Cryptopolitan
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“To Be Honest Right Now, Everyone Is Affected,” Bybit’s Jan Says
Crypto exchange ByBit says everyone is affected by the suspected hack of one of its cold wallets leading to the theft of almost $1.4 billion in Ethereum.
During a live stream X platform, ByBit’s head of derivatives and Institutions, Shunyet Jan, precisely said “to be honest right now, everyone is affected.”
JUST IN: Bybit when asked how many users are affected by the $1.4 billion hack
"To be honest, right now, everyone is affected." pic.twitter.com/rwkJTcGnsz
— Watcher.Guru (@WatcherGuru) February 21, 2025
It’s not exactly clear how everyone is affected by the incident, given that only Bybit’s ETH cold wallet was compromised. However, it’s worth noting that the exchange has had to pause withdrawals in light of the situation, which stops users from taking out other assets.
Meanwhile, Bybit’s Ben Zhou also mentioned in the live stream that the percentage of Ethereum stolen in the attack constitutes 70% of the exchange’s total ETH holdings. This would mean that the majority of ETH holders are directly affected.
“I believe it was around 70% [of ETH AUM],”
Ben Zhou answered.
Bybit continues to maintain that other assets, including its hot and cold wallets, are safe. Jan said retail withdrawals are also proceeding normally, and the queue is getting short. He added that some of the exchange’s partners are extending help to cover withdrawal.
Both Jan and Zhou reiterated that Bybit will not be purchasing ETH from the open market to cover users’ losses.
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During a live stream X platform, ByBit’s head of derivatives and Institutions, Shunyet Jan, precisely said “to be honest right now, everyone is affected.”
JUST IN: Bybit when asked how many users are affected by the $1.4 billion hack
"To be honest, right now, everyone is affected." pic.twitter.com/rwkJTcGnsz
— Watcher.Guru (@WatcherGuru) February 21, 2025
It’s not exactly clear how everyone is affected by the incident, given that only Bybit’s ETH cold wallet was compromised. However, it’s worth noting that the exchange has had to pause withdrawals in light of the situation, which stops users from taking out other assets.
Meanwhile, Bybit’s Ben Zhou also mentioned in the live stream that the percentage of Ethereum stolen in the attack constitutes 70% of the exchange’s total ETH holdings. This would mean that the majority of ETH holders are directly affected.
“I believe it was around 70% [of ETH AUM],”
Ben Zhou answered.
Bybit continues to maintain that other assets, including its hot and cold wallets, are safe. Jan said retail withdrawals are also proceeding normally, and the queue is getting short. He added that some of the exchange’s partners are extending help to cover withdrawal.
Both Jan and Zhou reiterated that Bybit will not be purchasing ETH from the open market to cover users’ losses.
Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet
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