Bybit's $1.4B Crypto Heist: CEO Assures Solvency, Withdrawals Resume

Bybit, a prominent cryptocurrency exchange, has reassured its customers that it remains solvent and all user assets are fully backed following a massive cybersecurity incident. The exchange suffered a significant breach on Friday, resulting in the theft of approximately $1.4 billion worth of Ethereum (ETH) and stETH from its cold wallet.

Conor Grogan, a Coinbase executive, described the attack as the largest heist in history, surpassing even the 2016 DAO hack in dollar terms. Bybit CEO Ben Zhou took to social media to address the situation, acknowledging the breach and the subsequent surge in withdrawal requests from customers. He emphasized that Bybit is solvent and all client assets are fully backed, ensuring that users' funds are secure.

In an update, Zhou confirmed that Bybit had successfully processed all withdrawal requests without any major issues. The exchange's withdrawal system has returned to normal, allowing users to withdraw any amount without delays. Bybit has promised to release a full incident report and implement enhanced security measures in the coming days. Zhou also expressed gratitude to the clients, friends, and partners who supported the exchange during this challenging period.