- Bybit has fully recovered its ETH balance depositing ~446,870 $ETH
- The company used loans, whale deposits, and ETH purchases
- Ben Zhou shared an updated Proof of Reserves report
Ben Zhou announced that Bybit has fully recovered its ETH balance through loans, whale deposits, and ETH purchases, and shared an updated Proof of Reserves report.
More on Bybit ETH Balances Recovery
So, Bybit’s recent security incident was the biggest in the history of the crypto industry. Still, it’s worth paying tribute to how intensely the company is trying to solve the problem.
Yesterday, its large ETH purchase impacted the market dynamics, but in the bigger picture this purchase seems to be a small thing, as the company recently announced the full recovery of ETH balances. More specifically, the exchange deposited ~446,870 $ETH worth $1.226B by making OTC purchases, as well as using the help of partners in the form of loans, whale deposits, etc.
Also, Bybit CEO Ben Zhou complemented this by attaching an updated Proof of Reserves report, which indicates that ETH balance recovered and 100% 1:1 on client assets through merkle tree.
Moreover, even through such a critical situation – Bybit continues to develop and explore new markets, announcing that it has received permission to operate in one of the most numerous jurisdictions in the world, India.
Conclusion
The good news for all Bybit users is that just a few days later, balances recovered, which many other players had failed to do after similar incidents.
This may signal a really strong support from Bybit’s partners, but also a consolidation of the entire crypto industry in the face of a common threat of unprecedented scale.
Still, the investigation is ongoing and more details regarding this situation are on the way. Be aware and stay tuned for updates on the rapidly evolving regulations and crypto landscape.
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