Bybit recently faced a major hack, resulting in the loss of $1.4 billion in ETH-related tokens. The CEO assured users that withdrawals, although delayed, are still being processed.
Impact of the Bybit Hack
The high-profile hack left Bybit exchange $1.4 billion short in ETH-related tokens. This led to temporary difficulties in withdrawals, now taking longer due to network congestion.
CEO's Assurances
Bybit CEO Ben Zhou, in a February 21 livestream, reassured that the exchange still processes withdrawal requests, although network congestion causes delays. He noted that 70% of the requests have been completed and that Bybit has no plans to suspend them.
Crypto Market Reactions
The Bybit incident caused significant market fluctuations. Many tokens decreased in value, while some have started rebounding. According to Nansen, ETH prices dropped sharply following the hack, losing 4% in just about 45 minutes.
While Bybit users experience temporary inconveniences, the exchange's management actions and potential bridge financing provide some reassurance.
