According to data provided by crypto analytics platform CryptoQuant, Bybit's Ethereum (ETH) reserves are in the process of recovering.
Bybit's ETH reserves plunged from 443,691 ETH to just 63,807 ETH following the devastating $1.4 billion hack that took place Friday.
The exchange's reserves have now recovered to nearly 160,000 ETH.
HOT Stories Dogecoin Teases Big PR Statement About Game-Changing Partnership in March Ripple CTO Breaks Down Mystery of Warm Wallets: Details XRP, ADA, SHIB, DOGE in Red as Crypto Liquidations Top $556 Million Samson Mow Insists on Ethereum Rollback After Bybit's $1.4 Billion ETH Hack
The popular trading platform has lost roughly 70% of its holdings as the result of the hacking incident, according to Bybit CEO Ben Zhou.
As reported by U.Today, the attacker managed to pull off the hack by masking the signing interface and altering the smart contract logic.
Following the hack, Solana co-founder Anatoly Yakovenko opined that humans should not be reviewing transactions:
"Blind signing is bad. But humans shouldn’t be reviewing transactions. Humans are terrible at routine tasks. Your cold storage system should have rulesets implemented in the trust zone of the signing device."
ETH's recovery
In the meantime, the price of ETH has already recovered following the hack, according to CoinGecko data.
On Friday, the price of the token plunged to as low as $2,614 following the hack.
ETH officially back to where it was before the bybit hack pic.twitter.com/9Qn31FHrmt
— Ryan Rasmussen (@RasterlyRock) February 23, 2025However, it has since pared almost all of its losses, currently trading at $2,804.
In fact, ETH is among the biggest gainers in the top 10, surging by more than 4%.
According to Lookonchain data, Bybit appears to have purchased 71,755 Ethereum (ETH) tokens for a total of $197 million.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
