The crypto industry has come together to help Bybit recover from a massive cyberattack that resulted in the theft of $1.5 billion in ETH.
Scale of the Attack on Bybit
Recently, the Bybit exchange fell victim to a massive hacker attack, resulting in the loss of 499,395 ETH valued at $1.4 billion.
Community Support
Following the attack, key figures in the crypto industry stepped in to support Bybit. Huobi co-founder Du Jun transferred 10,000 ETH to the exchange, pledging to keep it there for a month. Founders of Conflux and Mask Network also restored ETH to Bybit's accounts. Bybit CEO Ben Zhou expressed gratitude for the critical support from industry players. Companies like Antalpha, Bitget, and Pionex contributed to the support.
Hackers' Activities
The hackers are actively laundering the stolen funds, exchanging 37,900 ETH for BTC and other assets through platforms like Chainflip, THORChain, and others. Currently, the hackers' address holds 461,491 ETH ($1.29 billion).
Despite significant losses, the concerted efforts of the crypto community have helped Bybit stabilize. Customer security remains intact, and the industry shows unity in challenging times.
