Cryptocurrency exchange Bybit has fully restored its withdrawal services, reassuring users after suffering what is being called the largest hack in the 15-year history of the crypto industry.
Bybit CEO Ben Zhou confirmed in a Feb. 22 post on X that all pending withdrawals had been processed and that the system had returned to normal.
“12 hours from the worst hack in history. ALL withdrawals have been processed. Our withdrawal system is now fully back to normal pace.”
The quick response from Bybit’s team appears to have helped contain some of the panic following the attack, which saw over $1.5 billion in Ethereum-related tokens drained from the exchange.
Withdrawals Back Online—No Limits, No Delays
Zhou assured Bybit’s 20 million users that there are no restrictions on withdrawals, emphasizing that transactions would continue as usual.
He also acknowledged the severity of the incident and apologized to the community for the disruption.
“The real work has just now started,” he added, referring to Bybit’s ongoing security overhaul and investigation.
The exchange has promised to release a full incident report and security assessment in the coming days, providing transparency into what went wrong and how Bybit plans to strengthen its security measures.
Bybit Faces Withdrawal Congestion After Attack
The announcement follows Zhou’s Feb. 21 livestream, where he warned that withdrawals could take hours due to high congestion after the hack.
At the time of the broadcast, Bybit had about 4,000 pending withdrawal transactions. Users were concerned that funds could be frozen or delayed indefinitely, but the exchange’s swift action helped restore confidence.
Industry Praises Bybit’s Crisis Management
Despite the massive security breach, many crypto industry leaders have commended Bybit’s crisis response, crediting the team for handling the situation professionally.
- Mark Jeftovic, CEO of EasyDNS, said Zhou is “handling this well.”
- Carl Moon, host of The Moon Show, echoed the sentiment, stating: “Big respect for how this was handled.”
- 0xJeff, a well-known crypto analyst, described the response as a “masterclass in crisis management and communication.”
Crypto Exchanges Rally to Support Bybit
Several major crypto exchanges have stepped in to help mitigate the fallout from the attack.
- Bitget and Crypto.com announced they would blacklist the hacker’s wallets to prevent stolen funds from being laundered through their platforms.
- Bitget CEO Gracy Chen said the exchange is actively monitoring the situation: “Our team of security researchers is tracking these activities. We will block any transactions flowing in from illicit addresses and share major findings with the industry.”
What’s Next?
While Bybit’s swift recovery has reassured users, the $1.5 billion hack raises serious concerns about exchange security across the industry.
With hackers continuing to exploit vulnerabilities in centralized platforms, this incident could push more traders toward decentralized finance (DeFi) alternatives, where users maintain full control over their assets.
Bybit now faces a critical test:
- Can it rebuild user trust after such a devastating breach?
- Will it enhance security measures to prevent future attacks?
As the industry awaits Bybit’s official incident report, traders and analysts will be closely watching how the exchange adapts to one of the biggest security challenges in its history.
