{"id":14634,"date":"2025-02-24T07:02:15","date_gmt":"2025-02-24T07:02:15","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=14634"},"modified":"2025-02-24T07:02:15","modified_gmt":"2025-02-24T07:02:15","slug":"ethereum-bounces-back-as-bybit-closes-gap-on-hack-losses","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=14634","title":{"rendered":"Ethereum Bounces Back as Bybit \u2018Closes Gap\u2019 on Hack Losses"},"content":{"rendered":"<div>\n<p>Ethereum prices displayed resilience over the weekend, rapidly bouncing back from a slump following the massive hack of the Bybit crypto exchange.<\/p>\n<p>The asset slumped 7% in a matter of hours on Feb. 21, falling from $2,832 to $2,629 in the wake of the $1.4 billion <a href=\"https:\/\/cryptopotato.com\/bybit-hack-fallout-arthur-hayes-samson-mow-push-for-ethereum-rollback\/\" data-wpel-link=\"internal\">Bybit hack<\/a> of Ethereum assets.<\/p>\n<p>However, ETH tapped $2,800 in late trading on Feb. 23, following a recovery, but has lost some steam since then once again.<\/p>\n<h2>Bybit Closing The Gap<\/h2>\n<p>On Feb. 24, Lookonchain reported that the exchange had received around 446,870 ETH worth around $1.23 billion through loans, whale deposits, and ETH purchases since the hack.<\/p>\n<p><a href=\"https:\/\/cryptopotato.com\/bybit-announces-recovery-bounty-program-10-of-stolen-funds\/\" data-wpel-link=\"internal\">Bybit<\/a> co-founder and CEO Ben Zhou responded to the data, stating that the firm has \u201calready fully closed the ETH gap\u201d before adding that a new audited proof-of-reserves report will be published \u201cvery soon.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. <a href=\"https:\/\/t.co\/QLa1vOujM6\" data-wpel-link=\"external\" target=\"_blank\">https:\/\/t.co\/QLa1vOujM6<\/a><\/p>\n<p>\u2014 Ben Zhou (@benbybit) <a href=\"https:\/\/twitter.com\/benbybit\/status\/1893865556840775758?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">February 24, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Custodia Bank CEO Caitlin Long also <a href=\"https:\/\/x.com\/CaitlinLong_\/status\/1893868663087984830\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">responded<\/a>, congratulating Zhou and hoping that he\u2019ll share a case study on navigating the financial stress.<\/p>\n<blockquote>\n<p>\u201cThe way Bitfinex handled its financial distress post-hack was creative and ultimately proved more efficient than the cost of traditional restructurings,\u201d she said.<\/p>\n<\/blockquote>\n<p>The <a href=\"https:\/\/cryptopotato.com\/bybit-hack-aftermath-single-whale-liquidated-for-46m-as-btc-dumps-by-4k\/\" data-wpel-link=\"internal\">hackers<\/a>, which are believed to be North Korea-affiliated Lazarus Group, have been reportedly using a service called eXch to launder the loot.<\/p>\n<p>On Feb. 23, Zhou said he hoped that the exchange \u201ccould reconsider and help us to block funds outflowing from them\u201d after contacting them.<\/p>\n<blockquote>\n<p>\u201cWe are also getting help from Interpol and international regulatory bodies. Helping block these funds is not just helping Bybit,\u201d he added.<\/p>\n<\/blockquote>\n<p>Over the weekend, Bybit reported that there had been some success in freezing assets with assistance from companies and organizations, including Tether, Circle, Avalanche, and THORChain. However, it remains a drop in the ocean compared to the total losses.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action: <a href=\"https:\/\/twitter.com\/Tether_to?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@Tether_to<\/a>: Flagged address and froze 181K USDT <a href=\"https:\/\/twitter.com\/THORChain?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@THORChain<\/a>: Blocked the blacklist <a href=\"https:\/\/twitter.com\/ChangeNOW_io?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@ChangeNOW_io<\/a>: Froze 34 ETH <a href=\"https:\/\/twitter.com\/FixedFloat?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@FixedFloat<\/a>: Froze 120K USDC + USDT\u2026<\/p>\n<p>\u2014 Bybit (@Bybit_Official) <a href=\"https:\/\/twitter.com\/Bybit_Official\/status\/1893687749229563958?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">February 23, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>ETH Price Outlook<\/h2>\n<p>Despite the initial recovery, ETH did not spend long above $2,800 and fell back to $2,740 during the Monday morning Asian session, where it found support.<\/p>\n<p>The asset has been choppy for the past week, having hit resistance just above $2,800 three times while finding support just above $2,600 twice.<\/p>\n<p>ETH has been within this range since it collapsed below $3,000 in early February, having shown little signs of returning to that level despite the month being bullish historically.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/ethereum-bounces-back-as-bybit-closes-gap-on-hack-losses\/\" rel=\"nofollow\">Ethereum Bounces Back as Bybit \u2018Closes Gap\u2019 on Hack Losses<\/a> appeared first on <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum prices displayed resilience over the weekend, rapidly bouncing back from a slump following the massive hack of the Bybit crypto exchange. The asset slumped 7% in a matter of hours on Feb. 21, falling from $2,832 to $2,629 in the wake of the $1.4 billion Bybit hack of Ethereum assets. However, ETH tapped $2,800 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-14634","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14634"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14634\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}