When Hackers Strike: Bybit’s CEO Promises to Save the Day! 💸😅

In a most curious turn of events, Ben Zhou, the esteemed CEO of Bybit, took to the digital stage, assuring the anxious public that their precious funds remained untouched, like a well-guarded secret in a Russian novel. Following the most audacious heist in the annals of cryptocurrency, where over $1.4 billion vanished into the ether, Zhou’s confidence was as palpable as a summer’s breeze in the countryside.

On that fateful Friday, February 21, a chorus of security veterans and concerned members of the crypto community rallied around Bybit, their collective anxiety palpable. The exchange, in a moment of routine transfer, found itself the victim of a grand theft, a tale worthy of the most dramatic of operas.

As Zhou recounted during a livestream, the breach occurred under the most mundane of circumstances. Details, however, were as elusive as a shadow at dusk. Initial whispers suggested that the hackers, those nefarious tricksters, had somehow duped Bybit’s signers into authorizing a most malicious transaction from the platform’s Ethereum (ETH) cold wallet. One can only imagine the scene: a darkened room, a flickering screen, and the sound of laughter echoing in the void.

Just in: According to @zachxbt, Bybit faced a security incident (likely hacked) where $1.44B worth of funds were withdrawn.

401,347 $ETH worth $1.12B
90,376 $stETH worth $253.16M
15,000 $cmETH worth $44.13M
8,000 $mETH worth $23M

Later, these funds were moved to another wallet.…

— Onchain Lens (@OnchainLens) February 21, 2025

Bybit, in its wisdom, had employed a multi-sig structure, a fortress designed by Safe to guard its ERC-20 token reserves. This wallet, a veritable citadel, required the signatures of multiple team members before any transaction could be executed. Yet, as OxCygaar, a blockchain developer and contributor to Abstract Chain, speculated, the attackers may have employed a most dastardly tactic, targeting each signer and using malware to alter the multi-sig UI. The implications of such a scenario are as grim as a winter’s night, suggesting that the hackers had meticulously identified each signer, compromising their very devices.

Community backs Bybit, CEO sources bridge loan

In a twist befitting a novel of intrigue, ARKM tokens were offered as a bounty for any information leading to the identification of the elusive hacker. Meanwhile, Safe, the multi-sig provider, announced ongoing maintenance to bolster security, as if to say, “Fear not, dear users, we are on the case!”

Moreover, Zhou revealed that Bybit was collaborating with other industry titans such as Binance, OKX, and KuCoin, as well as law enforcement, to resolve this most unfortunate affair. “We have filed a police report,” he declared, as if that would magically restore the lost funds.

In a further display of fortitude, Zhou and Shunyet Jan, Bybit’s head of derivatives, disclosed that negotiations for a bridge loan were underway, with partners willing to restore Ethereum withdrawals. The collateral, primarily in Bitcoin (BTC) and stablecoins, was to be offered from Bybit’s treasury. Yet, Zhou reassured the anxious masses that Bybit could fully cover the loss, boasting of managing over $20 billion in assets, a sum that would make even the most stoic of souls raise an eyebrow.

As the leadership of Bybit urged the crypto community to remain patient amidst the chaos, they reassured users that other ERC-20 withdrawals and normal operations continued unabated, like a river flowing steadily despite the storms above.

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2025-02-21 22:17