Bybit has swiftly repaid the 40,000 Ether it borrowed from Bitget, three days after a significant hack resulted in the theft of $1.4 billion. The attack, reportedly one of the largest in cryptocurrency history, has been attributed to North Korea’s Lazarus Group. Despite the breach, Bybit managed to restore the stolen assets and maintain normal operations.
In an effort to stabilize the situation and ensure that customers could withdraw funds, Bybit borrowed 40,000 Ether from Bitget, valued at approximately $104 million. On February 25, onchain data confirmed that Bybit returned the borrowed Ether to Bitget. Gracy Chen, CEO of Bitget, highlighted the gesture of trust, noting that the loan was provided without interest or collateral, simply to support a fellow company in need.
To replenish its reserves, Bybit received around 446,870 Ether, equating to about $1.23 billion through loans, large deposits, and asset purchases. This recovery effort nearly covered 88% of the stolen amount. Due to concerns, investors had withdrawn over $5 billion on February 22.
According to auditing firm Hacken, Bybit’s reserves continue to exceed its liabilities, ensuring customer funds remain fully backed. Following the hack, Ethereum experienced a notable drop in value, declining more than 7% before stabilizing at $2,473.
