Bybit CEO Says Crypto Exchange Is Solvent, All User Assets Backed 1:1 Following ‘Largest Heist of All Time’
The chief executive of the crypto exchange Bybit is assuring customers that the firm can meet all withdrawal requests following a massive cybersecurity incident.
On Friday, Bybit witnessed a major security breach that allowed thieves to siphon $1.4 billion worth of Ethereum (ETH) and stETH from the exchange’s cold wallet.
Coinbase executive Conor Grogan calls the attack the biggest theft in recorded history.
“The NK (North Korea) hack of Bybit is the largest heist of all time, of any medium (Central Bank of Iraq heist was ~$1 billion).
It’s ~10x in dollar terms of the 2016 DAO hack (That was a much higher % of supply though, 15% versus <0.5%).
Expect we see some calls for an Ethereum fork here.”
On the social media platform X, Bybit CEO Ben Zhou says that the crypto exchange witnessed over 350,000 withdrawal requests hours after the attack as customers took measures to protect their funds.
He also says Bybit customers shouldn’t worry about the state of the exchange, highlighting that the firm can hand over all user assets.
“Bybit is solvent. Even if this hack loss is not recovered, all client assets are 1 to 1 backed, and we can cover the loss.”
In an update, Zhou says that Bybit had managed to process all withdrawal requests without experiencing any major issues.
“12 hours from the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now fully back to normal pace, you can withdraw any amount and experience no delays. Thanks for your patience and we are sorry that this has happened.
Bybit will come out with a full incident report as well as security measurements in the next few days. I will also personally keep you all posted on any new updates. Thanks to all the clients, friends and partners who have helped and supported us during this excruciating 12 hours.
The real work has just now started.”
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Author: Henry Kanapi
