Bybit has returned to a 1:1 backing of client assets and has fully closed the “ether gap” it faced after an unprecedented $1.4 billion hack hit the exchange late Friday.
The exchange has received 446,870 ether (ETH), worth $1.23 billion at current prices, through loans, large deposits, and ether purchases in the past two days, on-chain tracking service Lookonchain said in an X post on Monday.
Address activity suggests more than $400 million were purchased through over-the-counter trading, with another $300 million brought directly from exchanges. Nearly $300 million were sought as loans; the rest are from addresses apparently belonging to crypto funds.
ETH prices rose upto 4% over the weekend amid the apparent buying activity, but are down 2% in the past 24 hours as sentiment isn’t fully lifted.
Meanwhile, Bybit said late Sunday that all deposit and withdrawal activity had “fully recovered to normal levels — with total…
