Bybit scrambled to process over 350,000 withdrawal requests after a massive hack, with executives calling it possibly the worst financial breach ever.
Bybit Faces Historic Withdrawals—350K Requests and Counting
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Bybit in Crisis Mode—350,000 Withdrawals Flood the System
Ben Zhou, CEO of crypto exchange Bybit, provided an update on social media platform X on Feb. 21 regarding the company’s response to a recent hack. He revealed that since the incident, which occurred approximately 10 hours prior, Bybit had processed an unprecedented number of withdrawal requests.
“Since the hack (10 hrs ago), Bybit has experienced the most number of withdraws that we have ever seen,” Zhou stated, elaborating:
We have had a total number of more than 350K withdraws requests, so far, around 2,100 withdraw requests left to be processed. Overall 99.994% withdraws have been completed.
Despite describing the hack as possibly one of the worst security breaches across banking, crypto, and financial sectors, Zhou emphasized that Bybit’s operations remain intact.
“Although we have been hit by the worst hack possibly in the history of any medians (banks, crypto, finance), but all Bybit functions and product remain functional, the whole team had been awake all night to process and answer client questions and concerns. All hands on deck. Rest assured, we are here with you,” Zhou added.
The Bybit executive alerted users to the hack earlier on Feb. 21, stating that the crypto exchange’s Ethereum multisig cold wallet had transferred funds to a warm wallet about an hour earlier. He explained that the transaction was manipulated, with all signers seeing a masked UI displaying the correct address and a legitimate URL. However, the signing message altered the smart contract logic of the ETH cold wallet, allowing the hacker to take control and transfer all ETH to an unidentified address. He stressed that all other cold wallets remained secure and that withdrawals were operating normally.
Zhou reassured users that Bybit remains committed to its customers, urging them to share their experiences if their withdrawals had been successfully processed. “If your withdraws are completed, please leave a comments here,” he wrote. His statements reflect an effort to maintain transparency and trust amid a difficult situation. While Bybit continues to assess the full impact of the hack, the rapid processing of withdrawals suggests the platform’s resilience in handling crises.
