This morning’s bybt piracy are already seeing massive repercussions, with contradictory stories surrounding the violation of security. The exchange is experiencing an extreme liquidity request for withdrawals while the PI network increases by almost 10%.
Due to the high demand, users have difficulty withdrawing their funds, but CEO Ben Zhou assured them that withdrawals will remain open.
Bybit’s hacking leaves crypto in chaos
Bybit, one of the main exchanges of crypto in the world, is in a tumultuous moment at the moment. This morning, he underwent a $ 1.5 billion hack, which is already called the “largest security violation in the history of cryptography”.
The whole community rushes, and no one seems to have a complete image yet. However, Safe.eth, the multisig portfolio that manages Ethereum cold portfolio, denies any violation on their side.
“SAFE’s security team is working closely with Bybit on an ongoing survey. We did not find any evidence that the official security front was compromised. However, by caution, security {Wallet} temporarily stops at certain features. User safety is our top priority and we will soon provide more updates, ”said the company.
Essentially, SAFE uses a wallet system based on an intelligent contract to manage its Ethereum cold storage. If its front was not compromised, it means that authorized Bybt users were to sign on the mechanism to allow hacking.
If the attackers managed to deceive the authorities of the signing of a feat, they could rewrite the code and start emptying funds.
“The signatories of Bybit had malicious software on their ending points. They were trying to initiate legitimate transactions, but malicious software acted as a man attack in the community, they connected their hardware portfolio to sign, “Cyvers at Beincrypto in Beincryptto.
Because Bybit’s staff may have been the weak point of this hack, it only added to chaos. CZ, the former CEO of Binance, urged the bit to stop all withdrawals, but that did not happen.
Zhou assured users that the exchange has enough funds to stay solvent, and Arkham Intelligence has identified a transfer proving at least $ 500 million in reserves. Zhou even claims that Bybit will contract loans to ensure that all withdrawal requests are responded.
“Not an easy to manage situation. Could suggest stopping all withdrawals a little as a standard security precaution. Will provide assistance if necessary. Good luck, ”wrote Cz on X (formerly Twitter).
The PI network has become bullish after the misfortunes of Bybit
There is absolutely no firm evidence, but some in the cryptographic community believe that PI network enthusiasts were somehow responsible.
The Mainnet de Pi Network was launched yesterday with the largest aerial card in the history of cryptography. While several exchanges listed the token on the first day, Ben Zhou firmly denounced it yesterday. Bybit has always been reluctant to list the token.
Consequently, there was a strange positive reaction to the PI market after the hacking of Bybt. The price of the token jumped almost 10%.
In short, everything is in chaos. In the last livestream, Zhou discussed some of the next steps in Bybit after hacking. He said withdrawals are still open, but traffic is 100 times higher than usual, so users may not be able to access smoothly services.
“We have experienced massive withdrawals since ETH hack of $ 1.4 billion. Even if we are experiencing a bank race, this is not a problem. We have enough tokens to give to customers, ”said Zhou.
The company will not try to immediately buy lost assets, based on bridges, but remains categorical to keep its users whole.
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