Despite more than 350,000 withdrawal requests accordingly of the hack of $ 1.46 billion, Bybit was able to deal with all of the outings. Light on the management of this major crisis.
Bybit honors all withdrawal requests despite the hack
Friday, the exchange of cryptocurrencies bybit recorded an unnatiable record, after having undergone the most important hack in history, and not only with regard to cryptocurrencies. Despite the loss of $ 1.46 billion, the Exchange team has kept the cold lead and CEO Ben Zhou even organized a live to respond to the community, thus taking its responsibilities, where others would have could choose to play the watch.
Without surprises, the number of withdrawals of withdrawals exploded upwards after the hack. Bybit has identified more than 350,000 requestsand it naturally caused congestion on the platform, which could have let fears of a liquidity crisis. However, it was nothing. Indeed, Ben Zhou confirmed on X that all the requests had been processed and that the situation had returned to normal on this point:
12 hours after the worst hacking in history. All withdrawals have been treated. Our withdrawal system has now returned to its normal rate, you can withdraw any amount and do not undergo any delay. Thank you for your patience and we are sorry that it happened.
According to Defillama data, the platform funds went from $ 16.5 billion to $ 11.61 billion between yesterday and today.
💡 What are the good practices to limit the risk of hack?
To carry out this process, emergency measures have been taken, such as ETH borrowing to assume demand, as well as an increase in liquidity on the USDC and USDT stable:
From the Sleepless Twelve Hours
Over the past 12 hours, Our bybuddies have worlessly to support our users by:
– BORROWING ETH to facilitate withdrawals
– Increasing liquidity for usdt and usdcBut we weren't alone. Many Industry Partners Stood by Us, Working Through…
– Bybit (@bybit_official) FEBRUARY 22, 2025
Ledger: the best solution to protect your cryptocurrencies 🔒
If the next few days will be crucial to judge the financial solidity of the company, His CEO has already stated that Bybit was solventeven if these losses never came to be recovered.
The irony of history is that it is just a week ago, upstream of obtaining a Mica license, the Exchange was withdrawn from the black list of the Autorité des Marchéss on which he had been for more than 2 years:
After More Than 2 Years of Working with the French Regulator Through Multiple Remediation Efforts, bybit is indeed official Removed from France Amf Blacklist. Mica License Next. pic.twitter.com/irpf5bosbp
– Ben Zhou (@benbybit) FEBRUARY 14, 2025
👉 In the news also-Sam Bankman-Fried gives an interview in prison and claims that FTX was not insolvent
While Bybit, however, seems to have proven his seriousness despite the stormit will be curious to follow the repercussions of this incident, and its management, on the image of the company and its future.
In addition, it was also revealed that the operating mode was significantly the same as for the Wazirx hack in July of last year. This could therefore lead to new standards in terms of asset security.
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Sources: X
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Since 2021, I have devoted my free time to seriously train myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to carry out interviews with influential personalities from the blockchain industry. I also conduct in -depth analyzes on web3 themes to offer exclusive content to cryptoast readers.
Vincent Mayor
1619 articles
