Market intelligence platform CryptoQuant says that the Ethereum (ETH) reserves of Bybit are recuperating after the crypto exchange was hacked to the tune of $1.4 billion.

Bybit, a Dubai-based crypto exchange, suffered a massive $1.5 billion hack, triggering $5.5 billion in withdrawals. Suspected to be the work of North Korea’s Lazarus Group, the breach shook the crypto world,

Bybit has fallen victim today to one of the largest crypto hacks ever recorded, with hackers reportedly stealing over $1.4 billion worth of ETH.

Bybit has returned to a 1:1 backing of client assets and has fully closed the “ether gap” it faced after an unprecedented $1.4 billion hack hit the exchange late Friday.

British blockchain analytics firm Elliptic, which traced the stolen crypto, said North Korea's Lazarus Group was behind the hack. Lookonchain, another analytics firm, said Bybit secured around 446,870 ETH (~$1.23B) since the hack through loans, whale deposits, and purchases.

Bybit has officially filled the $1.4 billion hole left by one of the biggest crypto hacks in history. CEO Ben Zhou announced that the exchange

Bybit Web3, one of the world’s most visited crypto exchanges and an NFT marketplace, has closed the liquidity gap left after the recent hack.

Bybit’s $1.4 billion Ethereum hack has been reportedly linked to the notorious Lazarus group. As expected, this triggered a withdrawal frenzy as investors exited the crypto exchange en masse. In fact, according to Bybit’s founder and CEO Ben Zhou, the exchange saw record withdrawal requests, but they were all handled smoothly.

Bybit Faces Unprecedented Industry Response A major cryptocurrency exchange, Bybit, has suffered a massive security breach, leading to the theft of approximately $1.5 billion worth of Ethereum. The incident took place late Friday evening when hackers exploited a routine transfer of funds from a secure offline wallet to a daily-use wallet.