ByBit’s Ethereum Reserve Building Up Again
CryptoQuant, a crypto analytics platform, reports that Bybit’s Ethereum (ETH) reserves are recovering. Bybit’s Ethereum reserves fell from 443,691 to just 63,807 after Friday’s devastating $1.04 billion hack.
Bybit reserves have now increased to almost 160,000 ETH. Ben Zhou, the CEO of Bybit, stated that the well-known trading platform lost about 70% of its holdings because of the $1 trillion Ethereum hack.
The attacker executed the hack by hiding the signing interface and changing the smart contract logic. Anatoly Yakovenko, a co-founder of Solana, stated that people shouldn’t be examining transactions amid the hack on the crypto exchange.
Bybit is probably actively purchasing ETH from the market to increase user confidence. Additionally, Bybit has invested $140 million to find the money, which could result in some of it being returned.
These developments follow allegations that North Korea’s Lazarus Group gained access to Bybit’s cold wallets and pilfered $1.04 billion worth of Ethereum tokens.
Aside from its scope, this hack sparked worries about the security of cryptocurrency assets that exchanges kept in cold wallets.
According to CoinGecko data, the price of ETH has already recovered after the hack. After the hack, the token’s price fell to as low as $2,620 on Friday. Since then, though, it has nearly completely recovered its losses and is now trading at $2,813
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