Bybit Covers $1.46 Billion Loss from Suspected North Korean Hacker Attack

Cryptocurrency exchange Bybit has announced that it has fully covered the $1.46 billion loss from a recent hacker attack, which is believed to have been carried out by North Korean hackers. According to blockchain data, Bybit covered the loss through a combination of loans, whale deposits, and Ethereum purchases.

Bybit’s Recovery Efforts

Blockchain data from Lookonchain shows that Bybit received 157,660 ETH (around $437.8 million) from one address, likely through over-the-counter buying. Another 109,033 ETH ($304.1 million) came from an entity that bought ETH from centralized and decentralized exchanges. Whales and institutions contributed over $127 million in ETH as loans, while crypto exchange Bitget provided 40,000 ETH ($106 million) and MEXC contributed 12,653 stETH ($33.9 million) in loans.

Other notable contributions came from an unknown entity that transferred 20,000 ETH ($53.7 million), Mirana Ventures that sent 10,000 ETH ($28 million), and another address possibly linked to Fenbushi Capital that sent the same amount. Smaller contributions came from users associated with “@yuchao” (2,499 ETH) and DWF Labs (2,200 ETH).

Bybit’s Assurance to Clients

Following the announcement, Bybit CEO Ben Zhou took to social media to assure clients that the exchange has “fully closed the ETH gap.” He added that a new audited proof-of-reserves report “will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree.”

Investigation and On-Chain Links

Anonymous blockchain investigator ZachXBT found direct on-chain links between the Bybit hack and the recent Phemex breach. On-chain data shows the attackers merged funds from both incidents using the same initial theft addresses, a pattern similar to tactics used by North Korea-backed Lazarus Group to connect multiple exchange hacks.

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