Bybit's Swift Recovery Post $1.5 Billion Theft

In an impressive display of resilience, cryptocurrency exchange Bybit announced on Sunday that all transactions on its platform have returned to normal following a significant hacker attack on February 21. The breach targeted the exchange's Ethereum wallet, leading to the theft of over 400,000 ETH and stETH, valued at more than $1.5 billion.

Collaborative Efforts Lead to Partial Recovery

Bybit, in collaboration with the mETH Protocol, has successfully retrieved 15,000 cmETH, approximately valued at $42.76 million. This recovery marks a significant step forward in the aftermath of the security breach. "Following yesterday's security incident involving unauthorized activities in our ETH cold wallet, Bybit is pleased to announce the full restoration of services and significant progress in our recovery efforts," stated Bybit in a press release.

Deposit and Withdrawal Activities Back to Normal

The exchange also confirmed that deposit and withdrawal activities have returned to pre-incident levels, ensuring users of the platform's stability and security moving forward. This incident highlights the ongoing challenges and risks in the cryptocurrency sector, emphasizing the importance of robust security measures and swift response strategies.