Binance's CZ Urges Bybit to Temporarily Halt Withdrawals After $1.5B Hack

Binance founder Changpeng Zhao (CZ) has suggested that Bybit should temporarily halt withdrawals as a security measure following a $1.5 billion hack that occurred on Friday. In a post on X, CZ wrote, "Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck."

In response to concerns that halting withdrawals could exacerbate fears, CZ added, "1.5 billion is fear enough. Better to be safe than sorry now."

Despite the significant loss, Bybit's CEO, Ben Zhou, has confirmed that the exchange remains solvent. According to Arkham data, Bybit still has $20 billion in assets. Zhou stated, "The exchange is solvent even if this hack loss is not recovered."

Blockchain sleuth ZachXBT has revealed that the hacker is beginning to divide the stolen ether, with two batches of 10,000 ETH being split up across 48 addresses. Additionally, $200 million worth of mETH and stETH has already been swapped on decentralized exchanges.

Tron founder Justin Sun has also expressed his support, stating, "We have been monitoring the Bybit incident very closely and will do our best to assist our partners in tracking the relevant funds, providing all the support within our capabilities."