Bybit Repays $104M Ethereum Loan to Bitget After Massive Hack

Cryptocurrency exchange Bybit has fully repaid a 40,000 Ether loan to rival exchange Bitget, just three days after suffering a devastating $1.4 billion hack. The repayment, worth approximately $104 million, was confirmed on-chain on February 25, underscoring Bybit’s rapid response to one of the largest crypto exploits in history.

Swift Recovery After $1.4 Billion Exploit

Bybit was attacked on February 21 in a breach widely believed to be orchestrated by North Korea’s infamous Lazarus Group. Despite the scale of the exploit, the exchange quickly restored its Ether reserves, ensuring that user withdrawals remained unaffected.

To stabilize operations, Bybit borrowed 40,000 ETH from Bitget on February 22. The loan was granted without collateral or interest, a gesture Bitget CEO Gracy Chen described as an act of industry solidarity. “No interest, no collateral—this was simply about supporting a peer in need. Great to see Bybit fully recovered, and we never doubted the return of the loan,” Chen stated.

Bybit Recovers Nearly 90% of Stolen Funds

Beyond repaying its loan, Bybit undertook major efforts to restore its reserves. According to blockchain analytics firm Lookonchain, the exchange managed to recover approximately 446,870 ETH—valued at around $1.23 billion—through a combination of loans, whale deposits, and asset purchases. This recovery covered nearly 88% of the stolen assets, reinforcing Bybit’s commitment to financial stability.

Despite the chaos, Bybit assured users that all withdrawal requests would be honored, prompting a massive outflow of over $5 billion on February 22. However, proof-of-reserve auditor Hacken later verified that Bybit’s reserves remained intact and continued to exceed its liabilities.

The hack sent shockwaves through the crypto market, particularly impacting Ether’s price. Following news of the breach, ETH plunged over 7% within seven hours, dropping from $2,831 to $2,629. At the time of writing, ETH remains under pressure, trading around $2,400, according to CoinMarketCap data.