Bybit has fully restored its Ethereum reserves after losing $1.4 billion in a security breach. While the recovery has reassured investors, attention is shifting toward Solana’s growing need for scalability.
Bybit CEO Ben Zhou confirmed that the exchange has successfully replenished its Ethereum (ETH) reserves following the historic $1.4 billion security breach.
In a statement on February 24, Zhou reassured investors that Bybit will soon publish an updated proof-of-reserves report, verifying that client assets are once again fully backed on a 1:1 basis.
Blockchain analytics firm Lookonchain had earlier reported that Bybit restored its reserves through a combination of over-the-counter (OTC) purchases, whale deposits, and loans from major crypto platforms, including Binance, Bitget, and HTX.
To close the gap, Bybit acquired 157,660 ETH—worth approximately $437.8 million—from investment firms such as FalconX and Wintermute. Additionally, the exchange purchased another $304 million in ETH from centralized and decentralized trading platforms.
Bybit’s Fund Recovery Efforts and Ongoing Investigations
While the exchange has secured the necessary funds to cover client assets, efforts to track and recover the stolen ETH continue.
Bybit has launched a 10% bounty program, encouraging ethical hackers and cybersecurity experts to aid in recovering the lost funds. Should the full amount be reclaimed, bounty hunters could earn up to $140 million in rewards.
The exchange has also collaborated with multiple crypto platforms to freeze stolen funds. To date, Bybit has successfully frozen approximately $43 million, with assistance from Tether, ThorChain, Bitget, ChangeNow, Fixed Float, Avalanche, Circle, and CoinEx.
However, blockchain forensics firm Elliptic has noted that the attackers—believed to be the Lazarus Group—are actively laundering the stolen ETH. Within hours of the attack, funds were converted into ETH via decentralized exchanges (DEXs), making it harder to freeze the assets.
Solaxy: Solana’s First Layer-2 Scaling Solution Gains Traction
While Bybit has stabilized, Solana faces a different challenge—network congestion.
Solana’s explosive growth over the past year has led to frequent slowdowns, failed transactions, and high network activity spikes. This is where Solaxy (SOLX) comes in.
Solaxy is the first Layer-2 scaling solution built specifically for Solana. It functions by processing transactions off-chain before bundling them back onto Solana’s main network.
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This reduces congestion, speeds up transactions, and lowers fees—offering a major efficiency boost to one of the fastest-growing blockchains.
Why Investors Are Bullish on Solaxy
Solaxy has already raised $23 million in its presale, attracting strong investor interest.
Unlike most new blockchain projects, Solaxy has a clear first-mover advantage. It is the first dedicated Layer-2 for Solana, bringing scalability solutions similar to Ethereum’s Optimism and Arbitrum.
Popular crypto analyst NASS CRYPTO, with over a million subscribers, recently discussed Solaxy, further fueling investor hype.
Solaxy’s team has also prioritized security, passing an audit from Coinsult with no issues. This transparency has reassured investors, particularly after recent security failures in the broader crypto space.
Additionally, Solaxy features a cross-chain bridge to Ethereum, allowing seamless asset transfers between the two blockchains. This adds another layer of functionality, making Solaxy more than just a scaling solution.
SOLX Token Presale and Future Listing Plans
The SOLX token will be central to the Solaxy ecosystem, used for staking, governance, and transaction fees.
Investors can currently buy SOLX in the presale for $0.001644. The project has also partnered with Best Wallet, making in-app purchases possible.
Once the presale concludes, Solaxy’s team plans to list SOLX on a decentralized exchange (DEX). A centralized exchange (CEX) listing is expected to follow, further increasing accessibility and liquidity.
To support trading, Solaxy has set aside 10% of the total SOLX supply for initial liquidity.
Will SOLX Outperform PI in the Next Bull Run?
As the crypto market looks for the next high-growth asset, Solaxy is being compared to other trending projects, including Pi Network (PI).
Pi Network, which recently launched its open mainnet, has been a point of interest among crypto traders. However, unlike Pi, Solaxy has already secured its place within the Solana ecosystem, offering direct utility for scalability.
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With Solana’s total value locked (TVL) growing and Ethereum’s Layer-2 projects thriving, investors are betting that Solaxy could see similar success.
Crypto analysts have predicted that SOLX could reach between $0.50 and $0.75 by late 2025—potentially delivering a 30-45x return for early presale buyers.
The Best Crypto to Buy Now?
Bybit’s rapid recovery has reassured Ethereum investors, but as the market shifts focus, Solana’s congestion issues are becoming more apparent.
Solaxy’s innovative approach as Solana’s first Layer-2 scaling solution makes it a strong contender for long-term growth.
With $23 million raised in presale, a first-mover advantage, and the potential for high staking rewards, SOLX is quickly emerging as a top pick among investors looking for the best crypto to buy now.
