The largest crypto hack in history tests crypto exchange by bit and the Ethereum community.

It's Monday, February 24th, 2025. I'm Christine Lee. This is CoinDest Daily.

Crypto exchange by bit has returned to a one-to-one 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.

ByBid has received almost $450,000 ether worth over $1 billion at current prices through loans, large deposits,

and ether purchases in the past two days, according to OnChane Tracking Service Look On Chain.

By-Bitt said late Sunday that all deposit and withdrawal activity had fully recovered to normal

levels with total deposits slightly exceeding withdrawals and a sign of market

confidence following a bank run on the exchange of over $6 billion since the hack.

Blockchain sleuth, Zach XBT linked the hack to North Korea's Lazarus Group, a state-sponsored

hacking collective notorious for crypto thefts. Meanwhile, following the hack,

Bitmex co-founder and self-proclaimed major ether holder Arthur Hayes wrote on X to Ethereum co-founder

Vitalik Bouturin on whether he will advocate to roll back the chain to help Bybit. Bybit CEO,

Ben-Zou, also said in an ex-session that his team had reached out to

the Ethereum Foundation to see if it was something the network would consider, noting that such

a decision should be based on what the network's community wants. This has provoked a fierce reaction

from the Ethereum community, which was firm in its belief that it wouldn't happen.

Ethereum members, like the core developer teams, are vastly against rolling back the network

because it would override core elements of decentralization.

Though some outside the Ethereum community pointed to the 2016 Dowhack as an example,

when the network went forward with a hard fork after $16 million

in ETH was stolen with the new chain continuing on as Ethereum.

Yay, the artist formerly known as Kanye West, who has repeatedly called himself a Nazi in recent

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