Bybit recovers lost assets after $1.4 billion hack
February 24, 2025
The CEO of the cryptocurrency exchange Bybit stated that the company successfully recovered all stolen assets following a massive hack that took place on February 21. The attack was carried out by the Lazarus hacking group, linked to North Korea, and amounted to $11.4 billion.
According to the CEO, after the incident, Bybit recovered all the lost funds, including buying ETH worth $742 million from February 22 to 23. This allowed the company to recover nearly 88% of the stolen amount.
Details of the operation
According to data, Bybit received 446,870 ETH worth around $1.23 billion through loans, deposits from large investors, and purchases on secondary markets. Of this amount, 157,660 ETH was bought through over-the-counter (OTC) transactions involving companies such as Galaxy Digital, FalconX, and Wintermute, while another $304 million was acquired through centralized and decentralized exchanges using a separate wallet linked to Bybit.
Role of analysis and transparency
The blockchain analytics firm Lookonchain also discovered that the wallet address “0x2E45...1b77” was associated with the purchase of ETH through OTC transactions. Another address, “0xd7CF...A995,” interacted with major platforms like Binance and MEXC, further confirming Bybit's involvement in recovering its assets.
Impact on the market and Bybit’s reserves
The $1.4 billion hack became the largest crypto attack of 2024, but according to Hacken, Bybit’s reserves remain above its obligations, and customer funds are protected. After the incident, withdrawals increased to $5.3 billion, and ETH, despite a 7% decline, recovered to $2765.