Bybit Handles All Withdrawals After Historic Hack
Bybit CEO Ben Zhou has confirmed that the crypto exchange processed all withdrawal requests after a historic security breach which resulted in a $1.5 billion loss. Zhou reassured customers that the system is back to its usual working pace. The hack, among the largest in the history of cryptocurrencies, temporarily suspended the withdrawal services of the exchange.
Zhou Guarantees Normal Withdrawal Services
In a Feb. 22 tweet on X, Zhou stated:
“12 hr from the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now fully back to normal pace.”
He also guaranteed Bybit users that they can now withdraw money without delay or limitations, regretting the unexpected occurrence to his 200,900 followers. Zhou guaranteed the community that additional security enhancements are ongoing, and a complete incident report and security assessment will be made available soon.
Early Delays and Community Reaction
The warning came after a Feb. 21 livestream in which Zhou alerted users that withdrawals might take hours because of intense congestion caused by the exploit. There were about 4,000 withdrawal requests pending at the time, fueling frustration among users. The exchange’s quick action did help to soften possible panic in the trading community, though.
Analysts in the crypto industry have been commending Zhou’s response. EasyDNS CEO Mark Jeftovic stated Zhou is “doing this well.” The host of The Moon Show, Carl Moon, also complemented Bybit’s crisis management, stating, “Big respect for how this was handled.” The incident has further highlighted the need for better security protocols across the industry.
Support from the Crypto Community
Other cryptocurrency trading platforms have emerged to support Bybit. 0xJeff referred to Bybit’s handling of the crisis as a “masterclass” in a tweet on Feb. 21.
Bitget and Crypto.com have also spoken their support, with Bitget transferring 4,000 ETH (approximately $105 million worth) to help stabilize the platform. Bitget CEO Gracy Chen guaranteed the exchange has blacklisted the hackers’ wallets and will block evil transactions. She also reaffirmed the importance of cooperation in the industry in helping reduce security incidents.
Our security team is watching these activities very closely,” Chen stated, promising to publish major findings to the crypto community in order to strengthen security measures throughout the industry.”.
Bybit users can now operate as usual, but the exchange needs to step up security protocols to prevent such a breach in the future. The full incident report will likely provide more insights into the hack and how it was being fought back, so that users are less vulnerable in the future.
