Binance founder Changpeng Zhao (CZ) has urged Bybit to freeze withdrawals following a massive $1.5 billion hack. He emphasized the urgency of taking immediate security measures, stating, “Not an easy situation to deal with.” Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck,” he wrote in an X post.
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With concerns mounting over the stolen funds, CZ dismissed fears of overreaction, stating, “1.5 billion is fear enough. Better to be safe than sorry now.”
Bybit CEO Insists Exchange Remains Solvent
Despite the scale of the breach, Bybit CEO Ben Zhou reassured users that the exchange remains financially stable. He stated that Bybit “is solvent even if this hack loss is not recovered,” according to Arkham data, which shows the platform still holds $20 billion in assets.
Hacker Begins Splitting Stolen Ethereum
Blockchain analyst ZachXBT revealed that the hacker has started breaking up the stolen funds. Two batches of 10,000 Ethereum (ETH-USD) have been dispersed across 48 wallets, while $200 million in mETH and stETH has already been swapped on decentralized exchanges.
Tron’s Justin Sun Offers Help
Other industry figures have stepped in to assist. “We have been monitoring the Bybit incident very closely and will do our best to assist our partners in tracking the relevant funds,” Tron founder Justin Sun posted on X.
Whether Bybit tightens security or takes CZ’s advice, investors should monitor how these developments impact their favorite cryptocurrencies on TipRanks.
