Bybit's CEO Ben Zhou announced that the exchange has nearly closed its $1.4 billion Ethereum deficit caused by a significant hack. The exchange acquired 446,870 ETH—worth approximately $1.23 billion—through loans, whale deposits, and direct purchases, recovering about 88% of the stolen funds. The recovery effort followed a hack linked to North Korean state-sponsored attackers, which resulted in the theft of $1.4 billion in ETH and stETH. Zhou indicated that an audited proof-of-reserves report would soon be shared, showing that Bybit has restored its client assets at a 1:1 ratio. Significant purchases were made through partnerships with firms like Galaxy Digital and FalconX, along with transactions from various trading channels. Bybit praised industry partners, including Tether and Circle, for helping to freeze over $42.89 million of the stolen assets. The attack had initially led to a substantial decrease in Ethereum prices, but the swift response from Bybit and partners aimed to stabilize the market and reassure users about the exchange's financial integrity.

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