Bybit Almost Finishes Plugging the ETH Gap After the $1.5B Hack, CEO Ben Zhou Announces Forthcoming Proof of Reserves Report

Data from blockchain analysis platform Lookonchain shows Bybit has received a significant 446,870 ETH worth around $1.23 billion through loans

Cryptocurrency exchange Bybit is nearing the end of its recovery efforts following a $1.5 billion hack last month, with on-chain data indicating that the exchange has almost fully closed the gap in ETH caused by the hack.

According to data from blockchain analysis platform Lookonchain, Bybit has received a total of 446,870 ETH, valued at around $1.23 billion, through a combination of loans, large deposits, and direct ETH purchases.

The exchange appears to be rapidly acquiring ETH to replenish its reserves and restore the 1:1 backing of client assets, which was affected by the hack.

On March 29, Bybit CEO Ben Zhou announced in a post on X (formerly Twitter) that an updated proof of reserves (POR) report will be released soon, which will be independently audited by a “big 4” accounting firm to confirm the exchange’s full asset backing.

“Stay tuned for the new audited POR, which will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets (through merkle tree),” Zhou added in the post.

On April 13, on-chain reporter “EmberCN” shared further details about the development, noting that the hacker who stole funds from Bybit has sold a significant amount of ETH in the past few days.

According to EmberCN, the hacker has sold 50,700 ETH (around $142 million at current prices) in exchange for DAI and other on-chain assets, including BTC and wstETH. However, the hacker still holds a large stash of 448,600 ETH (around $1.26 billion at current prices).

While the selling pressure from the hacker’s activity is adding to the bearish trend for ETH, EmberCN noted that Bybit’s buying spree has helped stabilize the price of ETH.

According to the report, an address of Bybit or its affiliates (0x2E4…b77) purchased a total of 157,600 ETH through three prominent brokers — Galaxy Digital, FalconX, and Wintermute — in the past two days and then transferred it to Bybit, confirmed EmberCN.