Bybit's Security Update: Asset Recovery and Enhanced Security Measure

Feb 24, 2025ETH

Disclaimer: This is a general announcement. Products and services referred to here may not be available in your region. Please refer to T&C for more details.

February 24, 2025

Bybit is pleased to share significant progress in asset recovery and the implementation of enhanced security measures. Our commitment to transparency, security, and the protection of our users remains our highest priority.

What You Need to Know

$42.89 Million Secured Through Industry-Wide Collaboration

Bybit has successfully frozen $42.89 million in assets through rapid, coordinated action with leading crypto institutions. This achievement underscores the maturity and resilience of our ecosystem.

The collaborative effort has yielded remarkable results, with Tether swiftly intervening to freeze 181,000 USDT, while CoinEX secured 847,000 USDT and provided critical intelligence. OKX demonstrated exceptional responsiveness by freezing 2,783 ETH, and FixedFloat successfully secured 120,000 USDC and USDT. Additional crucial support came from ChangeNow, which intercepted 34 ETH, and AVAX, which secured 0.38755 BTC. Bitget and Circle, along with Thorchain, provided essential support through comprehensive blacklist implementation and intelligence sharing.

New API Rollout & Bounty Rewards Program

Bybit has launched a new API system designed to track and detect blacklisted wallets in real-time, enhancing our ability to recover funds.

Our upgraded Bounty Rewards Program now offers a 10% reward for successful fund recovery, fostering deeper collaboration with ethical security experts. This program is supported by advanced real-time wallet monitoring systems and integrated threat detection protocols, creating a comprehensive security ecosystem. For those interested in participating in our Bounty Rewards Program, please reach out to bounty_program@bybit.com.

Rapid ETH Reserve Replenishment

In a demonstration of our financial resilience, Bybit has successfully secured 254,830 ETH, valued at approximately $693 million, within just 48 hours of the incident. This achievement was made possible through strategic partnerships with industry leaders. We established crucial OTC arrangements with Galaxy Digital, FalconX, and Wintermute, while receiving significant support from Bitget, MEXC and DWF Labs. The swift execution of these multi-channel funding strategies highlights the strength of our industry relationships and our ability to maintain platform stability under challenging circumstances.

Ongoing Investigation

Our security team continues to work tirelessly alongside industry-leading experts to conduct a comprehensive root cause analysis of the incident. This investigation goes hand in hand with the implementation of additional preventive measures and the strengthening of our platform's security infrastructure. We are committed to not only addressing the immediate situation but also enhancing our rapid-response capabilities for the future.

Our Commitment to the Community

Bybit's focus remains steadfast on maintaining operational excellence and platform stability. We understand the importance of regular, transparent communication with our users and stakeholders, and we will continue to provide updates as our security enhancements progress.

A Heartfelt Thank You to Our Community

Your trust and confidence in Bybit drive our commitment to excellence and innovation in digital asset security. We remain steadfast in our mission to provide a secure, efficient, and transparent trading environment for our global community.

Thank you for your continued support and trust in Bybit.