The CEO of the cryptocurrency exchange Bybit has reassured customers that the company is capable of fulfilling all withdrawal requests after facing a significant cybersecurity breach. This breach resulted in the theft of $1.4 billion worth of Ethereum and stETH from Bybit’s cold wallet. Described by Coinbase executive Conor Grogan as the largest theft in recorded history, the incident prompted over 350,000 withdrawal requests from Bybit customers seeking to safeguard their assets. Bybit CEO Ben Zhou stated that despite the hack, the exchange remains solvent and can cover the loss, with all user assets fully backed. Zhou further updated that Bybit successfully processed all withdrawal requests without encountering major issues, returning operations to normalcy within 12 hours of the hack. A comprehensive incident report and security measures will be released soon, with Zhou promising to keep stakeholders informed of any developments.
