Bybit’s CEO, Ben Zhou, assures customers that the company can fulfill all withdrawal requests following a significant cybersecurity incident. On Friday, Bybit experienced a major security breach, which allowed thieves to steal $1.4 billion worth of Ethereum (ETH) and stETH from the exchange’s cold wallet. Conor Grogan, an executive at Coinbase, calls this attack the largest theft in recorded history.

“The hack of Bybit by North Korea is the largest heist of all time, surpassing even the Central Bank of Iraq heist, which was approximately $1 billion. In terms of dollar value, it is about 10 times greater than the 2016 DAO hack, although the DAO hack involved a much higher percentage of supply, 15% compared to less than 0.5%. We can expect calls for an Ethereum fork in response to this.”

On the social media platform X, Bybit CEO Ben Zhou states that the exchange received over 350,000 withdrawal requests within hours after the attack as customers took steps to protect their funds. He also reassures Bybit customers that they should not worry about the state of the exchange, emphasizing that the company can return all user assets.

“Bybit is financially stable. Even if the stolen funds are not recovered, all client assets are backed 1 to 1, and we can cover the loss.”

In an update, Zhou reveals that Bybit has successfully processed all withdrawal requests without encountering any major issues.

“12 hours have passed since the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now operating at its normal pace, and you can withdraw any amount without experiencing any delays. We appreciate your patience, and we apologize for this incident.

Bybit will release a comprehensive incident report and security measures in the next few days. I will personally keep you all informed of any new updates. We would like to extend our gratitude to all the clients, friends, and partners who have provided help and support during these challenging 12 hours.

The real work has just begun.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox.

Check Price Action.

Follow us on X, Facebook, and Telegram.

Surf The Daily Hodl Mix.

Generated Image: Midjourney