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Recently, Bybit faced one of the largest hack attacks to date, with hackers stealing $1.46 billion worth of ETH from the exchange’s cold wallet. While the company claims to have quickly replenished the funds, concerns about outstanding debts remain prevalent among experts.
Current Status of the Bybit Hack
The hack targeted Bybit’s Ethereum 
$2,588 multi-signature cold wallet last week. According to blockchain analysis firm Lookonchain, hackers manipulated the signature interface through phishing techniques. This vulnerability allowed them to withdraw $1.23 billion worth of ETH from the wallet.
CEO Ben Zhou acted swiftly after learning about the attack, utilizing user deposits, emergency loans, and direct ETH purchases to mitigate the losses. The company aimed to regain user trust by restoring all its assets within just two days.
In a statement via social media platform X, Zhou emphasized the safety of user funds and asserted that the exchange’s financial strength remained intact. Bybit also announced plans to publish a Proof of Reserves (PoR) audit for transparency.
How Were the Lost Funds Recovered? Current Situation
Bybit recovered the lost ETH funds from various sources. The largest support came from private agreements, leading to 157,660 ETH (worth $437.8 million) being secured. Other cryptocurrency exchanges transferred 109,033 ETH (valued at $304.1 million), while significant investors lent 47,800 ETH ($127.5 million). Additionally, Bitget contributed 40,000 ETH ($106 million), and smaller private agreements accounted for 22,609 ETH ($61.8 million).
Thanks to these efforts, Bybit quickly compensated for its losses. However, some experts point out that much of this funding was borrowed, indicating that the exchange still has repayment obligations.
Crypto analyst Hermes Psychopomp expresses skepticism regarding claims that Bybit has fully compensated for its losses, highlighting that the company replaced funds through loans and is technically still in debt.
Furthermore, the hack had profound impacts on the Ethereum price. Despite a sharp decline in the leading altcoin after the attack, Bybit’s substantial ETH purchases triggered a price increase, alleviating some of the downward pressure and reducing ETH from $2,800 to $2,700.
It appears that the attack was linked to the North Korean-affiliated Lazarus Group. Blockchain experts emphasize that the hackers are likely attempting to launder the stolen ETH through crypto mixers.
