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Bybit: How is the case proceeding? Proof of Reserve published
By Daniele Corno
After the big hack, Bybit fills the ETH gap: Between purchases and loans, users' ETH is covered 1:1 with a Proof of Reserve
The entire $1.4 billion hole has been covered
It’s been an eventful weekend in the crypto sector following the hack of and damage to Bybit, to the tune of $1.4 billion.
Following the events of the weekend, which we explored in depth in our dedicated articles on Saturday and Sunday, important feedback has arrived today.
Between purchases through OTC (Over the counter) trading, third-party exchange or DEX purchases, and loans received from third parties, Bybit has recovered 446,870 ETH. This sum is necessary to cover 1:1 the entire amount of assets held on behalf of customers.
Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6
— Ben Zhou (@benbybit) February 24, 2025
Most of the ETH, as reported by Lookonchain, were recovered through OTC purchases and from other exchanges for an amount exceeding $800 million dollars.
The remainder relates to loans provided by third parties. These will therefore have to be repaid through further purchases, about which Bybit has not yet issued any official communication.
Hacker's proof of reserve and coverage above 100%
Furthermore, as reported by CEO Ben Zhou, the proof of reserve for assets in custody has been shared in the last few hours. The reserves can be consulted in the report provided by the auditing firm Hacken.
Audited POR updated. pic.twitter.com/CB7wduvJHd
— Ben Zhou (@benbybit) February 24, 2025
This concludes the first part necessary to guarantee the solidity of the exchange, being able to guarantee the custody of all the assets managed on behalf of the clients.
All that remains is to continue tracking the hackers who, as reported by Arkham, continue with the recycling operations.
