CEO Announces Customer Withdrawals Will Be Processed After $1.4 Billion Hack

Bybit’s co-founder and CEO, Ben Zhou, responded to audience questions about how customer withdrawals will be processed following the $1.4 billion hack on Friday morning.

In a live broadcast on X Space, Zhou confirmed that all customer withdrawals will be processed, even if they are under review. Instead of purchasing Ethereum, the firm plans to ease the process by obtaining a bridge loan (short-term loan) from its partners.

“We are currently reaching out to our partners for a bridge loan. We are not buying [Ethereum] right now. Even if we wanted to, it’s too large of an amount to move around,” Zhou said.

“We are getting support from our partners. We have actually secured almost 80% of the stolen Ethereum as a bridge loan to help us overcome the liquidity crunch and get through this critical period,” he added.

Bybit confirmed it lost $1.4 billion in funds after a hacker gained access to the firm’s multisig cold wallet, which has been described as “the largest crypto theft of all time” by an expert.

Bybit, a centralized exchange based in Singapore, recorded a spot market volume of $233.36 billion in January.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Bybit CEO Says 80% of Stolen ETH Recovered After Hack appeared first on Coin Engineer.