Bybit's $1.4B Crypto Hack: Industry United in Crisis

Bybit, a leading centralized cryptocurrency exchange, has expressed its deep gratitude to various industry firms and executives for their support following a $1.4 billion hack on its platform. The hack, which occurred on February 21, was one of the largest in the history of the crypto industry.

Bybit CEO Ben Zhou acknowledged the assistance of several companies and organizations, including Antalpha Global, Bitget, Pionex, MEXC, SoSoValue, Galaxy Digital, FalconX, Lido Finance, the Solana Foundation, the Ton Foundation, Ghaf Capital, Fenbushi, Bitvavo, and Tether. Zhou thanked these entities for their support during the crisis, stating that their unity and solidarity in the face of adversity proved that the industry is stronger than the malicious actors that seek to undermine it.

The response from the crypto community was swift and overwhelming. Bitget CEO Gracy Chen revealed that her company was the first to loan Bybit Ether (ETH) to help stabilize the exchange's liquidity. Chen also mentioned that Bitget had blacklisted wallets associated with the threat actors and would block any transactions coming from these offending wallets. Meanwhile, Crypto.com CEO Kris Marszalek directed his company's cybersecurity team to reach out to Bybit and offer assistance.

Despite the high-profile hack, Bybit's independent proof-of-reserves auditor, Hacken, confirmed that the exchange's reserves exceeded its liabilities. This assurance came despite more than $5.3 billion in withdrawals in response to the hack. Industry executives have praised Bybit and CEO Ben Zhou for their handling of the crisis, highlighting their leadership and crisis management skills in the face of such a significant challenge.