Crypto exchange Bybit says it fully replenished reserves after record $1.5 billion hack

Bybit said it replenished its reserves following a $1.5 billion hack last week, the largest in the history of the crypto industry. In less than 72 hours, Bybit pieced together hundreds of thousands of ether tokens through a mix of emergency loans and large deposits. While the rapid recovery restored the exchange's balance and kept customer withdrawals open, it didn't account for the stolen crypto. The breach occurred during a routine internal transfer, when Bybit was moving funds from its offline "cold wallet," designed for secure, long-term storage, to a "warm wallet," which enables active trading. During that transfer, hackers exploited security gaps, intercepting the transaction and redirecting the funds to an unknown address. Bybit CEO Ben Zhou wrote in a post on X on Sunday that the exchange remained solvent, adding that client assets were still fully backed, and that withdrawals remained open. The company secured nearly 447,000 ether tokens through emergency funding from firm ... Read full article.