Bybit is dealing with the aftermath of a significant hack, which led to substantial losses. The company management assures that steps are being taken to cover the losses.
Current Withdrawal Status
Bybit is processing a significant number of withdrawal requests following a $1.5 billion hack. Despite the surge in requests, withdrawals are not planned to be suspended. Ben Zhou stated that about 70% of claims have been processed, but users might still need to wait a few hours. The platform's P2P services remain operational, though network congestion might cause delays.
Investigation of the Hack
Experts are continuing to investigate how the hacker managed to compromise Bybit's wallet. Zhou mentioned that all addresses were checked before sending the funds, yet the wallet was found drained 30 minutes later. Safe reports no evidence of compromising their frontend, but some functions are paused temporarily as a precaution. SlowMist discovered that hackers used fake smart contracts to exploit the situation.
Security Measures and Recovery
Bybit has taken several steps to ensure security and cover losses. The exchange team is working with law enforcement and regulators to recover the funds. If these efforts fail, Bybit is prepared to use its reserves to compensate users. Zhou emphasized that the company doesn't plan to buy ETH on the market but instead obtained credit lines from major exchanges like Binance and KuCoin.
Bybit has faced a serious threat but is taking all possible measures to minimize the consequences and ensure users' security. The exchange aims to defend its reputation and restore clients' trust.
