A series of news related to the Bybit hack.
Bybit announced that it has detected unauthorized activity related to one of its ETH cold wallets.
As a result, the attacker was able to take control of the affected cold wallet and transfer its contents to an unknown address. We would like to assure our users and partners that all other Bybit cold wallets are completely safe. All customer funds are safe, and our operations continue as usual without any interruption.
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Binance founder CZ responds to Bybit CEO: This is not an easy situation to handle. I would suggest pausing all withdrawals for a short period as a standard security measure. We will provide any assistance needed.
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Bybit CEO said the platform will not buy ETH right away, but will rely on partners to provide a bridge loan. Bybit said it will guarantee all users the ability to withdraw, but since withdrawal traffic is 100 times the usual rate, it will take some time to process requests, and some risk will need to be confirmed for large withdrawals.
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Bybit announced that withdrawals are running normally, with 70% of pending requests already processed. Bybit says it has enough assets to cover losses, with total assets under management exceeding $20 billion.
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According to Conor Grogan, Binance and Bitget have recently deposited over 50,000 ETH into Bybit’s cold wallets. It’s worth noting that Bitget’s deposit represents a quarter of the total ETH held by the exchange. Since they skipped the deposit address, it suggests that the funds were coordinated directly by Bybit.
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According to Arkham, blockchain analyst ZachXBT has provided concrete evidence that the Bybit hack was carried out by a 🇰🇵-backed hacker group known as the Lazarus Group. His submission includes a detailed analysis of test transactions, associated wallets, forensic charts, and time analysis. The relevant information has been shared with Bybit to assist in its investigation.
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Gracy, the CEO of Bitget, said that although the loss was significant, it only represented Bybit’s annual profit ($1.5 billion), and stressed that customer funds were 100% safe, so there was no need to panic. Additionally, Gracy stated that the assets given to Bybit were Bitget’s own assets, not user assets.
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Ben Zhou, CEO of Bybit, said that since the hack, Bybit has seen the highest number of withdrawals in its history, with a total of over 350,000 withdrawal requests, with around 2,100 withdrawal requests pending. Overall, 99.994% of withdrawals have been completed.
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MEXC hot wallet transferred 12,652 ETH (around $33.75 million) to Bybit cold wallet.
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According to reports from SoSoValue and TenArmor, Bybit has received a total inflow of over $4 billion in the past 12 hours, including 63,168.08 ETH, 3.15 billion USDT, 173 million USDC, and 525 million CUSD. Most of this is transfers from Bybit’s cold wallets to hot wallets for withdrawal purposes, as well as some loans provided by third parties.
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