Bybit, the cryptocurrency exchange, has reassured customers that withdrawal services remain operational despite the ongoing fallout from a significant hack. CEO Ben Zhou addressed concerns in a livestream on February 21, confirming that 70% of pending transactions have been successfully processed. However, users are experiencing delays due to network congestion, with around 4,000 withdrawal requests still pending.
The hack, which targeted Bybit’s Ethereum-related assets, drained the exchange of $1.4 billion. Zhou emphasized that no other Bybit wallets were compromised, and efforts are underway to secure a bridge loan to facilitate the withdrawal process.
Zhou also explained that the malicious transaction activity had been masked as legitimate, complicating detection. Bybit executives have since apologized for discrepancies in asset prices and assured that retail customers would be prioritized in processing withdrawals.
The exchange’s security breach highlights the growing concerns over cybersecurity within the cryptocurrency sector, which has seen an uptick in incidents in early 2025.
