Bybit recently suffered a $1.4 billion hack—the largest in crypto history—yet has maintained reserves exceeding its liabilities, according to DefiLlama.
The hack, which targeted liquid-staked Ether and other ERC-20 tokens, contributed to a $5.3 billion drop in Bybit’s total assets. Despite this, independent auditor Hacken confirmed that Bybit’s reserves remain fully backed.
Response and Industry Support
Bybit processed over 350,000 withdrawal requests within 10 hours, with CEO Ben Zhou emphasizing that all platform functions remain operational.
Crypto firms, including Binance and Bitget, provided emergency support, transferring significant amounts of Ether to assist the exchange. Meanwhile, security experts have linked the attack to North Korea’s Lazarus Group, which previously executed major crypto heists.
Blockchain analyst Meir Dolev indicated that Bybit’s Ethereum multisig cold wallet was compromised through a deceptive transaction, granting hackers control over the funds.
