Binance founder and ex CEO Changpeng Zhao (CZ) has suggested that cryptocurrency exchange Bybit should temporarily halt withdrawals following a security breach that affected one of their Ethereum cold wallets resulting in loss of $1.5 Billion crypto funds. The incident, disclosed by Bybit CEO Ben Zhou, involved unauthorized transfers of ETH to an unidentified address.
About an hour ago, Bybit CEO Zhao posted on X that a “Hacker took control of the specific ETH cold wallet we signed and transferred all ETH in the cold wallet to this unidentified address”. According to major Web3 analytics firms like Cyvers Alerts and Arkham Intelligence, the alleged hackers exploited over 401,346 ETH tokens worth over $1.1 Billion in value along with other assets.
In response to this post, CZ came to help Zhao and said not an easy situation to deal with. and mentioned that they were ready to help Bybit in this tough situation. On this, a community member expressed his concerns that suspending withdrawals might cause panic. CZ replied to the member and said, “1.5 billion is fear enough. Better to be safe than sorry now.”
Moreover, The community also speculated about the ongoing incident and said that this hack was done by the Pi community. Recently, Ben Zhou indulged in debate when he refused to list Pi coin on Bybit due to legitimacy concerns. Not only this the CEO calls Pi a pyramid scheme which created too much chaos in the Pi community.
Also Read: Bybit Hack of $1.5 Billion: Is WazirX users’ money safe?
