{"id":37137,"date":"2025-02-22T18:30:05","date_gmt":"2025-02-22T15:30:05","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=37137"},"modified":"2025-02-22T18:03:31","modified_gmt":"2025-02-22T15:03:31","slug":"bybit-hack-sees-withdrawals-exceed-5-3-billion-reserves-cover-liabilities","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bybit-hack-sees-withdrawals-exceed-5-3-billion-reserves-cover-liabilities\/","title":{"rendered":"Bybit Hack Sees Withdrawals Exceed $5.3 Billion, Reserves Cover Liabilities"},"content":{"rendered":"

Bybit<\/strong> <\/a>Confirms $5 Billion Drop After $1.4 Billion Hack, But Independent Audits Show Reserves Exceed<\/strong> Liabilities<\/p>\n

Bybit Maintains Reserves Exceeding Liabilities Despite $1.4 Billion Hack<\/h2>\n

Cryptocurrency exchange Bybit<\/strong> has confirmed that it still holds reserves exceeding its liabilities, despite suffering a $1.4 billion hack and a $5.3 billion drop in total assets. According to DefiLlama data, the February 21 hack became the largest crypto theft in history, with attackers stealing $1.4 billion in liquid-staked Ether, Mantle Staked ETH (mETH),<\/strong> and other ERC-20 tokens.<\/p>\n

Following the incident, Bybit’s total asset value fell by over $5.3 billion, but independent Proof-of-Reserve (PoR)<\/strong> auditor Hacken has confirmed that Bybit’s reserves continue to surpass its liabilities, ensuring full coverage of user funds.\"bybit\"<\/strong><\/a><\/p>\n

Bybit CEO Ben Zhou<\/strong> stated on February 22 that the exchange processed over 350,000 withdrawal requests within 10 hours, successfully completing 99.9% of them. In response to the hack, crypto industry leaders sent emergency transfers, including 50,000 Ether from Binance, 40,000 Ether from Bitget, and 10,000 Ether from Du Jun, co-founder of HTX Group.<\/p>\n

The Bybit hack accounts for more than half of the $2.3 billion stolen in crypto-related hacks in 2024. Analysts believe the attack was carried out by the Lazarus Group, which has also been linked to the Ronin network hack.<\/p>\n

Bybit’s Ether cold wallet<\/strong> was compromised through a deceptive transaction, allowing the hacker to take control and transfer all Ether to an unknown address. This incident highlights that even centralized exchanges remain vulnerable to sophisticated cyberattacks.<\/p>\n

\n

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don\u2019t forget to follow us on our\u00a0Telegram<\/strong>\u00a0 ,<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bybit Confirms $5 Billion Drop After $1.4 Billion Hack, But Independent Audits Show Reserves Exceed Liabilities Bybit Maintains Reserves Exceeding Liabilities Despite $1.4 Billion Hack Cryptocurrency exchange Bybit has confirmed that it still holds reserves exceeding its liabilities, despite suffering a $1.4 billion hack and a $5.3 billion drop in total assets. According to DefiLlama<\/p>\n","protected":false},"author":29,"featured_media":37139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[654,12058,12059,1729,12054,12057],"class_list":["post-37137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bybit","tag-bybit-ceo-ben-zhou","tag-bybits-ether-cold-wallet","tag-ether","tag-mantle-staked-eth-meth","tag-reserves-exceed"],"yoast_head":"\nBybit Hack Sees Withdrawals Exceed $5.3 Billion, Reserves Cover Liabilities - 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-hack-sees-withdrawals-exceed-5-3-billion-reserves-cover-liabilities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bybit Hack Sees Withdrawals Exceed $5.3 Billion, Reserves Cover Liabilities - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bybit Confirms $5 Billion Drop After $1.4 Billion Hack, But Independent Audits Show Reserves Exceed Liabilities Bybit Maintains Reserves Exceeding Liabilities Despite $1.4 Billion Hack Cryptocurrency exchange Bybit has confirmed that it still holds reserves exceeding its liabilities, despite suffering a $1.4 billion hack and a $5.3 billion drop in total assets. 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