A hack on the Bybit cryptocurrency exchange resulted in a loss of approximately $1.5 billion. Binance founder Changpeng Zhao suggested suspending withdrawals as a precaution.
Loss of $1.5 Billion: Details of the Incident
According to Bybit CEO Ben Zhou, hackers gained unauthorized access to one of the exchange's Ethereum cold wallets, transferring all funds to an unknown address. Cyvers Alerts and Arkham Intelligence estimate that over 401,346 ETH tokens worth more than $1.1 billion were stolen, in addition to other assets.
Community and CZ's Reaction to the Hack
In response to the hack, CZ showed support for Bybit and proposed temporarily halting withdrawals as a standard security measure. In a tweet, CZ mentioned: 'Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck!'
Speculations Around the Bybit Hack
The community is actively discussing the incident, with some speculating that the Pi community could be involved. Recently, a public debate arose between Bybit's CEO and the Pi community over the decision not to list Pi on the exchange, causing unrest. Ben Zhou previously called Pi a pyramid scheme.
The situation at Bybit raises concerns among users and experts. Security remains a crucial topic after the $1.5 billion crypto asset loss, and further measures might be taken to enhance protection.
