Bybit experienced a significant event after a hack that resulted in the theft of $1.5 billion in crypto assets. In just 12 hours following the hack, Bybit saw an influx of $4 billion. This included 63,168 ETH, $3.15 billion in USDT, $173 million in USDC, and $525 million in CUSD.
The exchange faced a historic surge in withdrawal requests. Many users were concerned about the possibility of insolvency due to the theft. Bybit’s CEO, Ben Zhou, reported that over 350,000 withdrawal requests were processed in just 10 hours. He assured users that Bybit has sufficient liquidity to manage these requests, with 99% already completed. Users were asked to be patient as larger withdrawals underwent risk checks.
Despite the high demand for withdrawals, Bybit did not buy back Ethereum tokens. Instead, the exchange sought liquidity through other means. One of its key partners, Bitget, played a crucial role during this crisis.
Bitget’s CEO, Gracy Chen, confirmed that 40,000 ETH transferred to Bybit came from Bitget’s own funds, ensuring that user assets remained secure. She emphasized that Bitget maintains a reserve ratio greater than 1:1 and provides monthly proof of reserves for transparency.
Chen acknowledged the hack as a significant loss for Bybit but noted it equates to only one year’s worth of profits for the exchange. She expressed confidence in Bybit’s recovery and mentioned that Bitget is actively involved in tracking and investigating the stolen funds.
As the situation develops, Bybit continues to process withdrawals despite the high volume. The exchange is working diligently to ensure all users can access their funds.
