Cryptocurrency exchange Bybit faced a severe incident: a hack causing $1.5 billion in losses, followed by a surge in withdrawal requests.
The Attack and Its Aftermath
Due to the significant hack, Bybit lost $1.5 billion in crypto assets. Following this event, the exchange faced unprecedented pressure and saw an influx of $4 billion in just 12 hours. This included 63,168 ETH, $3.15 billion in USDT, $173 million in USDC, and $525 million in CUSD.
Response and Partner Support
Immediately after the attack, many users expressed concern about potential insolvency. Bybit's CEO, Ben Zhou, reported processing over 350,000 withdrawal requests in 10 hours, assuring that the exchange has sufficient liquidity to manage these. Partner involvement was critical, with Bitget transferring 40,000 ETH from its own funds to support Bybit.
Ensuring Liquidity and Fund Verification
Despite high demand, Bybit did not repurchase Ethereum tokens but sought liquidity through other means. Gracy Chen, CEO of Bitget, confirmed that the partner maintains a strong reserve ratio and provides monthly proof of reserves for transparency. She stated that despite the losses, Bybit is optimistic about recovery.
As the situation develops, Bybit continues to process users' requests and takes steps to ensure stability and security of its services.
