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.

Bybit replenished its $1.5 billion deficit within three days following the most significant crypto hack in history. The gap was filled using a combination of

Bybit has fallen victim today to one of the largest crypto hacks ever recorded, with hackers reportedly stealing over $1.4 billion worth of ETH.

Crypto exchange Bybit announced that it has recovered almost 100% of its Ethereum lost through loans and other OTC deals.

Bybit CEO Ben Zhou says his cryptocurrency exchange has fully replaced the $1.4 billion worth of Ether that was hacked on Feb. 21. A new audited proof-of-reserve report will be published very soon to show Bybit’s client assets are back at a 1:1 ratio through a Merkle tree,

Visitors stand in front of works by Bybit on display during the 15th edition of Art Dubai at Madinat Jumeirah in the Gulf emirate of Dubai, on March 10, 2022. (Photo by KARIM SAHI

Bybit CEO said the exchange has restored its Ethereum holdings after a $1.5B hack and will release a proof-of-reserves audit soon.

Leading cryptocurrency exchange Bybit has acquired Ethereum (ETH) tokens worth some $1.25 billion. The move comes as part of the company's recovery efforts after a devastating hack that saw it lose $1.4 billion, the largest crypto theft in history.