Catenaa, Monday, February 24, 2025 – mETH Protocol, a liquid staking and restaking platform, has recovered 15,000 cmETH tokens worth approximately $43 million following the $1.5 billion Bybit hack lastweeek.
The recovery effort, led by Polygon’s security chief Mudit Gupta and the rapid-response team SEAL, utilized the protocol’s built-in eight-hour withdrawal delay to halt unauthorized transactions.
Meanwhile, Tether confirmed that $181,000 worth of USDT linked to the hack has been frozen.
Bybit acknowledged the recoveries and announced eligibility for a bounty reward, estimating a payout of $4.3 million for Gupta, SEAL, and mETH Protocol, along with $18,100 for Tether.
Bybit praised multiple exchanges and blockchain networks for assisting in freezing $42.89 million in hacked funds within a single day.
The recovery already surpasses the $30 million retrieved from the North Korean Lazarus Group’s attack on Ronin Bridge, which took nearly six months.
Tether’s latest intervention follows its role in freezing $5 million in stolen funds in September 2024, in coordination with other stablecoin issuers.
Meanwhile, ByBit has annoounce a 10 percent bounty on the hack recovery.
