David Edwards
CEO Ben Zhou of cryptocurrency exchange Bybit said that the company has successfully processed all outstanding withdrawals and returned to “normal pace” after the biggest hack in the industry’s 15-year history.
“12 hours from the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now fully back to normal pace,” Zhou announced in a Feb. 22 post on X (formerly Twitter).
Users Can Instantaneously Withdraw Money
Zhou told Bybit users that there are no longer any limitations or delays on withdrawals. Additionally, he apologized to his 200,900 X followers for the security lapse, highlighting the exchange’s dedication to openness.
In the upcoming days, a comprehensive incident report and security assessment will be made public. “The real work has just now started,” Zhou stated, signaling a comprehensive security overhaul.
System congestion was caused by a massive $1.5 billion hack.
The announcement comes after Zhou’s webcast on February 21 in which he cautioned Bybit users that withdrawal requests could take hours because of network congestion after the $1.5 billion attack. He said there were about 4,000 withdrawal transactions outstanding at the time.
Leaders in the Industry Applaud Bybit’s Crisis Management
Zhou and Bybit have received praise from a number of cryptocurrency professionals for their prompt action.
Carl Moon, presenter of The Moon Show, said he had “a lot of respect” for Bybit’s handling of the matter.
It was a “masterclass in crisis management and communication,” according to cryptocurrency expert 0xJeff.
Other Crypto Exchanges Offer Support Bybit’s rivals have also offered their support. Cointelegraph claims that Bitget sent 4,000 Ether (ETH), or almost $105 million, to help the exchange.
According to Bitget CEO Gracy Chen, the company is keeping an eye on questionable transactions and has blacklisted the hacker’s wallets.
“Our security team is tracking these activities, and we will share any major findings to protect the industry,” Chen affirmed.
This event highlights the continuous security issues in the cryptocurrency space and the significance of prompt action and industry-wide cooperation in thwarting cyberthreats.
