Bybit Assures Stability Amid $5.2 Billion Asset Outflow After Hack
Bybit’s asset reserves fell sharply, losing more than $5 billion in 24 hours after being hit by a $1.5 billion hack.
Despite setbacks, the exchange’s crisis management has attracted widespread praise from industry leaders.
Large-scale withdrawal tests the stability of bybit
data According to Defilama, Bybit’s reserves fell by about $5.2 billion in 24 hours. Despite the decline, Chainlink data confirms that the exchange still holds more than $11.4 billion in assets.
The plunge comes after a surge in withdrawal requests, with more than 350,000 transactions flooding the platform. Bybit CEO Ben Zhou said employees worked overnight to deal with the backlog. He later assured the user that the withdrawal had returned to normal.
“The worst hack in history 12 hours. All withdrawals have been processed. Our withdrawal system has now fully returned to normal speeds, you can withdraw any amounts without delay. All BYBIT features and products remain functional, The entire team is awake all night to process and answer clients’ questions and concerns,” Zhou additional.
Meanwhile, Bybit received an emergency loan of $172.5 million in seven hours to strengthen its reserves. Blockchain analysis company Spotonchain Report These funds come from multiple platforms, including binance, bitget and mexc.
February 21, Safety Ethereum damage that violates Bybit Multisig cold wallet. According to Zhou, the attack stems from a disguised deal that transfers funds from cold wallets to warm wallets, allowing unauthorized access to hackers.
Different from many communication Freeze withdrawal after attackBYBIT allows transactions to continue, thus preventing widespread panic among users.
Industry applauds Bybit’s response
Bybit handled the crisis quickly and transparently, gaining praise from key industry figures.
Casey Taylor, Dragonfly’s global support head, called the exchange’s response “a masterclass in crisis exchange.” Taylor highlighted how Week personally resolved the situation within 30 minutes of the first public report, thus preventing market speculation.
“Bybitt’s response was quick, transparent and well executed…rather than just reacting, it was executed a script. The result was clear – people believed it was well-treated,” Taylor said. Explained.
Ethena Labs founder Guy Young responded to this sentiment, describing Bybit’s Crisis Management is the industry benchmark.
“Don’t think I’ve ever seen a team dealing with crisis communication like they do. Stand up and face the music right away and provide transparent answers to the community. An example of what we can all look up to,” Young Comment.
Austin Federa, co-founder of Double Zero, also praised its fast and transparent approach to communication. He stressed that traditional crisis management strategies often fail in Web3, making Bybitt’s model of response to others.
“These situations are very difficult, but the (bybit) team responded quickly with empathy and to the fact that they knew was true… The only strategy in Web3 is transparency, humility and clarity,” Federa statement.
The report confirms this North Korea’s notorious Lazarus Group Bybit Hack was performed. It would be difficult to recover such huge amounts of money, especially from nation-state actors like Lazarus.
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