- Bybit exchange has restored normal withdrawal operations following a $1.5 billion security breach.
- CEO Ben Zhou confirmed all pending withdrawals have been processed within 12 hours of the incident.
- The attack represents the largest cryptocurrency exchange hack in the industry’s history.
- Users can now withdraw funds without restrictions or delays.
- The exchange maintained transparency through regular communication during the recovery process.
Cryptocurrency exchange Bybit has successfully restored its withdrawal system to full functionality following what has been labeled as the largest digital asset exchange hack in history, with losses estimated at $1.5 billion. CEO Ben Zhou confirmed the recovery in a statement on February 22.
In an update shared on X (formerly Twitter), Zhou stated, “12 hr from the worst hack in history. ALL withdraws have been processed. Our withdraw system is now fully back to normal pace.” The announcement came as welcome news to the platform’s users who had been concerned about fund accessibility following the security breach.
The incident marks an unprecedented scale of attack in the cryptocurrency industry, surpassing previous major breaches such as the 2014 Mt. Gox hack ($460 million) and the 2018 Coincheck incident ($534 million). Despite the severity of the breach, Bybit’s swift response and restoration of services demonstrated improved crisis management protocols compared to historical exchange compromises.
Zhou addressed the platform’s 200,900 social media followers with reassurances about unrestricted withdrawals, while also extending apologies for the disruption. The CEO’s public statement emphasized the exchange’s commitment to operational transparency during the recovery process.
This rapid recovery represents a significant achievement in cryptocurrency exchange security responses, particularly given the scale of the breach. The incident has prompted renewed discussions about exchange security measures and the importance of robust disaster recovery protocols in the digital asset industry.
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