Bybit has returned to a 1:1 backing of client assets and has fully closed the “ETH gap” it faced after an unprecedented $1.4 billion hack hit the exchange. Address activity suggests more than $400 million were purchased through over-the-counter trading, with another $300 million brought directly from exchanges.

Bybit’s $1.4 billion hack, the largest in crypto history, might have unexpected implications for Ethereum. As the exchange moves to recover, could this be a bullish catalyst for ETH?

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.