Bybit Replenishes ETH Reserves After Hack, Ethereum Prices Surge

According to preliminary reports, Bybit is replenishing its ETH reserves through strategic partnerships with Galaxy Digital, FalconX, and Wintermute. In the past 24 hours, over 100,000 ETH have been secured. This rapid recovery reassures investors of Bybit’s resilience and ability to minimize the impact of security breaches.

Related: Bybit at the Center of the Largest Crypto Hack Ever – Losses Near $1.5 Billion

As Bybit recovers its ETH balance, discussions have emerged about the possibility of rolling back the Ethereum network to counter the impact of the hack. Arthur Hayes, co-founder of BitMEX, publicly urged Ethereum’s founder, Vitalik Buterin, to consider this move.

My own view as a mega $ETH bag holder is $ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016 y not do it again?

Arthur Hayes wrote on X.

However, Ethereum developer Tim Beiko cautioned that rolling back the network could trigger significant and potentially irreversible chain reactions due to Ethereum's deep integration with other systems. Unlike the 2016 DAO hack situation, today’s Ethereum ecosystem is far more complex, and the potential costs of a rollback could exceed $1.5 billion.

Related: Bybit Reserves Cover Liabilities Despite $4.3B Withdrawals

In response to the massive hack, Bybit has launched a Bounty Recovery Program. This initiative offers participants a 10% reward on the total amount of recovered assets for helping to retrieve lost funds. Bybit aims to engage the community and attract cybersecurity experts, leveraging a strategy that has proven effective in past crisis situations.