Dubai-based cryptocurrency exchange Bybit has fully restored operations within 24 hours following the largest crypto hack in history. Despite the breach, which resulted in the theft of $1.5 billion in digital assets from its Ethereum wallet, the exchange ensured uninterrupted withdrawals and product services.
Swift Response and Recovery
Bybit processed over 350,000 withdrawal requests within the first 12 hours, successfully maintaining liquidity and operational stability. The exchange’s 1:1 reserve guarantee protected client assets, allowing transactions to continue without significant delays. CEO Ben Zhou reassured users that the platform remains solvent and capable of covering losses.
Dubai’s Virtual Assets Regulatory Authority (VARA) is actively monitoring the situation, though Bybit currently holds only a provisional (non-operational) approval for virtual asset exchange services in Dubai.
Industry Collaboration and Recovery Efforts
The crypto community has rallied around Bybit, with major exchanges blacklisting the hacker’s wallets to prevent further fund movement. Additionally, Bybit has launched a $140 million bounty program to incentivize ethical hackers in the recovery effort.
To streamline investigations, the Company has introduced a real-time interface displaying suspicious wallet addresses. Thousands of tips have already been received, demonstrating strong industry cooperation in tackling the breach.
Despite the attack, the Company has demonstrated resilience, swiftly restoring operations and reinforcing security measures to prevent future threats.
Also Read: Bybit Suffers Historic $1.5 Billion Crypto Hack, Pledges Full Reimbursement
