On February 22, the exchange was hacked. CEO Hong Fang stated that the hacker's address from the Bybit hack has been added to O's blacklist. Engineers will closely monitor these addresses, and if there is any movement of funds, action will be taken immediately. O's team is also in contact with the Bybit team to provide any IT security and liquidity support they can at this time. Bybit CEO: It has been detected that the hacker is attempting to transfer BTC through Chainflip, and a bounty program targeting cross-chain bridges will be launched soon. Bybit CEO Ben Zhou posted on social media indicating that it has been detected that the hacker is trying to transfer BTC through Chainflip. It is hoped that cross-chain bridge projects will help Bybit prevent and stop further asset transfers to other chains. Bybit will soon issue a bounty program to anyone who helps stop or track down funds leading to recovery. The stolen assets from Bybit account for about 15% of the total amount stolen in the cryptocurrency industry, with over $10.6 billion in stolen funds.

According to the DefiLlama website's statistics on the hacker incident, the assets stolen from Bybit exceed $1.4 billion, making it one of the largest security incidents in cryptocurrency history, accounting for about 15% of the total stolen amount from all security incidents in cryptocurrency history. The panel data shows that the cumulative amount stolen in cryptocurrency history exceeds $10.62 billion, with DeFi-related stolen assets reaching $6.31 billion and stolen assets from various bridging projects amounting to $2.87 billion.

This hacking incident has had a significant impact on the cryptocurrency market. Once the incident was exposed, the price of Ethereum dropped by 6.7% in a single day, and Bitcoin also fell nearly 3% from its high that day. In addition, the 'synthetic dollar' token USDe, which is favored by cryptocurrency traders, was also affected, briefly losing its 1:1 peg with the dollar, dropping to $0.98.