Bybit was exploited for over $1.4 billion Friday, rocking the crypto industry to the core, as it easily became the largest single heist in crypto history.

Bybit has returned to a 1:1 backing of client assets and has fully closed the “ether gap” it faced after an unprecedented $1.4 billion hack hit the exchange late Friday.

The exchange reportedly replenished the Ethereum deficit through a combination of loans, whale deposits, and direct purchases.

Bybit has fallen victim today to one of the largest crypto hacks ever recorded, with hackers reportedly stealing over $1.4 billion worth of ETH.

After suffering a $1.4 billion hack, Bybit recovered $700 million worth of Ethereum within 48 hours through OTC deals and loans while implementing a bounty program to retrieve the remaining stolen funds.

Bybit has officially sealed the $1.5 billion Ethereum gap left by one of the largest crypto heists in history.

Visitors stand in front of works by Bybit on display during the 15th edition of Art Dubai at Madinat Jumeirah in the Gulf emirate of Dubai, on March 10, 2022. (Photo by KARIM SAHI

Crypto exchange Bybit announced that it has recovered almost 100% of its Ethereum lost through loans and other OTC deals.

Bybit CEO said the exchange has restored its Ethereum holdings after a $1.5B hack and will release a proof-of-reserves audit soon.