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# Bybit refunds $114 million in ETH to creditors after the latest intrusion
In a recent event, Bybit has refunded 47,800 ETH, estimated at about $114 million, to a major investor or organization. This refund was made necessary by a major security violation in the exchange’s cold wallets last week.
## Flashback to the Intrusion
On February 21, 2025, Bybit suffered a major security attack, resulting in the theft of 401,346 ETH, worth a staggering $1.13 billion, from its cold wallets.
Bybit explained that the attackers successfully compromised their Ethereum multi-signature cold wallet system by manipulating the underlying smart contract logic. This gave the hackers complete control over the wallets, allowing them to transfer all funds to an external destination.
Despite the violation, Bybit assured users that their deposits remained safe.
## Refund Details
Blockchain records confirm that 47,800 ETH, estimated at $113.97 million, was transferred from Bybit’s cold wallet (0x88a) to Binance Deposit (0x667). This Significant ONDO Inflow: Couple of Digital Accounts Put .2 Million into Coinbase Prime, A Handful of Digital Accounts Possess 4 Million transaction indicates that Bybit has fulfilled its debt obligations to the whale/organization, contributing to market stability.
Prior to this transaction, Bybit had fully refunded its initial loan from Bitget, returning 40,000 ETH, estimated at $99.98 million.
## Market Impact and Future Outlook
The true intentions behind the ETH theft remain uncertain. However, reports suggest a connection between the Bybit and Phemax hacks, indicating a potential link between the two incidents. It is believed that the Lazarus Group, a North Korean hacking organization, may be responsible for these security violations.
The firm promptly managed the monetary deficit and started an exhaustive inquiry regarding the assault, successfully lessening instant functional disturbances.
By keeping the firmness of the majority of its processes, Bybit verified its monetary strength and improved consumer self-assurance. The digital currency society is currently observing to ascertain if Bybit is able to recoup the pilfered assets and reinstate patron conviction by reinforcing its safety protocols.
Ishtiaq is a practiced virtual currency subject scribe with more than a couple of years of involvement. He focuses on constructing fascinating and educational subject matter concerning blockchain engineering and virtual currencies, streamlining intricate notions for a widespread demographic. His work comprises pieces, handbooks, and news briefs intended at teaching and captivating perusers within the virtual currency realm.
