Crypto

Bybit Restores Withdrawals After $1.5 Billion Crypto Hack

Published

8 years ago

July 18, 2017

Infinity Market Admin

Photo: Shutterstock

Bybit’s Withdrawal System Fully Restored After Major Cyberattack

Key Takeaways:
✔ Bybit has fully restored its withdrawal system after a record-breaking $1.5 billion hack.
✔ A full security report and new protective measures are expected soon.
✔ Blockchain experts suspect North Korea’s Lazarus Group was behind the attack.

Follow us on Google News for real-time updates!

Bybit Restores Withdrawals After $1.5 Billion Crypto Hack

Crypto exchange Bybit has resumed normal withdrawal operations after recovering from one of the largest hacks in crypto history. The attack, which targeted Bybit’s Ethereum cold wallet, resulted in an estimated loss of $1.5 billion in various digital assets.

CEO Ben Zhou confirmed in a post on X that all withdrawals are now fully functional, with no restrictions on transaction amounts or delays.

“12 hours after the worst hack in history, ALL withdrawals have been processed. Our system is back to normal. You can withdraw any amount with no delays. Thank you for your patience, and we sincerely apologize for the incident.” — Ben Zhou, CEO of Bybit.

Zhou also assured users that Bybit will release a detailed incident report soon, along with enhanced security measures to prevent future breaches.

Hack Details: $1.4 Billion in Ethereum Stolen

On February 21, blockchain investigator ZachXBT identified suspicious fund movements from Bybit’s wallets. Initial reports indicated that over 400,000 ETH, 90,000 stETH, 15,000 cmETH, and 8,000 mETH were stolen.

The stolen assets, totaling $1.4 billion, were transferred to a blockchain address beginning with ‘0x4766’ and later converted via decentralized exchanges (DEXs).

🔹 Notable Findings:
✔ The hacker tested the exploit by transferring 90 USDT before initiating the large-scale theft.
✔ Bybit’s ETH cold wallet was compromised, but other cold wallets remained secure.
✔ The attacker manipulated a legitimate transaction, tricking signers into unknowingly approving the hack.

Bybit’s team is now working with blockchain security experts to trace the stolen funds and recover assets wherever possible.

Bybit’s Financial Stability: “We Are Solvent”

Despite the staggering losses, Bybit reassured users that the exchange remains financially stable.

💰 How Bybit Covered the Losses:
✔ Bridge loan secured covering 80% of the stolen funds.
✔ Reserve funds will cover the remaining losses if necessary.
✔ No plans to buy back stolen ETH, preventing market price surges.

Additionally, on-chain data confirms that Bybit maintains sufficient reserves to meet all user obligations. BitMEX Research independently verified this information through Bybit’s public reserve data.

Crypto Community Supports Bybit

Top industry players have stepped up to support Bybit in its recovery efforts:

✔ Binance, Bitget, OKX, and KuCoin pledged assistance.
✔ Arkham Intelligence announced a 50,000 ARKM bounty for identifying the hacker.
✔ Bitget deposited 40,000 ETH into Bybit’s cold wallet as a goodwill gesture.
✔ A whale transferred 20,000 ETH (worth $53 million) to Bybit’s wallet.

Was North Korea Behind the Attack?

Blockchain analysts suspect the Lazarus Group, a notorious North Korean hacking organization, was responsible for the Bybit hack.

📌 Key Evidence:
✔ ZachXBT uncovered links between the Bybit hack and the $70M Phemex hack in January.
✔ The hacker began laundering stolen ETH using the eXch mixer and bridged funds to Bitcoin via Chainflip.
✔ Chainflip responded, stating that while they took preventive measures, their decentralized nature limits their ability to block transactions.

Bybit CEO Ben Zhou has urged Chainflip and other platforms to help prevent further asset movements. Investigations are ongoing.

Final Thoughts: What’s Next for Bybit?

Bybit’s swift recovery and strong industry backing highlight its resilience. However, this incident serves as a stark reminder of the security risks in crypto trading.

🔹 What Users Should Do Now:
✔ Enable two-factor authentication (2FA) for extra security.
✔ Use hardware wallets for long-term storage.
✔ Stay updated on Bybit’s upcoming security enhancements.

📢 Follow us for more updates as Bybit releases its full incident report.

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Crypto

Mastering Risk Management in Crypto: A Key to Success in Trading

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Hamster Kombat Loses 259 Million Players in Under Three Months

Published

2 months ago

February 27, 2025

Infinity Market Admin

Hamster Kombat’s Rapid Decline: What Happened?

Hamster Kombat, one of Telegram’s most popular tap-to-earn games, has seen a massive drop in its user base. Since August, the game has lost 259 million players, marking an 86% decline in active monthly users. As of November 5, the game retains 41 million active players, down from its peak earlier this year.

The sharp decline coincides with the rise of Paws, a competing Telegram Mini App, which has attracted 20.5 million users in just eight days. Paws also reported 10 million connected wallets and one million X (Twitter) followers, making it a fast-growing rival in the crypto gaming space.

HMSTR Token Struggles Amid User Exodus

The HMSTR token has suffered a 66% price drop from its all-time high of $0.007 on September 26 to $0.0024 as of November 5, according to CoinGecko. However, on-chain data from IntoTheBlock shows a 30-day high of 3.5 million wallet addresses holding the token, indicating that some investors are still holding on.

Political and Market Challenges Impact Growth

Hamster Kombat has also faced political challenges, with Iranian government officials criticizing the game and reports of potential bans in Uzbekistan. Such hurdles, coupled with growing competition, have contributed to the game’s player decline.

What’s Next for Hamster Kombat?

Despite recent losses, the Hamster Kombat team has ambitious plans to revamp the game and regain user interest. Future updates include:

✅ Integration of payment systems to enhance user experience.
✅ New game launches to keep players engaged.
✅ NFTs as in-game assets, offering more incentives for players and investors.

While Hamster Kombat has faced setbacks, its next phase of development could determine whether it rebounds or continues to lose market share to competitors like Paws.

Final Thoughts

The crypto gaming industry is evolving rapidly, with new contenders constantly emerging. Hamster Kombat’s ability to innovate and adapt will be crucial in determining its future success. Will the game recover, or is this the beginning of the end? Only time will tell.

**Stay updated with the latest crypto gaming news—subscribe for more

Crypto

Bitcoin $100K Breakthrough

Published

2 months ago

February 20, 2025

Infinity Market Admin

Bitcoin surge past $100,000 may feel like a long-anticipated milestone, but according to industry experts, this is just the beginning of a significant shift. Institutional adoption is gaining momentum, and it could reshape global financial markets in ways never seen before.

Institutional Capital Flowing into Bitcoin

Samson Mow, CEO of Jan3—an organization dedicated to accelerating Bitcoin adoption—believes this rally is different from past cycles.

“Previous Bitcoin bull runs were often hindered by onboarding delays, with exchanges struggling to keep up,” Mow explained at the Consensus 2025 conference in Hong Kong. “But with Bitcoin ETFs now in play, there’s no barrier preventing traditional finance (TradFi) from moving directly into Bitcoin.”

Despite this shift, Mow notes that institutional capital hasn’t flooded into Bitcoin just yet. Investors such as sovereign wealth funds are still cautiously testing the waters, allocating only a fraction of their available capital to crypto.

Supply Constraints and Market Dynamics

During the panel discussion, Adam Back, CEO of Blockstream, highlighted Bitcoin’s unique market conditions.

“ETF inflows are significantly outpacing the daily Bitcoin mining supply,” Back noted. “MicroStrategy and other companies are acquiring Bitcoin at a rate exceeding twice the daily mining output.”

This trend suggests a long-term bullish trajectory, with Mow predicting a decade or more of sustained institutional investment driving Bitcoin’s price even higher.

Unprecedented Bitcoin Accumulation

The panel also discussed how approximately 1.1 million Bitcoin—worth around $110 billion—was absorbed by buyers between September and October 2024. This massive accumulation happened even as Bitcoin’s price surged from $60,000 to over $100,000, reflecting strong investor confidence.

Mow pointed out that despite the price increase, Bitcoin remains locked in artificial trading ranges, possibly due to market manipulations or strategic accumulation by large investors.

What’s Next for Bitcoin?

With institutional investors slowly increasing their exposure and supply constraints tightening, Bitcoin could be on the cusp of a prolonged period of bullish momentum. As ETFs remove previous barriers to entry, more capital is expected to flow into the market, further driving demand.

While the current rally is already making headlines, industry leaders believe the true impact of institutional adoption is just beginning. If Bitcoin’s recent price action is any indication, we may be witnessing the early stages of a historic shift in global finance.