Bybit expresses its heartfelt gratitude to the crypto community for coming together to address security threats

2025-02-23 00:43

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Source: Bybit

The world's second-largest cryptocurrency exchange Bybit expresses sincere gratitude to the global crypto community for the tremendous support shown following a recent security incident. This unprecedented display of unity has not only strengthened Bybit's resilience but has also laid the foundation for enhancing the industry's overall response to and prevention of future hacking attacks. From institutional liquidity providers to leading blockchain security firms, the swift and coordinated response showcased the power of the Web3 community.

Unified Response to the Threat

Upon discovery of the event, Bybit's security team took immediate action — locking down systems, safeguarding funds, and collaborating with top cybersecurity experts. The exchange received immense support from key players within the industry, with everyone working together to track, contain, and mitigate the impact of the vulnerability.

Bybit's Co-Founder and CEO Ben Zhou expressed his gratitude:

“For Bybit, this period has been challenging, but one thing is clear — our partners have been supporting us all along. The support from numerous partners such as Antalpha Global, Bitget, Pionex, MEXC, SoSoValue, Galaxy Digital, FalconX, Lido Finance, Solana Foundation, Ton Foundation, Ghaf Capital, Fenbushi, Bitvavocom, Tether, and many more has been incredible. Your trust, swift action, and unity are our driving force. We are moving forward more resolute and stronger than ever. Thank you for being with us.”

Industry Leaders Act Swiftly

Several key players in the DeFi and CeFi sectors took swift action to prevent stolen funds from further circulating, maintaining market stability:

Orbiter, deBridge, SynFutures, MYX, Thruster, and Owlto blacklisted addresses related to the vulnerability to prevent unauthorized transfers.

Chainalysis rapidly tracked and published the attacker's wallet address, enabling the entire industry to coordinate its response.

The SIS cross-chain bridge proactively blocked the relevant addresses, limiting the attacker's ability to launder funds.

Zero Shadows has launched a 24/7/365 global response team, working closely on threat actor tracking and identification, fund tracing and law enforcement communication to support investigation and recovery efforts.

Various institutional clients including TMSI, Bayside Trading, Mathrix, Wintermute, Cumberland, GSR Markets, among others, maintained trading positions, bolstering market stability in times of uncertainty.

Ben added, "Despite facing challenges, their trust in us conveyed an important message — demonstrating the maturity and resilience of the industry. It showcased the unity of the strongest players in the crypto industry in critical moments."

A Unified Community

Bybit also expresses gratitude for the unwavering support from its VIP clients, traders, and the broader user base. The community's encouragement and patience played a vital role as the exchange tirelessly reinforced security measures and fund protection around the clock.

"While this has been a tough period, it has also served as a profound reminder of why we are here — to build an open, resilient, decentralized financial future," said Ben. "The real work is just beginning, and the unity demonstrated in this space gives us confidence that we will emerge stronger than ever before."

Bybit is committed to transparency and will continue to provide updates as further security enhancements are implemented. The exchange is working closely with industry leaders to establish new crisis management standards to ensure user safety and trust, while enhancing the industry's overall defense capabilities against future threats.