Ben Zhou, the CEO of the Bibit, assured the public that the user funds were safe and that the platform could cover the loss after the biggest crypto exchange hack in history.
Security giants and members of the concerned Crypto community held rallies behind the bibit on Friday, 21 February.
The biggest crypto exchange was hacked, while Bitit was trying a regular transfer, Jhou said that during A. Live stream post event. Specific details about the violation points are rare. However, preliminary reports suggest that hackers cheated the signs of the baibit to authorize a malicious transaction from the platform’s Etharium (ETH) Cold Wallet.
Bybit employs a multi-sig structure designed by safe to manage its ERC-20 token reserves. This wallet requires several team members to sign the transaction before execution.
A blockchain developer and abstract chain contributor Oxisgier said that bad actors attacked each signator and somehow used malware to replace multi-compress UI. The effects of this landscape are frightening, as it means that hackers may personally have identified each signator and compromise their computer or crypto purse.
Community Back Bibit, CEO Source Bridge Loan
Arcum tokens for any information leading to the hacker identifying. Additionally, safety, buybit multi-compress providers, announced ongoing maintenance to strengthen security.
In addition, Jhou said that Bibit was working to reach a resolution with other industry players such as Binance, Okx, and Kucoin and Law Enforcement. “We have filed a police report,” Jhou shared on Livestream.
Jhou and Shunit Jan, head of derivatives, also revealed that the exchange is negotiating a bridge loan with partners to restore atherium withdrawal. According to the mass, the platform will offer collateral from its treasure, mainly in bitcoin (BTC) and stabechoin. However, Jhou emphasized that the bucket could completely cover damage, given that the exchange manages more than $ 20 billion in property.
Bybit’s leadership urged the Crypto community to be patient among the congestion of stage, assuring users that other ERC-20 withdrawal and general operations continue as usual.
