A Tale of Transparency and Calmness
Reflecting on the recent $1.4 billion Bybit heist, CZ stresses the significance of security. In his recent X post, CZ praises Bybit CEO Ben Zhou for his thoughtful and transparent moves following the theft. CZ states, “I am sure Ben made the best decision based on the info he had…Ben did a good job maintaining transparent communication and calmness in dealing with a challenging situation.”
CZ draws parallels between the Bybit hack and other infamous crypto thefts, including the FTX and WazirX incidents. Highlighting Zhou’s transparency, CZ says, “That shows a sharp contrast to other less transparent CEOs, like WazirX, FTX, etc.”
CZ’s Withdrawal Halt: A Security Measure or a Panic Trigger?
In the aftermath of the Bybit incident, CZ recommends that the exchange suspend withdrawals as a crucial security measure. “Might suggest to halt all withdrawals for a bit as a standard security precaution,” says CZ, assuring complete support for the exchange. While many question CZ’s suggestion, he clarifies via his recent X post that his approach is security-focused.
CZ suggests that although the halt might trigger panic, it ultimately prioritizes safety. After Binance halted withdrawals for a week due to the $40 million hack in 2019, the exchange experienced an unexpected surge in deposits over withdrawals, says CZ.
CZ reiterates his guiding principle, which is to “lean on the safer side.” He recommends that following a security incident, companies should pause operations, meticulously investigate the breach, and ensure all systems are secure before restarting.
Ben Zhou Agrees with CZ: Here’s What He Said
What You Should Know
Notably, the Lazarus Group stole $1.4 billion in ETH from Bybit via a major crypto theft. To boost the platform’s stability, many exchanges, including Binance, have extended their support. Millions of assets were sent to the exchange from multiple wallets.
As recently unveiled by Zhou, the recent hack has left much of the company’s assets unaffected. Bybit’s cold wallet holds nearly 3 billion USDTs. In addition, the platform reserve includes $1.2 billion in ETH, $6.71 billion in BTC, $2.45 billion in MNT, and $652 million in USDC.
In a recent development, the Binance founder debunks rumors that Binance transferred millions of ETH to Bybit. Instead, he attributes these transactions to users or whales.
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2025-02-22 17:40