The post BREAKING: Hot Moments – Bybit CEO Talks About User Assets Affected by Massive Hack, Will They Be Made Whole? appeared on BitcoinEthereumNews.com.

Ben Zhou, CEO of Bybit, who lost more than $1.46 billion in assets in a hack attack, spoke about possible user funds that could be affected by this attack when transferring funds from a cold wallet to a hot wallet. Zhou said in his statement that Bybit is financially strong, with all customer assets backed 1:1 and users will be able to cover their losses even if funds cannot be recovered. With the development, Bitcoin (BTC) fell to around $97,000 after hovering around $100,000 earlier in the day, while Ethereum (ETH) lost about 4% of its value and fell below $2,700. The sudden drop liquidated about $100 million worth of leveraged derivatives trading positions, the vast majority of which were long positions that predicted higher prices, according to CoinGlass data. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/breaking-hot-moments-bybit-ceo-talks-about-user-assets-affected-by-massive-hack-will-they-be-made-whole/

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Filed under: News - @ February 21, 2025 11:19 pm