Cryptocurrency exchange Bybit has regained its operational stability after the colossal crypto hack in the industry’s history, according to its CEO Ben Zhou.
Zhou confirmed on February 22 that the exchange’s withdrawal system has recovered fully, processing all withdrawal requests. This comes after the exchange suffered a significant blow from the industry’s biggest hack.
“Our withdrawal system is operating at its normal pace, 12 hours after the unfortunate incident. We have processed all withdrawal requests,” Zhou announced to his over 200,900 followers.
He reassured Bybit users that they can now make withdrawals without any limitations or delays. Zhou expressed his apologies for the unforeseen event and promised to release a comprehensive incident report and a security audit in the upcoming days.
This follows Zhou’s warning to Bybit customers on February 21 via a livestream. He cautioned that withdrawals might take longer than usual due to the congestion following the $1.5 billion hack that depleted the exchange of its Ethereum-related tokens.
At the time of the livestream, the exchange was dealing with approximately 4,000 pending withdrawal transactions. Despite this, the crypto community commended Zhou and the exchange for their effective management of the crisis.
Mark Jeftovic, CEO of EasyDNS, lauded Zhou for his handling of the situation. Carl Moon, host of The Moon Show, also expressed his admiration, stating, “Big respect for how this was handled.”
In a post on February 21, 0xJeff described the situation as a “masterclass in crisis management and communication.” Crypto exchanges Bitget and Crypto.com have pledged their support to Bybit.
Bitget, in a show of solidarity, transferred 4,000 Ether (ETHUSD), worth approximately $105 million, to assist Bybit. Gracy Chen, Bitget CEO, stated that they have blacklisted the hacker’s wallets and will block transactions from illicit addresses.
Chen also revealed that their security team and researchers are monitoring these activities closely and will share any significant findings to aid the industry.
