Bybit CEO Ben Zhou has confirmed that the cryptocurrency exchange has fully replenished the $1.4 billion worth of Ether (ETH) stolen during a hack on Feb. 21. According to Zhou’s statement on X (formerly Twitter) on Feb. 24, a new audited proof-of-reserve report will soon be released to demonstrate that Bybit’s client assets are back at a 1:1 ratio using a Merkle tree. Blockchain analytics firm Lookonchain estimated that Bybit received approximately 446,870 ETH, valued at around $1.23 billion, through loans, whale deposits, and purchases, covering nearly 88% of the stolen amount. The funds were reportedly acquired via over-the-counter purchases from crypto investment firms such as Galaxy Digital, FalconX, and Wintermute, as well as through centralized and decentralized exchanges. The $1.4 billion hack, attributed to the North Korean state-backed Lazarus Group, marks the largest in crypto history and accounted for over 60% of all stolen crypto funds in 2024. — news from Cointelegraph