Bybit Loses $1.5 Billion in Hack, Secures $172.5 Million in Loans
Bybit faced a $1.5 billion hack leading to a $5.2 billion drop in reserves within 24 hours. The exchange secured $172.5 million in emergency loans and kept withdrawals open, processing over 350,000 requests quickly.
- Reserves decreased but still exceed $11.4 billion.
- CEO Ben Zhou confirmed all withdrawal requests were handled within 12 hours.
- The attack exploited a vulnerability in Bybit’s Ethereum multisig cold wallet, allowing unauthorized transactions.
- Industry response praised Bybit's quick and transparent communication.
- Emergency funds were sourced from Binance, Bitget, and MEXC within seven hours.
- Security experts linked the attack to North Korea’s Lazarus Group.
This incident has reinforced Bybit's reputation for effective crisis management in the crypto sector.