Bybit Hack: Restored After 12 Hours

Bybit Cryptocurrency Exchange Victim of a Major $1.4 Billion Hack

The Bybit digital currency exchange has been targeted in an unprecedented event, resulting in the withdrawal of over $1.4 billion worth of Ethereum (ETH).

This incident was first reported by on-chain analysis expert ZachXBT, who identified suspicious transactions from the exchange's wallets.

Bybit confirmed the event and stated that the unauthorized movement of Ethereum from its cold wallets occurred due to a UI spoofing attack.

Nevertheless, the exchange officials assured users that other wallets and customer assets remain secure.

This incident is considered one of the largest thefts in the history of cryptocurrencies and could have significant impacts on the digital asset market.

Changpeng Zhao, CEO of Bybit, announced that 12 hours after the "biggest hack in history," all withdrawal requests have been processed and the exchange's withdrawal system has returned to normal. Users can now withdraw any amount without delay.

He apologized to users and emphasized that Bybit will publish a comprehensive report on the incident and the security measures taken in the coming days. He also promised to personally keep users informed about new updates.

Zhao expressed gratitude to all customers, friends, and business partners who stood by Bybit during these challenging 12 hours, adding: "The real work has just begun."