Bybit CEO Ben Zhou has confirmed that the crypto exchange has fully restored its withdrawal system after suffering the largest hack in the industry’s 15-year history.
In a post on X on February 22, Zhou assured users that all pending withdrawals had been processed and that the platform was operating at its normal pace.
“12 hours from the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now fully back to normal pace,”
he wrote in the post.
He reassured customers that there were no further delays or limits on withdrawals and issued an apology for the disruption. Zhou also promised a full security assessment and an incident report in the coming days, emphasizing that the real challenge lies ahead.
The hack, which resulted in a $1.5 billion loss primarily from Ethereum-related tokens, caused significant congestion on Bybit’s network. In a livestream on February 21, Zhou warned users that withdrawals might take several hours due to high transaction volume, with around 4,000 transactions pending at the time.
“We don’t have plans to suspend or cancel withdrawals. At the moment, we are still receiving all the withdrawal requests, and, in fact, 70% of them have been approved and processed. A lot of the network congestion is still there, so we’re processing them as fast as we can,”
Zhou stated.
Despite the severity of the incident, Bybit’s handling of the crisis has drawn praise from the crypto community. EasyDNS CEO Mark Jeftovic commended Zhou’s response, while The Moon Show host Carl Moon expressed “big respect” for the way the situation was managed.
A crypto commentator known as 0xJeff described Bybit’s response as a
“masterclass in crisis management and communication.”
Meanwhile, another security incident recently rocked the crypto space as zkLend, a Starknet-based Layer 2 money-market protocol, suffered an exploit that resulted in the loss of over $9 million worth of Ether. In response, zkLend suspended all withdrawals and initiated an internal investigation to determine the root cause of the attack.
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