Bybit's ETH Reserves Rebound: $390M Inflows After $1.4B Hack

Bybit, a leading cryptocurrency exchange, is seeing a steady recovery in its Ethereum (ETH) reserves following a massive hack that resulted in a loss of $1.4 billion. According to market intelligence platform CryptoQuant, Bybit has experienced positive net flows of over 139,000 ETH since the hack, indicating a gradual replenishment of its ETH reserves.

CryptoQuant's head of research, Julio Moreno, shared this information on the social media platform X, highlighting the exchange's efforts to rebuild its ETH reserves. The recovery is being aided by inflows worth over $390 million in ETH, demonstrating Bybit's resilience in the face of adversity.

The hack, which occurred earlier this year, was one of the largest exploits in the digital assets industry. A bad actor gained control of Bybit's ETH cold wallet, which stores keys offline, leading to significant losses for the Singapore-based exchange. However, Bybit has been actively working to restore its ETH reserves and regain the trust of its users.

Recent data from blockchain tracker Lookonchain reveals that Bybit's recovery is being supported by various digital asset firms and crypto whales. Since the hack, Bybit has received over $390 million in loans and deposits, with notable contributions from Bitget, MEXC, and several whale wallets. Additionally, Bybit has purchased $197 million worth of ETH via over-the-counter transactions to further bolster its reserves.

As Bybit continues to recover from the hack, the broader cryptocurrency market has shown signs of resilience. Ethereum, the second-largest cryptocurrency by market capitalization, is currently trading at $2,808, representing a 1.5% increase over the past 24 hours. This positive price action suggests that investors remain optimistic about the long-term prospects of Ethereum and the broader cryptocurrency market.