Bybit’s CEO, Ben Zhou, has reassured customers that the exchange is capable of meeting all withdrawal requests following a significant cybersecurity incident. On Friday, Bybit experienced a major security breach, resulting in the theft of $1.4 billion worth of Ethereum and stETH from the exchange’s cold wallet. Conor Grogan, an executive at Coinbase, has called this attack the largest theft in recorded history.
Grogan states, “The North Korea hack of Bybit is the largest heist of all time, of any medium (Central Bank of Iraq heist was approximately $1 billion). It is approximately 10 times the dollar value of the 2016 DAO hack (although that hack constituted a much higher percentage of supply, 15% versus less than 0.5%). We can expect to see calls for an Ethereum fork as a result of this.”
On the social media platform X, Bybit CEO Ben Zhou has stated that the exchange received over 350,000 withdrawal requests in the hours following the attack as customers took steps to safeguard their funds. He assures Bybit customers that there is no need to worry about the state of the exchange, emphasizing that the company can fully compensate for any loss.
“Bybit is financially stable. Even if this hacked amount is not recovered, all client assets are backed on a one-to-one basis, and we can cover the loss.”
In an update, Zhou announced that Bybit successfully processed all withdrawal requests without encountering any major issues.
“Twelve hours have passed since the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now operating at its normal pace, and you can withdraw any amount without experiencing any delays. Thank you for your patience, and we apologize for this unfortunate incident.
In the next few days, Bybit will release a comprehensive incident report and security measures. I will personally keep you all informed of any new updates. I would like to express my gratitude to all the clients, friends, and partners who have supported and assisted us during these challenging 12 hours.
The real work has just begun.”
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