Bybit Reserves Cover Liabilities Despite $4.3B Withdrawals
After the largest hack in its history, Bybit users withdrew over $4.3 billion within days. Despite this, the exchange’s reserves continue to exceed its liabilities.
According to data from DefiLlama, Bybit's assets have dropped by $5.77 billion, including $1.4 billion lost in the hack on February 21, 2025. Currently, the exchange holds $10.69 billion in assets. If similar incidents continue, this could become one of the most significant stress tests for a centralized exchange in the history of the crypto industry.
Despite the challenges, cybersecurity firm Hacken, responsible for auditing Bybit's Proof-of-Reserve (PoR), confirmed that the exchange’s reserves still cover all liabilities. This means that Bybit can process all user withdrawals without issues. However, it is worth noting that other platforms provided credit support to Bybit. For instance, Binance and Bitget each sent 50,000 ETH. Bybit has already expressed its gratitude for this assistance.
Today’s hack was massive—a tough hit for the industry. But here’s the bottom line: Bybit’s reserves still exceed its liabilities,
 stated auditors from Hacken.
The additional reserves and prompt support from major players in the crypto industry likely allowed Bybit to continue processing withdrawals without interruption, although high demand led to minor delays. Bybit CEO Ben Zhou reported that the platform processed over 350,000 withdrawal requests within ten hours of the hack, covering approximately 99.9% of all requests.
This incident highlights the vulnerability of centralized cryptocurrency exchanges to sophisticated cyberattacks by hacking groups. However, unlike the infamous Mt. Gox, Bybit demonstrated strong financial planning and effective crisis management. This strategy appears to have enabled the exchange to navigate the situation without significant reputational or financial damage.
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