Following the $1.4 billion security breach that drained Bybit’s ETH-related wallets, CEO Ben Zhou has reassured users that withdrawals remain open despite delays caused by network congestion.
In a Feb. 21 livestream, Zhou stated that Bybit currently has around 4,000 pending withdrawal transactions but emphasized that the exchange is actively processing requests.
“We don’t have plans to suspend or cancel withdrawals. At the moment, we are still receiving all the withdrawal requests, and, in fact, 70% of them have been approved and processed. A lot of the network congestion is still there, so we’re processing them as fast as we can,” Zhou said.
Bybit Secures Bridge Loan to Maintain Operations
Zhou also confirmed that no other Bybit wallets were compromised in the high-profile hack. To stabilize operations, Bybit is securing a bridge loan, ensuring liquidity remains unaffected while the security issue is fully resolved.
Market Impact: Ethereum Took the Biggest Hit
The Bybit hack triggered market volatility, with many tokens experiencing sharp declines. According to crypto research firm Nansen, Ethereum (ETH) price action was particularly affected:
- ETH started dropping after 15:00 CET.
- From 16:15 CET onward, ETH lost 4% in just 45 minutes.
- While some tokens have partially rebounded, prices remain lower post-hack.
Bybit continues working with blockchain forensic teams to track the stolen assets and restore user confidence.
With withdrawals still being processed, the exchange is striving to recover from one of the largest crypto exchange breaches in history.
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