Crypto Exchange ByBit Confirms Widespread Impact of Hack

ByBit says everyone is affected by the suspected hack of its cold wallet, resulting in the theft of almost $1.4 billion in Ethereum.

During a live stream on the X platform, ByBit’s head of derivatives and institutions, Shunyet Jan, stated, “to be honest right now, everyone is affected.”

> JUST IN: Bybit when asked how many users are affected by the $1.4 billion hack
> “To be honest, right now, everyone is affected.”
> — Watcher.Guru (@WatcherGuru) February 21, 2025

It’s unclear how all users are impacted since only Bybit’s ETH cold wallet was compromised. Notably, the exchange has paused withdrawals, preventing users from accessing other assets.

Bybit’s Ben Zhou mentioned that the stolen Ethereum constitutes about 70% of the exchange’s total ETH holdings, indicating that most ETH holders are directly affected.

> “I believe it was around 70% [of ETH AUM],”
> Ben Zhou responded.

Bybit assures users that other assets in both hot and cold wallets are secure. Jan indicated retail withdrawals are functioning normally and the wait time is decreasing. Some partners are assisting with the withdrawal process.

Both Jan and Zhou confirmed that Bybit will not buy ETH from the open market to compensate for users’ losses.