Bybit restores 50 percent of Ethereum reserves after a $1.4 billion hacker attack, receiving emergency help from crypto companies and confirmation of user fund security

Bybit has restored 50 percent of its reserves in Ethereum after a major hacker attack on $1.4 billion that occurred on February 21. As a result of the hack, liquid-staked Ether (STETH), Mantle Staked ETH (mETH), and other ERC-20 tokens were stolen. However, the exchange quickly restored about 45 percent of its reserves with the help of major cryptocurrency players such as Binance and Bitget, as well as by raising $390 million through emergency loans and transfers. Despite the losses, an independent audit confirmed that user funds remain fully secured and protected.