Key Points:-
- Bybit’s CEO confirmed that Bybit lost around $1.5 billion ETH in a hacker attack.
- Crypto prices dropped on Friday (21st Feb) on the Bybit crypto exchange after a security incident occurred.
- Bitcoin and Ethereum cryptocurrency prices dropped, and Bitcoin and Ethereum slipped to $95,000 and $2,600 respectively.
Bybit CEO Ben Zhou confirmed on Friday that $1.4 billion was stolen from one of the platform’s offline Ethereum wallets. Bybit is the second largest exchange behind Binance. The theft is the biggest in the history of the industry, and this lost part is more than half of the lost part in 2024, according to a report by analytics company Chainalysis.
As a result, the market reacted with Bitcoin slipping by 3 percent and Ethereum down by 4 percent. Bybit Ceo Zhou attempted to calm down their client’s fear by saying that their assets remain safe.
The Bybit company said in a post on X that it had reported the case to authorities and that it was working “quickly and extensively” to identify the hackers.
Mr Zhou said, “Bybit is solvent even if this hack loss is not recovered, all of the client assets are 1 to 1 backed, we can cover the loss.”
Bybit Hack Update (via Live Stream)
According to Bybit’s latest live stream around 80% of the exchange’s ETH reserves have been affected. As a result, ETH withdrawals may face delays.
We recommend converting your ETH to other cryptocurrencies for faster withdrawals if needed. The team is actively working to resolve the issue and restore normal operations.
Stay tuned for further updates from Bybit.
Latest Update: Withdrawals Working
???? BYBIT HACK UPDATE: MASSIVE WITHDRAWALS PROCESSED! ????
???? Since the hack (10 hrs ago), Bybit has processed a record-breaking 350K+ withdrawal requests!
???? 99.994% of withdrawals have been successfully completed. ????
???? Only ~2,100 withdrawal requests are left to be processed.
Despite facing one of the worst hacks in financial history, Bybit’s team has been working NON-STOP to ensure all operations remain smooth. ????
