Bybit CEO Ben Zhou announced that the cryptocurrency exchange has successfully replenished the $1.4 billion in Ether stolen during a hack on Feb. 21.

In a Feb 24 post on X, Zhou revealed that a forthcoming audited proof-of-reserve report will confirm Bybit’s client assets are fully restored to a 1:1 ratio, verified through a Merkle tree.

The recovery follows an analysis by blockchain firm Lookonchain, which estimated that Bybit received 446,870 Ether—valued at approximately $1.23 billion—through loans, whale deposits, and purchases.

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This amount accounts for nearly 88% of the funds stolen by the North Korean state-backed Lazarus Group in what is now the largest crypto hack in history.

Lookonchain’s data shows that a Bybit-linked wallet, “0x2E45...1b77,” acquired 157,660 Ether, worth $437.8 million, through over-the-counter (OTC) transactions with crypto investment firms Galaxy Digital, FalconX, and Wintermute.

Additionally, another wallet, “0xd7CF...A995,” purchased $304 million in Ether via centralized and decentralized exchanges. Lookonchain, citing Arkham Intelligence, suggests this address is also likely connected to Bybit.

Arkham’s data reveals interactions between this wallet and hot wallets on Binance and MEXC. The first recorded purchase from “0x2E45...1b77” took place on February 22 at 4:44 PM UTC.

The $1.4 billion theft eclipsed all previous crypto heists, representing over 60% of the total crypto funds stolen in 2024.

In the hack’s aftermath, Bybit faced customer withdrawals exceeding $5.3 billion on February 22. Despite this, Hacken, Bybit’s proof-of-reserve auditor, affirmed that the platform’s reserves continue to surpass its liabilities, ensuring user funds remain secure. According to DefiLlama, Bybit’s total assets currently stand at $10.9 billion.

Ether’s price took a hit, dropping over 7% in seven hours—from $2,831 to $2,629—following the hack. However, it has since rebounded to $2,765, per CoinGecko data.

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