Bybit CEO Ben Zhou has confirmed that the cryptocurrency exchange has fully processed all withdrawals following the record-breaking $1.5 billion exploit. In a Feb. 22 post on X, Zhou announced that Bybit’s withdrawal system is now operating at a “normal pace” after one of the largest hacks in crypto history.
Bybit Users Can Withdraw Without Delays
Zhou reassured users that all pending withdrawal requests had been fulfilled and that there were no restrictions or delays in processing transactions. He also apologized to Bybit’s 200,900 followers on X for the security breach and the temporary inconvenience it caused.
“The real work has just now started,” Zhou stated, emphasizing that a full security assessment and incident report will be released in the coming days. This follows his Feb. 21 livestream, where he warned users that withdrawals might take hours due to heavy congestion after the Ethereum-related token heist.
Ben Zhou's Livestream on the Latest ETH Wallet Incident LIVE now. https://t.co/mBwD9ubGIl
— Bybit (@Bybit_Official) February 21, 2025
At the time of the livestream, Bybit had around 4,000 pending withdrawal transactions. However, swift action by the exchange’s team ensured that all users were able to access their funds without further disruptions.
Industry Figures Applaud Bybit’s Crisis Management
Despite the severity of the hack, Bybit’s response has been met with praise from several key figures in the crypto industry. EasyDNS CEO Mark Jeftovic commended Zhou’s leadership, stating that he was “handling this well.” Similarly, The Moon Show host Carl Moon expressed “big respect” for how the situation was managed.
Crypto analyst 0xJeff labeled it a “masterclass in crisis management and communication,” highlighting the swift and transparent response from Bybit.
Other Crypto Exchanges Show Support
Rival exchanges have stepped in to support Bybit’s recovery efforts. Crypto firms Bitget and Crypto.com have pledged assistance, with Bitget transferring 4,000 ETH—worth approximately $105 million—to aid Bybit.
Bitget CEO Gracy Chen also confirmed that the exchange has blacklisted the hacker’s wallets and is closely monitoring illicit transactions. “Our team of security researchers is tracking these activities, and we will share any major findings to support the industry,” she stated.
Bybit’s ability to restore normal operations quickly demonstrates resilience in the face of one of the largest security breaches in crypto history. However, the hack underscores the ongoing security challenges within the digital asset industry.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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