Bybit Resumes Withdrawals After $1.4B ETH Loss, Warns of Delays

Bybit, a leading cryptocurrency exchange, has confirmed that withdrawals are active following a recent security incident that resulted in the loss of $1.4 billion in ETH-related tokens. However, the exchange has warned users of potential delays due to high congestion.

In a Feb. 21 livestream, Bybit CEO Ben Zhou reassured customers that the exchange is still processing withdrawal requests, with approximately 70% of them already approved and processed. Zhou emphasized that the exchange has no plans to suspend or cancel withdrawals and is working diligently to resolve the issue as quickly as possible.

The CEO also confirmed that no other Bybit wallet was compromised in the security incident and that the exchange is securing a bridge loan to maintain operations while the issue is fully resolved. Zhou asked for patience from users as the exchange works to process the remaining pending withdrawal transactions, which currently number around 4,000.

Crypto research firm Nansen told Cointelegraph that many tokens experienced a decline in price around the time of the hack, with ETH prices dropping significantly after 15:00 CET. The ETH price took the biggest hit between 16:15 CET and 17:00 CET, dropping by approximately 4% in about 45 minutes.

As the situation unfolds, Bybit continues to communicate with its users and work towards resolving the withdrawal delays. The exchange's commitment to transparency and customer support has been evident throughout the process, as it strives to maintain the trust of its users and the broader cryptocurrency community.