Bybit's Resilience: Processing 350K Withdrawals Post-Hack

Crypto exchange Bybit has been praised by analysts for maintaining regular service despite a recent hack, demonstrating a commitment to customer confidence and transparency.

Bybit processed over 350,000 withdrawals within 10 hours following the attack, a move that analysts believe will boost customers' confidence in the platform. This approach differs from the typical response of exchanges, which often halt operations and restrict withdrawals during hacks.

Crypto analyst K A L E O (@CryptoKaleo) applauded Bybit's response, highlighting the team's honesty and proactive approach in tackling the situation. Bybit did not deflect responsibility but instead owned up to the issue and prioritized processing withdrawals.

Bybit CEO Ben Zhou confirmed that the exchange had processed 99.994% of withdrawal requests, with only 2100 pending. Zhou assured users that Bybit remains fully functional and committed to processing all client requests, despite the magnitude of the hack.

The crypto community has responded positively to Bybit's handling of the situation, with many impressed by the exchange's professionalism and dedication to protecting users. One respondent highlighted Bybit's character in showcasing a product that safeguards users in the worst-case scenarios.