Hacker attack on BYBIT
📉 The Bybit exchange has faced a serious cyberattack, but assures that customer funds are safe.
⚠️ Incident highlights:
- Bybit notified law enforcement of the hack.
- Bybit’s CEO said: “We received a record number of withdrawal requests – over 350,000, 99.9% of which have already been processed.”
- The exchange has $14.6 billion in reserve funds to compensate for potential losses.
- According to DeFiLlama, about $2.235 billion was withdrawn from the Bybit platform, including funds stolen during the attack.
✅ Cryptocurrency market reaction:
- Bitget CEO: “While the losses are significant, they are roughly equal to Bybit’s annual revenue. Users’ funds are protected.”
- Andrey Grachev (DWF Labs): “I was in no hurry to withdraw assets from Bybit and am ready to offer support in the form of ETH if it is needed.”
Large transfers to the Bybit platform:
- MEXC sent 12,652 stETH (roughly $33.75 million) to Bybit’s cold wallet.
- A major investor transferred 11,800 ETH (about $31 million) from Binance to Bybit cold wallets.
- CZ (Binance) noted that this transfer was most likely made by the user and not by the exchange itself.
🔹 The fate of stolen assets:
- According to an analyst based on Chainalysis (2022) report, the process of withdrawing stolen funds can take several years. Often such assets are cashed out through Asian trading platforms.
- The attacker behind the Bybit attack has become one of the largest owners of ETH, surpassing major players such as Fidelity, Ethereum Foundation and Vitalik Buterin himself.
Conclusions:
- Bybit’s quick response is noteworthy, but the damage to its reputation has already been done.
- Market participants continue to monitor the situation, waiting to see if the police can apprehend the culprit.
- Although user funds are now protected, further asset outflows could exacerbate the exchange’s liquidity problem.
🔥 Now discussing the possibility of rolling back the Ethereum blockchain after the Bybit hack!
Blockchain expert Samson Mouw and Vitalik Buterin are discussing the possibility of rolling back the Ethereum blockchain to undo the effects of the Bybit hack. This is an extremely rare and controversial measure, but technically possible.
