guess some whales are more generous than others! 🐋
Within a day of the incident, the value of Bybit’s total assets fell by over $5.3 billion, including the $1.4 billion lost to the hack. DefiLlama data shows that even llamas can count, folks!
Despite the hack and the drop in assets, Bybit’s exchange reserves still exceed its liabilities, according to its independent proof-of-reserve (PoR) auditor, Hacken. In a February 21 post, Hacken confirmed:
“Today’s hack was massive—a tough hit for the industry. But here’s the bottom line: Bybit’s reserves still exceed its liabilities. As their independent Po
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2025-02-23 15:16