{"id":37104,"date":"2025-02-22T15:00:52","date_gmt":"2025-02-22T12:00:52","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=37104"},"modified":"2025-02-22T14:02:29","modified_gmt":"2025-02-22T11:02:29","slug":"bybit-ceo-says-80-of-stolen-eth-recovered-after-hack","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bybit-ceo-says-80-of-stolen-eth-recovered-after-hack\/","title":{"rendered":"Bybit CEO Says 80% of Stolen ETH Recovered After Hack"},"content":{"rendered":"<p><a href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-cryptocurrency-market-update-february-22\/\"><strong>Bybit CEO<\/strong> <\/a>Announces <strong>Bridge Loan<\/strong> from Partners to Facilitate Customer Withdrawals Following<strong> $1.4 Billion Hack<\/strong>. Cryptocurrency exchange <strong>Bybit<\/strong> lost approximately $1.5 billion worth of <strong>Ethereum (ETH)<\/strong> following a major cyberattack on February 21, 2025. This incident has been recorded as the largest theft in the history of the cryptocurrency sector.<\/p>\n<h2 data-start=\"0\" data-end=\"80\">CEO Announces Customer Withdrawals Will Be Processed After $1.4 Billion Hack<\/h2>\n<p data-start=\"82\" data-end=\"251\"><strong>Bybit&#8217;s co-founder and CEO, Ben Zhou<\/strong>, responded to audience questions about how customer withdrawals will be processed following the $1.4 billion hack on Friday morning.<\/p>\n<p data-start=\"253\" data-end=\"510\">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 <strong>Ethereum<\/strong>, the firm plans to ease the process by obtaining a bridge loan (short-term loan) from its partners.<a href=\"https:\/\/coinmuhendisi.com\/blog\/bybit-hacklendi-son-durum-ve-gelismeler\/\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-149096 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/02\/zhou.jpg\" alt=\"zhou\" width=\"1280\" height=\"720\" \/><\/strong><\/a><\/p>\n<p data-start=\"512\" data-end=\"695\">&#8220;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&#8217;s too large of an amount to move around,&#8221; Zhou said.<\/p>\n<p data-start=\"697\" data-end=\"905\">&#8220;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,&#8221; he added.<\/p>\n<p data-start=\"907\" data-end=\"1098\"><strong>Bybit<\/strong> confirmed it lost $1.4 billion in funds after a hacker gained access to the firm&#8217;s multisig cold wallet, which has been described as &#8220;the largest crypto theft of all time&#8221; by an expert.<\/p>\n<p data-start=\"1100\" data-end=\"1210\" data-is-last-node=\"\" data-is-only-node=\"\"><strong>Bybit,<\/strong> a centralized exchange based in Singapore, recorded a<strong> spot market volume of $233.36 billion in January<\/strong>.<\/p>\n<hr \/>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bybit CEO Announces Bridge Loan from Partners to Facilitate Customer Withdrawals Following $1.4 Billion Hack. Cryptocurrency exchange Bybit lost approximately $1.5 billion worth of Ethereum (ETH) following a major cyberattack on February 21, 2025. This incident has been recorded as the largest theft in the history of the cryptocurrency sector. CEO Announces Customer Withdrawals Will<\/p>\n","protected":false},"author":29,"featured_media":37106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[654,12044,12043,12039],"class_list":["post-37104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","tag-bybit","tag-bybit-ben-zhou","tag-bybit-ethereum","tag-bybit-hacking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bybit CEO Says 80% of Stolen ETH Recovered After Hack - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bybit-ceo-says-80-of-stolen-eth-recovered-after-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bybit CEO Says 80% of Stolen ETH Recovered After Hack - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bybit CEO Announces Bridge Loan from Partners to Facilitate Customer Withdrawals Following $1.4 Billion Hack. Cryptocurrency exchange Bybit lost approximately $1.5 billion worth of Ethereum (ETH) following a major cyberattack on February 21, 2025. This incident has been recorded as the largest theft in the history of the cryptocurrency sector. 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