Bybit Restores Withdrawal System After Major Hack
- Bybit’s withdrawal system is fully operational following a hack targeting its Ethereum cold wallet.
- The hack resulted in unauthorized withdrawals of approximately $1.4 billion in ETH and related tokens.
- CEO Ben Zhou confirmed the security breach involved a manipulated transaction from an ETH multisig cold wallet.
- Despite losses, Bybit remains solvent, with assets backed 1-to-1, supported by reserve data calculations.
- The crypto community, including Binance and Bitget, has rallied to support Bybit with significant ETH deposits.
Bybit has resumed normal withdrawal operations after a $1.4 billion hack compromised its Ethereum cold wallet. CEO Ben Zhou assured users of the platform’s solvency and announced upcoming security measures to prevent future breaches.
Source (2.6)https://cryptobriefing.com/bybit-withdrawal-restoration-after-hack/?rand=59535
