Crypto & NFT Market Bybit Closes ‘ETH Gap’ Left After $1.5B Hack

Disclosure

Updated: 24 February 2025

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Bybit Web3, one of the world’s most visited cryptocurrency exchanges and a non-fungible token market platform, has closed the liquidity gap left after the recent hack. Last week, the crypto exchange suffered the biggest heist in crypto history after hackers walked away with over $1.4 million worth of Ethereum. Lazarus Group, a notorious hacker and scam group associated with the Northern Korean government, was found responsible for the hack.

We’re close to 100% on our ETH reserves, and deposits & withdrawals are back to normal.

Through it all, the crypto community, our partners, and our users have shown unwavering support—thank you.

We know where our funds have gone, and we’re committed to turning this experience… pic.twitter.com/pJBpfVtVVH

— Bybit (@Bybit_Official) February 24, 2025

Bybit Refills ETH Gap Left After Recent Hack

In a February 24 blog post, Ben Zhou, the chief executive officer of Bybit, confirmed that his crypto exchange platform has closed the crypto liquidity gap left during the recent hack. The crypto exchange has refilled its crypto liquidity through loans, whale deposits, and Ethereum (ETH) purchases. Bybit is back to 100% 1:1 on client digital assets, and it’s now out of financial stress.

Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6

— Ben Zhou (@benbybit) February 24, 2025

Launched in March 2018, Bybit is one of the prominent digital currency exchanges that allows users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, and other digital assets. Over the years, the Bybit crypto exchange has quickly gained popularity for its focus on derivatives trading, particularly perpetual and futures contracts. The crypto exchange platform allows crypto users to trade over 650 cryptocurrencies across spot, margin, and futures.

On the other hand, Bybit operates a non-fungible token market platform that lets users buy, sell, and trade non-fungible tokens across different blockchain networks. Bybit’s NFT marketplace is designed to be user-friendly, especially for new crypto users. The NFT market platform allows anyone who wants to participate in its NFT marketplace to create an account and get started in a matter of minutes. Bybit NFT Marketplace is a one-stop destination for listing and trading NFTs.

Bybit Applauded For Closing The ETH Gap

The crypto and non-fungible token communities on X (formerly known as Twitter) have turned out to commend Bybit after quickly navigating from the recent hack crisis. Some of the x users have pronounced Ben Zhou a “legend” for how he handled the recent hack crisis, claiming that his profile picture should be printed in the dictionary to show people around the world good crisis management.

If true, congrats & I hope you'll share a case study on how you navigated the financial stress. The way Bitfinex handled its financial distress post-hack was creative & ultimately proved more efficient than the cost of traditional restructurings (should be a b-school case study).…

— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) February 24, 2025

Furthermore, other users have applauded Ben Zhou and his team for showcasing a masterclass on security and accountability. “Congratulations! This is epic! Your bravery and calmness during the $1.4B $ETH hack are inspiring, I hope other CEX founders take note. Grateful for the community’s help. Bybit back to 100% is huge for crypto trust,” another X user added. The NFT and crypto market is now fully liquidated.

Bybit succeeded where FTX didn’t because the crypto cooperative is stronger for decentralized regulatory capture than the centralized regulatory capture. This is a feature, not a bug.

— Jeff Park (@dgt10011) February 24, 2025