Bybit restores Ethereum reserves after $1.5 billion crypto hack; details here

Dubai based cryptocurrency exchange Bybit has successfully replenished its Ethereum (ETH) reserves after suffering a massive security breach last week that resulted in the theft of approximately $1.5 billion worth of Ether. CEO Ben Zhou confirmed that the exchange has fully restored the stolen ETH, ensuring that all client assets remain backed 1:1, CNBC Bybit replenished its stolen assetsTo compensate for the lost ETH, Bybit secured approximately 446,870 ETH through a mix of loans, large investor deposits, and direct purchases. The exchange acquired 157,660 ETH through over-the-counter transactions from crypto investment firms Galaxy Digital, FalconX, and Wintermute. Additionally, the cryptocurrency exchange platform purchased another $304 million worth of ETH from centralized and decentralized exchanges, according to blockchain analytics firm Lookonchain.