Bybit has managed to recover nearly half of its Ether reserves following a $1.4 billion hack that impacted the entire Web3 industry. Two days after the exploit, Bybit's Ether reserves reached approximately 201,600 tokens, representing over 45% of the 439,000 Ether held before the hack. Notably, Bybit purchased about 106,498 Ether valued at $295 million in over-the-counter trades post-hack. Additionally, emergency transfers from other exchanges and crypto industry leaders, such as 50,000 Ether from Binance, contributed to this recovery. Despite the incident causing a drop of more than $5.3 billion in total asset value, independent audits confirmed that Bybit's reserves still outstrip its liabilities. Blockchain security experts are investigating the hack, attributing it to North Korean-affiliated groups due to its similarities with previous attacks. The method reportedly involved tricking multisig wallet signers into approving a malicious smart contract logic change, allowing unauthorized asset transfers.

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