Bybit Hack of $1.5 Billion: Is WazirX users’ money safe?

5 months ago 22

Bybit, 1 of the world’s apical crypto exchanges, conscionable got deed by a monolithic $1.46 cardinal hack connected Friday night, sending shockwaves done the crypto community. But portion Bybit CEO Ben Zhou insists that each idiosyncratic funds are 1:1 backed and safe, there’s different pressing question, what astir WazirX users?

Back successful July 2024, WazirX speech was deed by a cyber hack that resulted successful $234.9 cardinal (Rs 2000 crore) worthy of cryptocurrencies stolen, that belonged to 4.4 cardinal users of the Indian exchange. Later, WazirX had applied for a restructuring strategy to compensate users and successful that process had transferred ₹606 crore (around $73 million) of idiosyncratic funds to Bybit, an speech that isn’t adjacent registered successful India.

Now that Bybit has suffered 1 of the biggest hacks successful caller history, WazirX users are near wondering: Is their wealth caught up successful this mess? The determination by Nischal Shetty, co-founder of WazirX was criticized by galore including chap exchanges similar CoinDCX and CoinSwitch.

Alert: Even aft hack, #WazirX had transferred Rs 606 crore of idiosyncratic funds to Bybit, that was unregistered successful India.
Now, Bybit speech has been hacked with $1.46 Billion funds lost. Does that impact Wazirx users wealth arsenic well? @CryptoTimes_io https://t.co/COr1pf1Ct7

— Vaibhav (@VJ_CryptoTimes) February 21, 2025

So far, Bybit claims it tin sorb the losses without affecting idiosyncratic funds. But with zero updates from WazirX, Indian investors are feeling uneasy. If immoderate of that ₹606 crore was portion of the stolen funds, things could get analyzable existent fast. Ben Zhou shared connected X, stating, “Bybit is Solvent adjacent if this hack nonaccomplishment is not recovered, each of clients assets are 1 to 1 backed, we tin screen the loss.”

Bybit is Solvent adjacent if this hack nonaccomplishment is not recovered, each of clients assets are 1 to 1 backed, we tin screen the loss.

— Ben Zhou (@benbybit) February 21, 2025

Regulators successful India person already been keeping a adjacent oculus connected crypto exchanges, and this incidental could trigger adjacent tighter scrutiny connected money transfers. The large question is, volition WazirX measurement up and springiness users clarity, oregon volition they enactment soundless and fto speculation instrumentality over?

Right now, WazirX users are successful the dark, waiting for answers. If Bybit’s losses extremity up affecting them, this could crook into 1 of the biggest crypto controversies India has seen successful years.

Also Read: Breaking: Bybit Exchange Hacked; $1.5 Billion successful Crypto Lost

Read Entire Article