Bybit’s $1.4 billion hack, the largest in crypto history, might have unexpected implications for Ethereum. As the exchange moves to recover, could this be a bullish catalyst for ETH?

Crypto exchange Bybit repaid 40,000 Ether it borrowed from Bitget within three days, after a $1.4 billion hack disrupted the crypto exchange on Feb. 21. Bybit was exploited on Feb. 21 in what has been reported as one of the largest cryptocurrency hacks in history,

Bybit has returned to a 1:1 backing of client assets and has fully closed the “ETH gap” it faced after an unprecedented $1.4 billion hack hit the exchange. Address activity suggests more than $400 million were purchased through over-the-counter trading, with another $300 million brought directly from exchanges.

Market intelligence platform CryptoQuant says that the Ethereum (ETH) reserves of Bybit are recuperating after the crypto exchange was hacked to the tune of $1.4 billion.

Chainalysis said the hackers are deliberately keeping the funds idle to avoid heightened scrutiny after the high-profile incident.

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

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 Web3, one of the world’s most visited crypto exchanges and an NFT marketplace, has closed the liquidity gap left after the recent hack.