Bybit Hack Incident

According to the latest information, Changpeng Zhao, the founder of the world’s largest cryptocurrency exchange, Binance, spoke about the major Bybit hack incident in his statement.

Bybit recently lost more than $1.46 billion in assets due to a hack, but CEO Ben Zhou revealed that customer assets are still backed 1:1.

Binance founder and former CEO Chanpeng Zhao spoke out about the massive hack at his one-time rival Bybit, calling for the exchange to suspend all customer asset withdrawals as a precaution:

> “This is not an easy situation to deal with. As a standard security measure, it may be advisable to temporarily suspend all withdrawals. I will provide any assistance necessary. Good luck.”

On the other hand, he responded to a follower who claimed that the suspension of asset withdrawals would spread fear and therefore opposed it:

> “$1.5 billion is scary enough. Better safe than sorry now.”

This is not investment advice.