Bybit crypto exchange, which has suffered from the biggest industry hack to date, expressed its gratitude for the crypto community support while it works around the clock to enhance security measures and safeguard user funds.
Many crypto players have assisted Bybit in handling the most massive hacker attack, which led to the loss of $1.5 billion worth of digital assets.
“Within 24 hours of the event, we were overwhelmed with support from some of the best people and organizations in the industry, and we do not take it for granted. We have shared in a dark moment of crypto history, and we’ve proven we are better than the malicious actors,” said Ben Zhou, co-founder and CEO of Bybit.
Companies like Antalpha Global, Bitget, Pionex, MEXC, Solana Foundation, and many others have stepped up, showing trust and quick action. Their help was crucial in the first hours the incident became public. Many major players in both decentralized (DeFi) and centralized (CeFi) finance quickly responded to stop the stolen funds from being moved and to keep the market stable.
Bybit management specifically mentioned platforms like Orbiter, deBridge, and SynFutures, which blacklisted addresses linked to the exploit, preventing unauthorized transfers; Chainalysis, which tracked and shared the hacker’s wallet addresses, enabling a coordinated response; SIS cross-chain bridge which blocked suspicious addresses to stop the attacker from laundering funds; Zero Shadows, which activated its emergency response team, working on tracking bad actors, tracing stolen funds, and coordinating with law enforcement; as well as institutional trading firms, including TMSI, Wintermute, and GSR Markets, that continued their operations, helping maintain market stability during the crisis.
CEO Ben Zhou expressed gratitude for the industry’s rapid support, vowing to enhance security measures, improve liquidity, and continue working closely with the crypto community. To further encourage cooperation, Bybit is offering a 10% reward to cybersecurity and crypto experts who help recover stolen funds from the largest crypto heist in history, which alone equals over 50% of the total $2.3 billion lost to crypto-related hacks in 2024.
The attack targeted Bybit’s cold wallet, an offline storage system meant to enhance security. The stolen funds, primarily in ether, were swiftly moved across multiple wallets and cashed out through different platforms. Allegedly, the Ethereum multi-signature cold wallet was breached through a fraudulent transaction that misled signers into unintentionally approving a modification to the smart contract’s logic, allowing unauthorized access.
Bybit’s assets dropped by over $5 billion following the hack on February 21. However, independent audits have verified that the exchange’s reserves remain higher than its liabilities, guaranteeing full support for user funds.
