Crypto Catastrophe: Bybit CEO’s Hilarious Take on the ‘Worst Hack’ Ever! 😂

by

In a rather theatrical flourish, our dear Ben Zhou has taken the stage to address the latest calamity befalling Bybit, a veritable soap opera of digital misfortune.

Earlier, he confirmed that the exchange’s Ethereum (ETH) cold wallet had been compromised in what he grandiosely dubbed one of “the worst hacks” in the annals of history. One can almost hear the dramatic music swelling in the background. 🎭

Alas, the popular cryptocurrency trading platform has reportedly lost a staggering $1.4 billion worth of ETH and other tokens. In the aftermath of this digital debacle, around $200 million worth of stETH was swapped on the open market for ETH, as if the market were a bustling bazaar of lost dreams.

In a statement that could rival the best of Shakespearean soliloquies, Zhou reassured users that withdrawals had resumed at full capacity. “Twelve hours from the worst hack in history, all withdrawals have been processed. Our withdrawal system is now fully back to normal pace—you can withdraw any amount and experience no delays. Thanks for your patience, and we are sorry that this has happened,” he wrote, as if reciting lines from a tragic play.

He also promised that Bybit would release a full incident report along with enhanced security measures in the coming days, because nothing says “we care” quite like a detailed report after the fact.

12 hr from the worst hack in history. ALL withdraws have been processed. Our withdraw system is now fully back to normal pace, you can withdraw any amount and experience no delays. Thanks for your patience and we are sorry that this has happened.
Bybit will come out with full…

— Ben Zhou (@benbybit) February 22, 2025

In a previous post, Zhou acknowledged the scale of the attack and the Herculean challenges the exchange faced. He revealed that Bybit had processed an unprecedented number of withdrawal requests—over 350,000 in total—since the hack occurred. One can only imagine the frenzy akin to a Black Friday sale.

“Since the hack 10 hours ago, Bybit has experienced the most withdrawals we have ever seen. So far, around 2,100 withdrawal requests remain to be processed. Overall, 99.994% of withdrawals have been completed,” he stated, with a hint of pride, as if he were announcing a new record in a bizarre Olympic event.

Despite the severity of the breach, Zhou emphasized that all Bybit functions and products remained operational. He praised his team for working tirelessly through the crisis, stating, “The whole team has been awake all night to process and answer client questions and concerns. All hands on deck. Rest assured, we are here with you.” A veritable band of digital warriors, fighting the good fight!

As the exchange works to recover from this digital tempest, Bybit is expected to implement additional security measures and provide further updates on how it plans to prevent similar incidents in the future. Because, of course, the show must go on!

As reported by U.Today, the attack was executed using a technique known as “musked” transactions, where the hacker likely employed advanced phishing and spoofing tactics to deceive users. A plot twist worthy of a thriller novel!

This involved displaying a compromised user interface (UI) that closely mimicked the legitimate Bybit interface, tricking the signer into approving fraudulent transactions. The method is akin to scams that use fake ATM interfaces to steal sensitive information from unsuspecting users—oh, the irony!

According to Ben Zhou, the hacker exploited the signing message to manipulate the smart contract logic of the exchange’s ETH cold wallet. By altering the contract’s behavior, they were able to seize control of the wallet and transfer all stored ETH to an unidentified address. This sophisticated attack method highlights the growing complexity of security threats facing the cryptocurrency industry, a veritable labyrinth of digital intrigue.

Read More

2025-02-22 10:00