Ethereum collapses after historic hack of Bybit crypto exchange

Crypto exchange Bybit is actively recovering from one of the largest hacks in the history of the industry. After losing $ 1.4 billion due to an attack by the Lazarus hacker group, the exchange bought back Ethereum ETH $2,679.01 Bridged Ether (StarkGate) -4.93% Market capitalization $0.23 billion VOL. 24 hours $2.01 billion for $ 742 million. This purchase contributed to the growth of the ETH price by 6% after a recent drop, Coinpedia writes.

According to analytics company Lookonchain, Bybit purchased 266,694 ETH to stabilize its reserves. After the hack, the exchange received 446,870 ETH worth approximately $ 1.23 billion from various sources, including loans, investor deposits, and direct purchases. This is 87% of the stolen funds, which indicates active efforts to restore the balance.

Blockchain data shows that one of the Bybit wallets (0x2E45) bought 157,660 ETH worth $ 437.82 million from major trading firms such as Galaxy Digital, FalconX, and Wintermute using over-the-counter (OTC) transactions. Another wallet (0xd7CF) acquired 109,033 ETH ($ 304.12 million) through decentralized (DEX) and centralized exchanges (CEX).

To regain the trust of users, Bybit plans to publish a new reserve report that will confirm that all customer assets are secured in a 1:1 ratio. The report will be based on the Merkle tree system, which guarantees transparency and security.

After the hack, the Ethereum rate rose by 6%, but at the beginning of the new week, it dropped by 2% to $ 2730. If the decline continues, ETH may test the support level of $ 2450. On the other hand, if the market recovers, the price may approach the $ 3000 mark again.