btc-usdOlumide Adesina•Sunday, February 23, 2025•2 min read Add an article to your Reading ListRegister now to be able to add articles to your readi
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Olumide Adesina•Sunday, February 23, 2025•2 min read
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The Mantle, SEAL, and mETH teams have already assisted in recovering about $43 million in stolen funds from the Bybit hack, according to Polygon’s chief information security officer, Mudit Gupta.
The stablecoin issuer froze 181,000 USDt, and Tether CEO Paolo Ardoino added that Bybit also announced a bounty program that would give up to 10 percent of the stolen funds—worth up to $140 million—to contributors who assist in recovering the stolen funds from the notorious hacking group.
Prominent industry leaders praised the exchange for its communication following the security incident and for allowing customers to request withdrawals in times of emergency.
The platform processed all pending withdrawals that caused congestion on the Bybit exchange following the hack.
Ben Zhou, CEO of the Bybit exchange, announced that withdrawals have resumed. The CEO also assured customers in a recent social media post that they could withdraw any amount from the exchange without any problems or delays.
Bybit, a cryptocurrency exchange, was breached with over $1.4 billion in liquid-staked Ether. Ben Zhou, the CEO, and co-founder of Bybit gave an update on the security vulnerability.
Zhou verified that a transfer had been performed from the exchange’s multi-signature wallet to a warm wallet.
The CEO claimed that the transaction was disguised to look authentic, but it contained malicious source code intended to change the wallet’s smart contract logic and embezzle money
Zhou assured customers that every other cold wallet was secure.
“Every withdrawal is typical. I’ll update you all as additional information becomes available. We would appreciate it if any team could assist us in tracking down the stolen funds.” He added
“Bybit is Solvent.” the Bybit CEO said, “Even if this hack loss is not recovered, we can cover the loss because all of the client’s assets are 1 to 1 backed.”
The incident comes amid high-profile security breaches and hacks that depleted cryptocurrency exchanges’ money in 2024 and early 2025.
The first few weeks of February 2025 saw a surge in hacking and scam-related activity in the cryptocurrency sector.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
www.fxleaders.com