Bybit Hack: What We Know So Far

Crypto exchange Bybit has confirmed a major security breach, with nearly $1.4 billion in Ethereum stolen from one of its cold wallets.

"Everyone is Affected" – What Does This Mean?

During a live stream on X, Shunyet Jan, Bybit’s Head of Derivatives and Institutions, stated, "To be honest right now, everyone is affected." However, it remains unclear how all users are impacted, as only Bybit’s ETH cold wallet was compromised.

The exchange has paused withdrawals, which affects all users, even those who didn’t hold Ethereum. This decision was made to prevent further security risks and manage the situation effectively.

70% of Bybit’s Ethereum Holdings Were Stolen

Bybit’s CEO, Ben Zhou, revealed that the attack wiped out around 70% of the exchange’s total Ethereum assets. This means that most ETH holders on Bybit are directly impacted.

However, Bybit has assured users that:

✅ Other assets (hot and cold wallets) remain secure.

✅ Retail withdrawals are still processing, with the queue getting shorter.

✅ Some partners are stepping in to help cover withdrawal demands.

Will Bybit Buy ETH to Cover Losses?

Both Jan and Zhou clarified that Bybit will not be purchasing Ethereum from the open market to replace lost funds. This means users may have to wait for further updates on how Bybit plans to address the losses.

For now, Bybit is focused on strengthening security measures and ensuring user funds remain protected in the future.

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