Bybit Closes ETH Gap After Billion Dollar Hack, Proof of Reserves Coming

• Bybit nears ETH recovery as exchange closing ETH gap post-$1.5B hack.
• Bybit to release Proof of Reserves report showing 1:1 asset backing 
• Loans & buys fuel Bybit’s ETH recovery efforts, $1.23B Inflow for ETH to-date

In a swift recovery move after the $1.5 billion hack, Bybit is almost finished closing the ETH gap. CEO Ben Zhou has announced a proof of reserves report to be released soon to confirm the exchange’s return to full asset backing.

Data from blockchain analysis platform Lookonchain shows Bybit has received a significant 446,870 ETH worth around $1.23 billion through loans, whale deposits, and ETH purchases to fill the ETH gap caused by the hack. 

Zhou asked the crypto community to “stay tuned” in a post on X (formerly Twitter), adding that the 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.”

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