In a strong statement, Ben Zhou, the CEO of the cryptocurrency exchange Bybit, sent a powerful message to the investor community about the commitment to protect user assets. The recent large-scale cyber attack has placed Bybit in a serious situation as the exchange lost over 1.4 billion dollars to hackers. Mr. Zhou assured investors that Bybit has the capability to fully compensate for all losses in this incident, one of the most serious attacks in the history of the cryptocurrency industry.
Information about the Bybit attack
On February 21, Bybit's security team responded strongly after the exchange was attacked. Immediately, Mr. Zhou held a live stream to share the first information about the attack. During this time, he stated that the incident occurred during the execution of routine transactions. However, the details about the method of attack used by the hackers have not yet been clarified.
According to existing statements, the hackers used sophisticated phishing tactics to manipulate the signers in Bybit's system so that they unexpectedly agreed to a malicious transaction originating from the exchange's cold wallet. The sophistication of this strategy shows that the hackers targeted each individual in the signing group, systematically taking actions to achieve their goal.
To protect the assets of investors, Bybit has implemented security techniques with a multi-signature system developed by Safe. This system requires the consensus of multiple team members before a transaction is executed, significantly increasing the level of safety for users' assets.
Hypothesis about the attack
Mr. OxCygaar, a blockchain development expert, proposed several explanations for this attack. He suggested that hackers might have targeted each individual signer, possibly through the installation of malware to alter the interface of the multi-signature system. If this hypothesis is correct, it would raise serious concerns for the community, as it implies that hackers could access the computers or wallets of each individual in the system.
In the context of the crisis, the community has shown solidarity and support for Bybit in its efforts to restore trust with users. Mr. Zhou also announced an ARKM token reward program to encourage those with useful information to help identify the hackers.
In addition to strengthening security measures, Safe – the multi-signature solution provider that Bybit is using – also announced maintenance to enhance the security level of its system.
Mr. Zhou emphasized that Bybit is actively collaborating with many industry partners, such as Binance, OKX, and KuCoin, along with support from law enforcement agencies to seek the best solutions for the current situation. He did not hesitate to express: 'We have sent a report to the police to investigate this incident.'
Additionally, Mr. Zhou and Shunyet Jan, the Director of the derivatives department at Bybit, announced that the exchange is exploring the possibility of implementing bridge loans with partners to restore Ethereum withdrawal services. According to Mr. Jan, Bybit plans to use collateral from its treasury, primarily Bitcoin (BTC) and stablecoins, to ensure that this process goes smoothly. Both leaders affirmed that Bybit has more than enough capacity to compensate for all damages incurred thanks to managing over 20 billion dollars in user assets.
Bybit's leadership also encouraged the cryptocurrency community to remain patient during this difficult time, emphasizing that withdrawal services for other ERC-20 tokens would continue as normal. They reaffirmed their commitment to ensuring safety and security for users, and Bybit will do its utmost to address this difficult situation to restore community trust.
Conclusion
Amid the rising number of cyber attacks, the message from Bybit under the leadership of Ben Zhou is not just a commitment but also reflects the exchange's strong determination to protect user assets. This perseverance not only restores trust from the community but also aims to establish a safe and sustainable trading environment in the future. Bybit is committed to enhancing security measures to ensure that every user can trade with peace of mind, while also strengthening its position as a leading platform in the cryptocurrency sector.