Ethereum is showing its mettle once again, bouncing back with gusto after taking a hit from a major hack on the Bybit exchange. Picture this: within hours on February 21, ETH tumbled 7%, dropping from $2,832 to $2,629, all thanks to the $1.4 billion Bybit hack. But fear not, ETH fans! The crypto heavyweight made a swift comeback, tapping $2,800 on February 23 before losing a bit of steam.
In a swift move to patch things up, Bybit pulled out all the stops to cover its losses. The exchange managed to rake in a whopping 446,870 ETH, valued at around $1.23 billion, through a mix of loans, whale deposits, and ETH buys. Bybit's co-founder and CEO, Ben Zhou, confidently announced that they'd “already fully closed the ETH gap.” And guess what? A shiny new audited proof-of-reserves report is on the horizon.
Caitlin Long, the CEO of Custodia Bank, chimed in with congratulations and a nod to the creative ways other exchanges have navigated financial stress. Meanwhile, the notorious Lazarus Group, suspected to be behind the hack, has been busy laundering the loot through a service called eXch.
But Bybit isn't backing down. They're rallying the troops, reaching out to Interpol and international regulators to help block the flow of the stolen funds. Over the weekend, there was a glimmer of success as a coordinated effort led to the freezing of $42.89 million in assets. Hats off to teams like Tether, Circle, Avalanche, and THORChain for jumping into action!
Despite these efforts, the road to recovery isn't entirely smooth. ETH didn't stay long above $2,800, dipping back to $2,740 as the Asian markets opened on Monday. The crypto has been on a bit of a rollercoaster ride, bouncing between $2,600 and $2,800 since early February. Will it break free from this range? Only time will tell, but one thing's for sure: Ethereum's resilience is shining through, and the crypto community is watching closely. Stay tuned for more twists and turns in the crypto saga!
