“Bybit is Solvent even if this hack loss is not recovered”, reassures CEO Zhou

Crypto exchange – Bybit – has made headlines for becoming the victim to one of the biggest hacks so far this year. According to ZachXBT, the exchange might have lost nearly $1.4 billion in Ethereum. And, despite the massive loss, the co-founder and CEO of the exchange – Ben Zhou has taken to social media to assure the users of the exchange that all is well. In a post made on X, Zhou said,

“Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.”

Notably, the hack was confirmed as soon as speculations of the incident started making turns on X. In a post, the Singapore-based crypto exchange said that it had “detected unauthorized activity” in one of their ETH cold wallets. The exchange further explained the hack that unveiled on the platform by stating,

The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic. As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.”

Furthermore, Bybit also claimed that it would be business as usual for the exchange, stating that “all funds are safe, and our operations continue as usual without any disruption.” The exchange has also assured that it would provide users with constant updates by claiming that “transparency and security remain our top priorities”.

The story is developing.