Binance founder Changpeng Zhao (CZ) has recommended that Bybit should halt withdrawals as a security precaution following Friday’s $1.5 billion hack.
“Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck,” he wrote in an X post.
In response to concerns that it would stoke further fear, CZ added: “1.5 billion is fear enough. Better to be safe than sorry now.”
Arkham data shows that Bybit still has $20 billion in assets, and the company’s CEO, Ben Zhou, said that the exchange “is solvent even if this hack loss is not recovered.”
Blockchain sleuth ZachXBT revealed that the hacker is beginning to split up the stolen ether, with two batches of 10,000 ETH being split up across 48 addresses. $200 million worth of mETH & stETH has also already been swapped on decentralized exchanges.
“We have been monitoring the Bybit incident very closely and will do our best to assist our partners in tracking the relevant funds, providing all the support within our capabilities,” Tron founder Justin Sun posted on X.
Read more: Bybit Loses $1.5B in Hack but Can Cover Loss, CEO Confirms