CZ Suggests Bybit Halt Withdrawals, Offers Help With $1.5B Hack

Binance founder Changpeng Zhao (CZ) has advised Bybit to suspend all withdrawals as a precautionary measure following the recent $1.5 billion hack.

“Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck,” he wrote in an X-post.

In response to concerns that it would stoke further fear, CZ added: “1.5 billion is fear enough. Better to be safe than sorry now.”

Bybit’s Financial Situation

According to Arkham data, Bybit still has $20 billion in assets, and the company’s CEO, Ben Zhou, stated that the exchange is solvent even if the hack loss is not recovered.

Hacker’s Activities

Blockchain sleuth ZachXBT revealed that the hacker is beginning to split up the stolen ether, with two batches of 10,000 ETH being split across 48 addresses. $200 million worth of mETH & stETH has already been swapped on decentralized exchanges.

Tron’s Support

Tron founder Justin Sun posted on X, stating, “We have been monitoring the Bybit incident very closely and will do our best to assist our partners in tracking the relevant funds, providing all the support within our capabilities.”

Conclusion

The Bybit hack has raised concerns about the security of cryptocurrency exchanges. While Bybit’s CEO has assured that the exchange is solvent, the incident highlights the importance of robust security measures to prevent such breaches.

FAQs

• What is the extent of the hack? The hack resulted in the theft of $1.5 billion in cryptocurrency.
• What is Bybit’s current financial situation? According to Arkham data, Bybit still has $20 billion in assets, and the company is solvent even if the hack loss is not recovered.
• What is the hacker’s plan? The hacker is beginning to split up the stolen ether, with two batches of 10,000 ETH being split across 48 addresses. $200 million worth of mETH & stETH has already been swapped on decentralized exchanges.