Bybit, a Dubai-based cryptocurrency exchange, reportedly replenished its reserves after suffering a $1.5 billion hack last week, marking the largest cyberattack in the history of the crypto industry.
Bybit secured emergency loans and large deposits to restore its reserves within 72 hours, keeping withdrawals open. However, the recovery didn’t cover the stolen crypto, leaving the broader financial impact unresolved.
The hack happened during a routine transfer from Bybit’s cold wallet to a warm wallet. Hackers exploited security gaps during the process, intercepting the transaction and redirecting the funds to an unknown address.
Bybit CEO Ben Zhou stated on X that the exchange remained solvent, client assets were fully backed, and withdrawals remained open despite the hack.
The firm secured nearly 447,000 ether through emergency funding from firms like Galaxy Digital, FalconX, and Wintermute.
A proof of reserves audit by cybersecurity firm Hacken confirmed full restoration, with major assets exceeding a 100% collateralization ratio.
Blockchain analytics firm Elliptic identified North Korea’s Lazarus Group as the attackers.
The stolen funds were split across 50 wallets, each holding about 10,000 ether, in an attempt to launder the assets.
As of monday, over $195 million (14.5% of the stolen assets) has been moved.
Bybit offered a 10% bounty for the funds’ return, but recovery remains unlikely.
The Lazarus Group has a history of laundering stolen crypto to evade sanctions, allegedly using the funds to support North Korea’s nuclear program.
