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.

The post Bybit CEO Announces Complete Processing of Withdrawals, Returns Operations to Normal after Major Crypto Hack appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Deribit, a company that specializes in trading derivatives and the crypto options market, had the hot wallets for its bitcoin (BTC), Ethereum (ETH), and USD coin (USDC) stolen.

This news comes after a rough time for cryptocurrencies. October was the month when the most cryptocurrencies were stolen. According to Chainalysis, hackers were able to steal more than $718 million in only the first two weeks of the assault.

What Came to Pass with Deribit?

Deribit announced on November 2 that their hot wallet had been hacked the day before and that the attacker made off with $28 million. Nevertheless, it was emphasized that customers’ assets were not impacted in any way.

The trading platform stated that it was corporate protocol to put 99% of their customer cash in cold storage in order to reduce the effect of incidents of this nature.

In addition to the assets of customers, the cash of anyone utilizing the Fireblocks banking platform and anyone making use of Deribit’s cold storage addresses were safeguarded.

The hack is isolated and quarantined to our BTC, ETH and USDC hot wallets.

The exchange said that it would not be using the insurance fund to cover these losses; rather, it would use the reserves that it had set up for the firm.

Putting a Stop to All Withdrawals and Deposits

Deribit temporarily stopped all deposit and withdrawal operations on the platform so that the exchange could do security checks. This also covered the actions of third-party custodians like Cobo and Copper Clearloop.

The trading site has not specified a period when it would resume processing withdrawals and deposits, but it has said that it would do so soon. Despite this, Deribit has said that it would reopen once it is assured that everything is secure.

On Twitter, the company said that “ongoing operations will not be impacted” and that Deribit remains in a financially stable position.

The post After Hot Wallet Breach, When Will Deribit Allow Withdrawals? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Taking to Twitter, pNetwork confirmed on Sept. 20 that they have been hacked and the perpetrators have made away with 227 Bitcoins from the exchange. The value is estimated to be about $12.7 million. pNetowrk also said that it was almost all of the collaterals on their network. 

Explaining how the hackers were able to execute the hack, the team explained that it was because of a bug in their codebase. However, the team has confirmed that they are already working on fixing the issue. pNetwork has also appealed the hackers to return the funds and have offered a 11.5% recompensation to hackers if they return it back.

“To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned,” the team said.

The hackers have not responded and the team has not come up with any further updates. Hacking and scams in DeFi are not uncommon. However, recently there has been a spike in such activities. While DeFi protocols are actively working on securing their networks, there is still a long way to go. 

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