Bibit CEO calls the latest Crypto Hack “the worst in history” and announces the next step

Ben Zhou praises the current situation with his latest Bybit Hack.

Previously, he confirmed that the exchange’s Ethereum (ETH) cold wallet was compromised, which he describes as one of the “worst hacks” in history.

The popular cryptocurrency trading platform reportedly lost around $1.4 billion worth of ETH and other tokens. In the aftermath of the attack, Steth worth around $200 million was traded for ETH’s open market.

In a statement, Zhou reassured users that the withdrawals have resumed in full capacity. “Every withdrawal was processed for 12 hours from the worst hack in history. Our withdrawal system is now fully back to normal pace. Withdrawal money, there is no delay. Make your patience Thank you, and we are sorry that this happened,” he wrote.

He also promised that BYBit will release a full incident report along with enhanced security measures in the coming days.

In a previous post, Zhou acknowledged the scale of the attack and the challenges faced by the exchange. He revealed that Bibit had handled an unprecedented number of withdrawal requests due to the hacks.

“Since hacking 10 hours ago, BYBit has experienced the most withdrawals we’ve seen. So far, around 2,100 withdrawal requests have yet to be processed. Overall, the withdrawals are 99.994% is complete,” he said.

Despite the severity of the infringement, Zhou emphasized that all bibit features and products remain operational. He praised the team for tireless efforts throughout the crisis, saying, “The whole team will wake up all night, handle and answer client questions and concerns. Deck with all hands. Don’t worry, we I’m here with you.”

As exchanges work to recover from attacks, BYBIT is expected to implement additional security measures and further update its plans to prevent similar incidents in the future.

As reported by U.Today, this attack was carried out using a technique known as a “musk” transaction. Hackers may have adopted advanced phishing and spoofing tactics to deceive users.

This involved a compromised user interface (UI) closely mimicking legitimate bibit interfaces, displaying the signator to approve the approval of fraudulent transactions. This method is similar to a scam that uses a fake ATM interface to steal sensitive information from unsuspecting users.

According to Ben Zhou, hackers misused signature messages to manipulate smart contract logic on the exchange’s ETH cold wallet. By changing the contract behavior, they were able to seize control of the wallet and transfer all saved ETH to an unidentified address. This sophisticated attack method underscores the growing complexity of the security threats facing the cryptocurrency industry.