Cryptocurrency exchange Bybit CEO Ben Zhou said the exchange has processed all withdrawals, and its system is “fully back to normal pace” after being hit by the single largest hack in the crypto industry’s 15-year history.
“12 hr from the worst hack in history. ALL withdrawals have been processed. Our withdraw system is now fully back to normal pace,” Zhou said in a Feb. 22 X post.
Zhou assured users that they can withdraw without limits or delays and apologized to his 200,900 X followers for the unexpected incident.
He said a full incident report and a security assessment will be released in the coming days. “The real work has just now started,” Zhou said.
It follows Zhou warning Bybit customers in a Feb. 21 livestream that withdrawals could take hours due to heavy congestion following the $1.5 billion hack that drained Ethereum-related tokens from the exchange.
At the time of the livestream, the exchange had around 4,000 pending withdrawal transactions, according to Zhou.
Source: Ben Zhou
Several crypto industry commentators have already praised Zhou and the exchange for the way the unfortunate situation has been managed.
EasyDNS CEO Mark Jeftovic said that Zhou is “handling this well.” Echoing a similar sentiment, The Moon Show host Carl Runefelt said, “Big respect for how this was handled.”
Bybit shown support from other crypto exchanges
0xJeff called it a “masterclass in crisis management and communication” in a Feb. 21 X post. Crypto exchanges Bitget and Crypto.com have already pledged their support to Bitget.
Related: Crypto hacks drop 44% YoY in January, CeFi top target with $69M loss
According to a statement shared with Cointelegraph, Bitget backed its competitor by transferring 40,000 Ether (ETH), worth around $105 million, to support the exchange.
Source: Kris Marszalek
Bitget CEO Gracy Chen told Cointelegraph that it has blacklisted the hacker’s wallets and “will block any transactions flowing in from illicit addresses to the exchange once it has been monitored.”
“Our team of security and researchers are currently tracking these activities,” Chen said, promising to share any major findings to support the industry.
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