Cryptocurrency exchange Bybit has quickly repaid a 40,000 ETH loan from Bitget, ensuring customers can withdraw funds normally after a $1.4 billion attack, believed to have been carried out by North Korea's Lazarus Group.
Rapid Recovery After Major Hack
On February 21, Bybit fell victim to one of the largest cryptocurrency hacks in history, causing significant disruptions in the industry. To ensure that customer withdrawals were not affected, Bybit quickly borrowed 40,000 ETH from Bitget, equivalent to approximately $104 million.
Onchain data shows that by February 25, Bybit had repaid the entire loan. Bitget CEO Gracy Chen confirmed that the loan had no interest or collateral, emphasizing the spirit of mutual support between exchanges.
Reserve Recovery Efforts
Bybit has raised about 446,870 ETH, worth about $1.23 billion, through loans, whale deposits, and asset purchases to recover nearly 88% of the stolen funds. Despite the panic caused by the attack, which resulted in more than $5 billion being withdrawn from the exchange on February 22, Bybit has maintained stable operations.
According to auditing firm Hacken, Bybit's reserves still exceed its liabilities, ensuring the safety of users' assets.
Market Impact
The incident also affected the cryptocurrency market. Data from CoinGecko shows that ETH price dropped more than 7% in the seven hours after the hack, from $2,831 to $2,629, and continued to trade around $2,473.
Despite the volatility, Bybit's quick response helped restore investor confidence and ensure stability for the exchange.
