Bybit Bounces Back After Major Security Breach

In a remarkable turnaround, cryptocurrency exchange Bybit announced on Sunday that its platform's transactions have been fully restored to normal operations. This comes after a significant security incident on February 21, where unauthorized access to the exchange's ETH cold wallet led to a massive theft.

Recovery Efforts and Collaboration

"We are thrilled to report that our services have been fully restored, and we've made substantial progress in our recovery efforts," Bybit stated in a recent press release. The exchange highlighted that both deposit and withdrawal activities have now returned to their pre-incident levels, signaling a swift response to the breach.

Bybit also shared that, in collaboration with the mETH Protocol, it successfully retrieved 15,000 cmETH, valued at approximately $42.76 million. This recovery is part of the exchange's ongoing efforts to mitigate the impact of the theft, which initially saw over 400,000 ETH and stETH, worth more than $1.5 billion, being stolen.