Bybit CEO Ben Zhou Announces Full Recovery After $1.5 Billion Hack: Withdrawals Processed, System Returns to Normal Pace

Bybit CEO Ben Zhou has confirmed that the exchange has fully processed all withdrawals, and its systems have returned to a "normal pace" following the massive hack that drained $1.5 billion in Ethereum-related tokens. The hack, which has been described as the largest in the 15-year history of the cryptocurrency industry, caused significant disruption but was swiftly addressed by the Bybit team.

In a post shared on X (formerly Twitter) on February 22, Zhou assured users that the platform had overcome the worst of the incident. “12 hours from the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now fully back to normal pace,” Zhou wrote, offering a sense of reassurance to Bybit’s 200,900 followers.

No Withdrawal Limits or Delays

Zhou emphasized that users can now withdraw their funds without facing any limits or delays, providing much-needed clarity following a period of heavy congestion. The CEO also took the opportunity to apologize to Bybit customers for the unexpected disruption caused by the hack.

While the withdrawal system has been restored, Zhou indicated that the company is still working on resolving the aftermath. “A full incident report and security assessment will be released in the coming days,” he said. “The real work has just now started,” signaling that Bybit’s commitment to ensuring security and transparency moving forward is stronger than ever.

Heavy Congestion Amid the Hack

Earlier in the week, on February 21, Zhou had warned Bybit customers that processing times for withdrawals could be delayed by several hours due to high congestion on the platform following the hack. At the time, there were approximately 4,000 pending withdrawal requests, and the exchange's systems were working around the clock to clear them.

Despite the challenging circumstances, Bybit’s handling of the situation has drawn praise from both industry commentators and peers in the crypto space. Mark Jeftovic, CEO of EasyDNS, expressed his admiration, noting that Zhou had "handled this well." Carl Moon, host of The Moon Show, also commended the CEO for his calm and professional approach, saying, “Big respect for how this was handled.”

Industry Support and Crisis Management

Crypto exchanges from around the world have also rallied behind Bybit, offering support during this difficult time. Bitget, a competitor exchange, took proactive measures by transferring 4,000 Ether (ETH), worth around $105 million, to assist Bybit in managing the crisis. Gracy Chen, CEO of Bitget, confirmed the transfer and announced that the platform had blacklisted the hacker’s wallets, pledging to block any transactions from illicit addresses.

In a statement, Chen also revealed that Bitget’s security and research teams were actively tracking the hacker’s activities, with plans to share any significant findings to help safeguard the broader crypto community.

Looking Ahead

As Bybit continues its efforts to recover from this unprecedented breach, the industry’s collective response underscores the importance of crisis management and collaboration in the face of such challenges. Zhou’s transparency and commitment to addressing security concerns have been pivotal in reassuring users and stakeholders that the exchange is on a path to full recovery.

While the hack itself is a harsh reminder of the vulnerabilities that still exist in the crypto space, Bybit’s swift recovery, paired with support from industry peers, demonstrates that the exchange is committed to restoring user confidence and ensuring a secure platform moving forward.