ParaSwap Assisted Bybit in Recovering Fees After $1.4B Hack

Edited by: Yuliya Shumai

Following the $1.4 billion hack of Bybit, ParaSwap, a decentralized exchange aggregator, aided in tracking and recouping funds. Hackers manipulated a routine transfer from Bybit's ETH cold wallet, diverting 499,000 ETH. Bybit's proposal to the ParaSwap DAO was approved last week, enabling the recovery of 40 ETH in fees paid by the hackers. Although a small portion of the total stolen, this recovery highlights DeFi's potential for tracking illicit funds due to its on-chain transparency.

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