Ben Zhou, CEO of Bybit, who lost more than $1.46 billion in assets in a hack attack, spoke about possible user funds that could be affected by this attack when transferring funds from a cold wallet to a hot wallet.
Zhou said in his statement that Bybit is financially strong, with all customer assets backed 1:1 and users will be able to cover their losses even if funds cannot be recovered.
With the development, Bitcoin (BTC ($98,362.21)) fell to around $97,000 after hovering around $100,000 earlier in the day, while Ethereum (ETH ($2,743.90)) lost about 4% of its value and fell below $2,700.
Related News: BREAKING NEWS: Bybit CEO Speaks Out About the Alleged Theft of a Huge Amount of Assets: He Confirmed the Hack Attack – Here’s What He Said
The sudden drop liquidated about $100 million worth of leveraged derivatives trading positions, the vast majority of which were long positions that predicted higher prices, according to CoinGlass data.
*This is not investment advice.
Continue Reading: BREAKING: Hot Moments – Bybit CEO Talks About User Assets Affected by Massive Hack, Will They Be Made Whole?
