Cryptocurrency exchange Bybit has processed all withdrawals and returned its system to normal functionality after the largest hack in the past 15 years.
Bybit's Recovery Process
Bybit CEO Ben Zhou announced that all withdrawal transactions have been successfully completed, and the system is back to normal. This was achieved 12 hours after the attack. Zhou also apologized to users for any delays and promised a full incident report and security assessment in the coming days. Earlier, Zhou had warned customers that withdrawals could face delays due to congestion following a $1.5 billion hack targeting Ethereum-related tokens.
Community Praise
Multiple crypto industry commentators have praised Ben Zhou and his team for their handling of the situation. EasyDNS CEO Mark Jeftovic noted that Zhou 'handled this well.' Similarly, The Moon Show host Carl Moon expressed admiration for the effective crisis management.
Support from Other Exchanges
Other cryptocurrency exchanges, such as Bitget and Crypto.com, have pledged support to Bybit. According to a statement viewed by Cointelegraph, Bitget transferred 4,000 Ether (ETH), worth approximately $105 million, to assist Bybit. Bitget CEO Gracy Chen stated that hacker wallets have been blacklisted, and suspicious transactions will be blocked. 'Our security and research team is currently monitoring the situation and will share significant findings to support the industry,' added Chen.
The situation with Bybit highlights the importance of robust security and effective incident response in the crypto industry. Unified efforts from industry stakeholders and communities help swiftly address the aftermath of cyber attacks.
