Security Measures Following Bybit’s $1.5 Billion Hack
In the wake of a significant security breach that resulted in a theft of $1.5 billion, Binance’s founder, Changpeng Zhao (commonly known as CZ), has advised Bybit to temporarily suspend all withdrawal activities. This recommendation is aimed at enhancing the platform’s security posture during this challenging situation.
CZ took to social media platform X to express his thoughts, stating, “Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck.” He further acknowledged the gravity of the situation by adding, “1.5 billion is fear enough. Better to be safe than sorry now.”
According to data from Arkham, Bybit still holds a substantial $20 billion in assets, which indicates the exchange’s overall financial health. In a reassuring message, Bybit’s CEO, Ben Zhou, emphasized that “the exchange is solvent even if this hack loss is not recovered.”
Blockchain investigator ZachXBT has been closely monitoring the situation and revealed that the hacker has started to disperse the stolen ether. Reports indicate that two batches of 10,000 ETH have already been divided across 48 different addresses. Additionally, around $200 million worth of mETH and stETH has been swapped on various decentralized exchanges, raising further concerns about the implications of this hack.
In light of these developments, Tron founder Justin Sun also shared his perspective on X, stating, “We have been monitoring the Bybit incident very closely and will do our best to assist our partners in tracking the relevant funds, providing all the support within our capabilities.”
