Dubai-based Bybit confirmed that client funds remain secure and withdrawals are still being processed after a cyberattack that stole 401,000 Ethereum, worth over US$1.5 billion.

The breach, which occurred on Feb. 21, targeted one of Bybit’s cold wallets during a routine transfer. Other assets, including bitcoin and USDT, were not affected.

CEO Ben Zhou stated in a livestream that Bybit secured a bridge loan from partners, recovering nearly 80% of the stolen ethereum. He assured that the company’s treasury is prepared to cover any remaining losses.

While withdrawals remain operational, some delays may occur due to routine checks.

Bybit is working with legal and law enforcement authorities to recover the stolen funds.

This attack is the largest in cryptocurrency history, surpassing the US$625 million Ronin Network hack in 2022. In 2024 alone, hackers stole US$2.2 billion from crypto platforms.

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