Bybit Records over 350,000 Withdrawal Requests after Historic $1.5 Billion Heist

Bybit, the Dubai-based cryptocurrency exchange, has managed to process over 350,000 withdrawal requests within a span of 12 hours after the largest hack in crypto history. Hackers broke into Bybit’s Ethereum wallet to steal nearly $1.5 billion worth of digital assets, and gave a serious cut to industry status.

Though the robbery was the largest in its history, the majority of operations were unaffected. With all withdrawals processed within 24 hours without significant delays, customer activity with the platform had returned to pre-hack levels. While Bybit’s product services continued uninterrupted, withdrawal operations remained open despite this major breach.

As the world’s second largest cryptocurrency exchange by trading volume, Bybit has made it clear to users that assets belonging to its clients were adequately safeguarded because of the 1:1 reserve promise associated with the hack’s magnitude. CEO Ben Zhou confirmed the solvent status of the exchange and capacity to pay back the damage, providing users more confidence.

As well as the collaboration with the local regulators and law enforcement agencies in investigating the breach, Bybit also announced its commitment to recovering the lost gold. Although not directly presiding over the operations of Bybit, the Dubai Virtual Assets Regulatory Authority (VARA) remains actively monitoring the situation, which continues to track developments. Repeating that the hack creates an evolving situation, VARA said it is committed to close monitoring until stabilization of the matter.

Currently holding a provisional approval for virtual asset exchange services in Dubai, Bybit is working for full operating license clearance. With the hack, all major cryptocurrency exchanges blacklisted the hacker’s wallets to prevent stolen assets from being moved. A bounty program totaling $140 million by Bybit was also initiated and will reward ethical hackers who help with recovering stolen funds.

Moreover, the exchange has created and displayed a new setup where suspicious wallet addresses will continuously be updated to help security experts in tracing the stolen fund. Numerous tips from the community have come forward, showing the spirit of collaboration within the industry.

As the investigation goes on, Bybit focuses on getting back the stolen assets while ensuring the safety of its users. The quick response to this hack shows the vigor of the exchange and its commitment to keeping its operations ongoing even with the support of the crypto community.