Cryptocurrency exchange Bybit faced a recent acid test, a hacker attack that put its security infrastructure and the trust of its users to the test. After a period of suspense and intense behind-the-scenes activity, the exchange announced the full restoration of its withdrawal system, allaying concerns and reaffirming its commitment to security.
The news, announced by Bybit CEO Ben Zhou via his X account, brought relief to the crypto community. Zhou assured that all withdrawal requests are being processed without delays or amount restrictions, marking the end of a period of uncertainty.
“12 hours of the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now fully back to normal, you can withdraw any amount without experiencing delays. Thank you for your patience and we are sorry that this happened. Bybit will release a full report of the incident as well as security measures in the coming days. I will also keep you personally informed of any further updates. Thank you to all customers, friends and partners who helped and supported us during these excruciating 12 hours. The real work has just begun,” stated Zhou.
Bybit, which found itself at the center of a targeted attack on its Ethereum cold wallet, acted swiftly to contain the incident and restore normalcy. The exchange has committed to releasing a detailed report on the incident and the security measures implemented in the coming days, demonstrating transparency and accountability.
Singapore-based Bybit faced a serious security incident yesterday, February 22. According to statements from CEO Ben Zhou, the platform was the victim of an attack that resulted in the theft of $1.4 billion from its Ethereum (ETH) cold wallet, generating a significant impact on the cryptocurrency market which fell 1.54% after the hack.
Later, Zhou revealed that the company was able to secure substantial support from its partners, securing around 80% of the lost value through bridge loans.