In a recent update, Bybit CEO Ben Zhou announced that the cryptocurrency exchange has successfully processed all withdrawals following a devastating exploit that resulted in a staggering $1.5 billion being drained from its system. Zhou expressed his gratitude to the users for their patience during the recovery process, asserting that Bybit’s withdrawal system is now functioning at a normal pace.
As of February 22, the CEO tweeted about the swift restoration of services, stating, “12 hrs from the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now fully back to normal pace,”providing much-needed reassurance to affected users. This incident served as a wake-up call within the cryptocurrency community, highlighting the industry’s vulnerabilities.
In the wake of the exploit, Zhou had forewarned users during a February 21 livestream, mentioning potential delays due to heavy congestion resulting from the overwhelming number of withdrawal requests. At the time, approximately 4,000 transactions were pending, illustrating the extent of the disruption caused.
The crypto industry has rallied in support of Bybit, with competing exchange platforms such as Bitget and Crypto.com stepping up to provide assistance. Notably, Bitget transferred 4,000 Ether (ETH), valued at around $105 million, to Bybit as a gesture of goodwill. CEO Gracy Chen emphasized that their team is actively tracking the hacker’s activities and will block any incoming transactions from suspicious addresses, showcasing a commitment to security across the industry.
Commentators within the crypto space have praised Zhou’s crisis management skills. Industry leaders have remarked on his adept handling of the situation, with some calling it a “masterclass in crisis management and communication.” As Zhou prepares a comprehensive incident report and security assessment, the crypto community remains vigilant, recognizing the urgent need for enhanced security measures moving forward. The emphasis on increased security protocols will be crucial in reassuring users against future threats as the industry navigates through these turbulent waters.
