Bybit, a cryptocurrency exchange, has recovered from a $1.4 billion hack that occurred on Friday. The exchange has reestablished a 1:1 backing of client assets and has closed the "ether gap" that resulted from the hack. Bybit received 446,870 ETH, valued at $1.23 billion, through loans, large deposits, and ether purchases in the past two days. It appears that over $400 million was purchased through over-the-counter trading, $300 million was obtained through loans, and the rest came from crypto funds. Bybit's deposit and withdrawal activity has returned to normal levels, indicating market confidence. The hack involved exploiting a manipulated user interface and URL, allowing the attackers to alter the smart contract logic and redirect the funds to an unknown address. The stolen assets were then spread across multiple wallets and traded on decentralized exchanges. There are suspicions that the North Korean Lazarus Group, a state-sponsored hacking group, was behind the attack.



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