CZ Defends Call to Pause Withdrawals After Bybit Hack
Bybit kept withdrawals open without further issues, underscoring the trade-off between precaution and uninterrupted access.
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Bybit kept withdrawals open without further issues, underscoring the trade-off between precaution and uninterrupted access.
Users are being asked to move assets to Ethereum mainnet by October 26, though Blast says its L1 bridge contracts will remain available afterward.
The response adds approval layers and resets credentials, but the affected third-party security functions will remain disabled until remediation is complete.
The exchange says the pause was a security measure, not a sign of insufficient user assets, and that losses were covered by its Protection Fund.
The restart restores access for users, but the $388 million incident keeps exchange security and confidence in centralized platforms in focus.
The phased reopening keeps withdrawals offline until security checks are complete, while Mandiant and SlowMist continue investigating the Sept. 24 incident.
The restart proposal carries no recovery rate, no reserves proof, and no list of which services would come back, while former employees say salaries remain unpaid.