Comment
Author: Admin | 2025-04-28
Of up to 10 per cent (potentially $140 million) for any recovered funds.Zhou stated, “Bybit is determined to rise above the setback and fundamentally transform our security infrastructure, improve liquidity, and be a steadfast partner to our friends in the crypto community.”What about Bybit’s security?The Bybit breach is expected to attract heightened regulatory scrutiny. Governments and financial watchdogs are likely to push for stricter security compliance measures to prevent future incidents of this magnitude.In India, Bybit was recently penalised and suspended by the Financial Intelligence Unit for non-compliance with anti-money laundering regulations, reported The Economic Times. Meanwhile, in France, it was only recently removed from the financial regulator’s blacklist after two years of regulatory engagement.Given the increasing frequency and scale of crypto-related hacks, regulators may push for more comprehensive oversight, including mandatory security audits, stricter know-your-customer (KYC) policies, and increased transparency in fund management.Also Watch:While the breach was catastrophic, Bybit’s response earned praise from some industry figures for its transparency and crisis management. Crypto commentator Casey Taylor noted, “Bybit just delivered a masterclass in crisis communications after experiencing the largest hack in crypto history.”Bybit’s swift response, open communication, and ability to process withdrawals helped contain mass panic. The company secured a bridge loan to cover any losses and assured users that operations would continue as normal.Unlike past exchange collapses, such as the infamous Mt. Gox hack in 2014, Bybit’s proactive measures demonstrated resilience in the face of adversity. Bybit has vowed to implement stronger security measures and explore alternative custody solutions.With inputs from agenciesEnd of Article
Add Comment