PI Surges, CZ Comments, Safe Denies Breach
This morning’s bybit hack has seen huge consequences, with contradictory narratives around it Safety violation. Exchanges see extreme liquidity demand for withdrawals, while the PI network soars nearly 10%.
Users are having difficulty withdrawing their funds due to high demand, but CEO Ben Zhou assured them that withdrawals will remain open.
bybit hack of Crypto in chaos
bybit, One of the world’s leading crypto exchangesat present a turbulent moment. This morning, it Hacked $1.5 billionwhich has been called “the largest security vulnerability in encryption history”.
The entire community is scrambling to the forefront and no one seems to have the full picture. However, Multisig Wallet Safe.eth, which manages Bybit’s Ethereum Cold Wallet, denied any vulnerabilities.
“Security Security Team is working closely with Bybit for an ongoing investigation. We have not found evidence that the official security front end is compromised. However, out of caution, Security {Wallet} temporarily suspends certain features. User security is our We will provide more updates as soon as possible. claim.
Essentially, Safe uses a smart contract-based wallet system to manage its Ethereum refrigeration. If its front-end does not compromise, this means that authorized Bybit users must sign on the mechanism to implement hacking.
If an attacker manages to trick the Baybit authorities into signing the exploit, they can rewrite the code and start running out of funds.
“There is malware on the endpoint of Bybit Signers. They try to start legitimate transactions, but the malware acts like an intermediate attack, and they are connecting their Hardware wallet sign.
This only exacerbates the confusion as Bybit employees may be the weakness of the hacker’s attack. CZ, Former Binance CEOurged Bybi stop All withdrawals, but this did not happen.
week ensure Transactions all users with sufficient funds to maintain solvents, and Arkham Intelligence Agency Sure Transfer Proves that there are at least $500 million in reserves. Zhou even claimed that bybit will make a loan to ensure all withdrawal requests are met.
“This is not an easy situation. It may be recommended to stop all withdrawals as a standard safety precaution. Any help will be provided if needed. Good luck,” CZ Write On X (formerly Twitter).
PI networks are bullish after Bybit’s dilemma
There is absolutely zero evidence, but some are in the cryptocurrency community believe PI network enthusiasts are responsible in some way.
PI Network’s main network was launched yesterday Has the largest airdrop in encryption history. Several exchanges were listed on the first day, this week Yesterday firmly condemned it as a scam. Bybit has been reluctant to list tokens.
As a result, after Bybit Hack, the PI market had a strange positive reaction. The price of tokens soared by nearly 10%.
In short, everything is in chaos. up to date live streamingZhou discussed some of Bybit’s next steps after the hack. He claimed that withdrawals are still open, but the traffic is 100 times higher than usual, so users may not be able to access the service smoothly.
“We have experienced a lot of evacuation since the $1.4 billion ETH HACK. Even if we are experiencing bank operations, it’s not a problem. We have enough tokens to our customers,” Zhou said.
The company will not try to rely on bridge loans to buy back lost assets immediately, but remains firmly convinced that it can keep users intact.
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