Tag Archives: Bybit

Former Binance CEO Changpeng Zhao (CZ) has criticized Safe Wallet’s post-mortem update on the Bybit hack, calling it “not that great” and raising concerns about how attackers tricked multiple signers. His comments follow an audit report stating that the breach resulted from a compromise of Safe’s infrastructure rather than the exchange’s systems. Safe’s Response Forensic investigations found that compromised Safe Wallet credentials led to the nearly $1.5 billion Bybit...

FBI confirms North Korean hackers stole $1.5B from Bybit, urging crypto firms to block transactions and prevent the laundering of stolen crypto. The Federal Bureau of Investigation (FBI) has issued a security advisory confirming that North Korean hackers were responsible for a massive cryptocurrency theft. The Bybit exchange became the target of the attack, which resulted in digital asset losses amounting to $1.5 billion. Later, the FBI requested cryptocurrency service providers to adopt...

Bybit closes its ETH gap after a $1.4B hack, with a new Proof of Reserves report confirming full asset coverage. Bybit, a major cryptocurrency exchange, has successfully closed its Ethereum (ETH) gap after suffering a major hack on February 22. Ben, CEO of Bybit, shared this news on his official X account. The company expressed that an audited Proof of Reserves (POR) report will soon become available to the public. The newly formed audit demonstrates that Bybit controls 100% of client assets...

Bybit invests $1M in EthicHub to provide fair loans, boost coffee farmers’ productivity, and promote blockchain-driven financial inclusion for rural communities. Bybit, the second-largest cryptocurrency exchange by trading volume, has invested $1 million in EthicHub. It has entered the Blockchain for Good Alliance (BGA) which supports social implementations of blockchain technology. The company envisions blockchain technology will serve society by creating positive change. The Blockchain for...

Bybit launches a $140M bounty program, rewarding ethical hackers for recovering stolen crypto. The initiative strengthens security, transparency, and industry trust. Bybit has announced a $140 million bounty program to recover stolen cryptocurrency assets. The company works with ethical hackers and cybersecurity professionals to recover funds compromised through its platform. Bybit provides an incentive program that distributes 10% from recovered funds as a reward to those who participate....

Bybit freezes $42.89M in illicit funds with industry partners, halting crypto fraud. Swift action also blocks $26M meme token laundering scheme. In a significant move against crypto-related fraud, Bybit successfully froze $42.89 million in hqdk illicit funds within just one day. The collaboration between Tether and THORChain as well as ChangeNOW and FixedFloat with Avalanche Ecosystem and CoinEx and Bitget and Circle resulted in this accomplishment. Every partner took responsibility in...

The leading crypto derivatives trading platform, Bybit, has outlined potential challenges awaiting the Japanese yen carry trade in 2025 as the Bank of Japan (BoJ) implements policy changes and faces evolving economic conditions. According to the report, the yen’s status as a primary funding currency in the foreign exchange (FX) market could be questioned in the coming months. The evolving Japanese financial landscape could see an increased risk of rapid unwinding in yen carry...

Ethena Labs’ exposure to Bybit decreased from $30 million to zero.  USDe stablecoin remains completely collateralized in off-exchange custody. Ethena Labs has assured that its unrealized profit and loss (PNL) exposure to Bybit is zero, after a significant security incident at the crypto exchange. The Ethereum-based synthetic dollar protocol assured users that it fully collateralized its USDe stablecoin and kept no backing funds on exchanges. The update comes after an initial release where...

Ho Kai Xin, a former payroll processing staff member at WeChain Fintech Singapore, has been sentenced to nine years and 11 months in jail for embezzling over $5.7 million. WeChain Fintech Singapore, which was contracted to manage payroll for Bybit Fintech, employed Ho as a payroll processing staff member. Ho, who was responsible for processing salaries for approximately 900 ByBit employees, exploited her position by manipulating Microsoft Excel files to divert company funds...

The cryptocurrency exchange Bybit, which just suffered a major security incident, is now launching a recovery bounty program. The team wants to give back 10% of the funds that anyone is able to recover, according to a press release shared with CryptoPotato. As reported previously, Bybit suffered a security breach, resulting in the theft of over $1.4 billion in ETH. The attack was carried out by the infamous Lazarus group, an organization allegedly run by the North Korean...