Bybit’s Resilience Impresses Analysts After Security Breach
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Bybit conducted regular service despite the recent hack. Crypto analysts believe Bybit’s response will boost customers’ confidence. The crypto exchange processed over 350,000 withdrawals within 10 hours. A renowned crypto analyst on X has applauded Bybit’s response to the latest attack on the cryptocurrency exchange. In a recent post, the foremost crypto market opinion leader highlighted the consistency with which the Bybit team conducted regular activities despite losing significantly to hackers. Want to give credit to Ben and the Bybit team here for how this was handled. They didn’t try and deflect responsibility of the situation. They owned up to it and tackled it head on. They didn’t close down the exchange and left withdrawals open and made it a priority to process… https://t.co/ysbfFc1oIn — K A L E O (@CryptoKaleo) February 23, 2025 According to the analyst, the Bybit team did not deflect responsibilities following the hack. Instead, they owned up and tackled the situation head-on. Bybit took a different approach that may look different from the prevailing trend in the crypto industry under similar circumstances. Most exchanges in the past halted operations during hacks and restricted users from making withdrawals. Related Article: Latest Bybit Hack Linked to N. Korea’s Crypto Theft for Weapons Funding Despite the magnitude of the loss, Bybit maintained regular service, prompting the analyst to believe such an act would boost customers’ confidence. The crypto exchange did not halt withdrawals but processed everything quickly. According to Bybit CEO Ben Zhou, the exchange experienced the highest withdrawal rate, with over 350,000 withdrawal requests within ten hours. As of the time of posting, Zhou noted that Bybit had processed 99.994% of those withdrawals, with only 2100 of them pending. The Bybit co-founder assured users that the exchange remains fully functional, with the team working hard to process and…
Filed under: News - @ February 23, 2025 6:27 pm