Bybit Nears Recovery After Crypto Heist: Freezes $42.89 Million In Stolen Funds, Secures $1.23 Billion In ETH Through Whales And Loans

Bybit said on Sunday it froze $42.89 million of the hacked funds thanks to the efforts of multiple parties as the cryptocurrency exchange shores up its reserves after the shocking $1.4 billion exploit.

What Happened: Bybit announced via X that it was successful in restricting hackers’ ability to move the funds, a day after hackers stole over $1.4 billion worth of Ethereum (CRYPTO: ETH) and related tokens.

This was made possible due to the coordinated efforts of multiple teams including stablecoin issuers like Tether (CRYPTO: USDT), Circle (CRYPTO: USDC), the Avalanche ecosystem (CRYPTO: AVAX), and cryptocurrency exchange Bitget, among others.

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