Following a significant security breach at Bybit, company officials confirmed that all withdrawal requests were processed smoothly. The incident raised concerns about the safety of assets connected to customer accounts, as nearly $1.4 billion worth of Ethereum 
$2,814 and stETH were withdrawn from cold storage. Bybit reported a rapid response to the influx of withdrawal requests following the attack.
Incident Overview and Transaction Process
The event involved a cyberattack that led to the withdrawal of certain assets from the exchange. Customers were compelled to take their own precautions as they became aware of the situation. Despite the incident, there were no reported disruptions in the system during the withdrawal process.
Hours later, Bybit was working to restore its ETH reserves to pre-incident levels by purchasing through debt and OTC transactions.
Customer Assurance and Statements
Officials announced that withdrawal processes were continuing normally and that the system had stabilized. Statements made via social media confirmed that customer assets were fully supported. These announcements indicate the company’s ongoing efforts to maintain customer trust in the aftermath of the incident.
One of the key statements came from CEO Ben Zhou.
Ben Zhou: “Bybit is robust. Even if the losses from the hack are not fully compensated, all our customers’ assets are 1:1 supported, and we have the strength to cover any loss.”
CEO Zhou expressed that all withdrawal requests were successfully processed within 12 hours, and the withdrawal system returned to its normal operation.
Ben Zhou: “All withdrawals have been processed within 12 hours. Our withdrawal system has returned to normal.”
Coinbase official Conor Grogan also commented, stating that this incident is among the largest thefts on record.
Conor Grogan: “The breach at Bybit is one of the largest recorded thefts.”
In response to the cyberattack, Bybit announced it would prepare a comprehensive security report and implement additional measures. The company is expected to share further details about the incident in the coming days, highlighting that the precautions taken regarding customer assets are crucial to preventing similar occurrences in the future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
