- Bybit conducted regular service despite the recent hack.
- Crypto analysts believe Bybit’s response will boost customers’ confidence.
- The crypto exchange processed over 350,000 withdrawals within 10 hours.
A renowned crypto analyst on X has applauded Bybit’s response to the latest attack on the cryptocurrency exchange. In a recent post, the foremost crypto market opinion leader highlighted the consistency with which the Bybit team conducted regular activities despite losing significantly to hackers.
According to the analyst, the Bybit team did not deflect responsibilities following the hack. Instead, they owned up and tackled the situation head-on. Bybit took a different approach that may look different from the prevailing trend in the crypto industry under similar circumstances. Most exchanges in the past halted operations during hacks and restricted users from making withdrawals.
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Despite the magnitude of the loss, Bybit maintained regular service, prompting the analyst to believe such an act would boost customers’ confidence. The crypto exchange did not halt withdrawals but processed everything quickly. According to Bybit CEO Ben Zhou, the exchange experienced the highest withdrawal rate, with over 350,000 withdrawal requests within ten hours.
As of the time of posting, Zhou noted that Bybit had processed 99.994% of those withdrawals, with only 2100 of them pending. The Bybit co-founder assured users that the exchange remains fully functional, with the team working hard to process and answer all client requests despite what he described as the worst hack in the history of any medians.
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Many crypto community members were impressed by Bybit’s response, which the analyst considers a sign of growth for the crypto industry. One respondent on the post’s thread supported the analyst’s opinion, highlighting Bybit’s professionalism in handling the situation without harming users.
According to the respondent, the crypto exchange showcased a product that protects users in the worst-case scenarios. He considers Bybit’s approach a show of character that the crypto community must commend.
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