Ben Zhou, Co-Founder and CEO of Bybit revealed that the Trade obtained over 350,000 withdrawal requests since yesterday when it misplaced $1.46 billion to a hack.
Bybit accomplished a formidable 99% of the stated withdrawal requests with over 2000 requests pending on the time of the report.
Ben Zhou shared the data on his X web page, which has been the go-to channel for real-time updates for the reason that disaster.
The CEO within the thick of issues described the hack because the worst hack within the historical past of any medians. He revealed that the Bybit workforce had labored in a single day to handle the disaster successfully.
Ben urged Bybit customers who’ve efficiently withdrawn their cash to share their tales and remark underneath his X put up. This might clearly assist calm nerves and diffuse the FUD increase within the business following the hack.
Bybit’s Validates Claims of Solvency
Yesterday couple of minutes after the hack, Bybit’s CEO assured the general public that there was no trigger for alarm.
He acknowledged that the platform is solvent and all belongings are backed 1:1. He revealed that Bybit can comfortably deal with losses and that each one consumer funds misplaced could be paid again simply.
Ben’s claims have been countered by cynics who retorted that Sam Bankman Fried of FTX stated the identical factor when the Trade collapsed.
Bybit’s CEO’s declare of Solvency has been proved proper. For the reason that hack, the Trade has processed over 300,000 withdrawal requests, leaving solely 2000 pending.
In crypto, Solvency refers to an entity’s potential to satisfy its monetary obligations and make sure that its belongings exceed its liabilities. It signifies whether or not a crypto trade, lending platform, or stablecoin issuer can cowl buyer withdrawals and money owed with out changing into bancrupt.
FTX Trade grew to become Bancrupt in 2022 when it may now not fulfill the withdrawal requests of its customers, fast-tracking the collapse of the Trade.
Former Binance CEO Changpeng Zhao hailed the transparency of Bybit’s founder all through the disaster following the Hack. He claimed its a pointy distinction from what the business witnessed with FTX collapse and WazirX Hack.
