BYBT has returned to a 1: 1 backing of client assets and has completely closed “Ether Gap”, it faced after an unprecedented hack of $ 1.4 billion hit the exchange late Friday.
The exchange has received 446,870 ether (ETH), worth $ 1.23 billion at current prices, through loans, large deposits and ether purchases in the last two days, Lookonchain said on the chain in an X post on Monday.
Address activity suggests that more than $ 400 million was purchased through trading over-the-counter, with an additional $ 300 million brought directly from stock exchanges. Nearly $ 300 million was sought as a loan; The rest is from addresses that seem to belong to crypto funds.
ETH prices rose up to 4% over the weekend in the middle of the apparent buying activity, but are down 2% over the last 24 hours as the mood is not fully lifted.
Meanwhile, Bybit said late Sunday that all the deposit and withdrawal activity had “completely recovered to normal levels – with total deposits” slightly transcending “withdrawals as Saturday in a sign of market scope.
Friday’s attack targeted one of Bybits’s offline “cold” wallets, which is typically considered safe because of their lack of internet connection, in a heist that made it possible to draw $ 1.4 billion in ETH.
Hackers gained control by utilizing a sophisticated method involving a manipulated user interface (UI) and URL. This enabled attackers to change the smart contract logic and redirect the funds to an unidentified address. The stolen assets were then divided across several wallets and swapped on decentralized exchanges.
Blockchain Sleuth Zachxbt connected the hack to North Korea’s Lazarus group, a state-sponsored hacking collective notorious for cryptotory thefts. Lazarus was behind several high -profile crypto attacks, including $ 600 million Ronin Network Hack in 2022, and a drain of $ 230 million on Indian Exchange Wazirx by 2024.
