Yesterday was a very bad day for bybit exchange because it was hacked and their Ethereum cold wallet was compromised. They have lost Ethereum worth 1.4 billion dollars which is the biggest back ever in Crypto world so far. We have seen so many hack events in the history in this market but this is the biggest one where the value has been lost in billion dollars.
The exchange has handled this situation very well and they announced that they will be able to compensate the entire loss of users which is such a great news for the entire crypto market. Idli this should be scenario when if something goes wrong then users are not impacted and that's what the exchange has done which makes it even more reliable and trustable exchange platform on the market.
The exchange is pledging 10% of recovered funds—potentially up to $140 million—to cybersecurity experts and blockchain analysts who help track and retrieve stolen assets
This bounty program is a great initiative taken by the exchange to reward the people will be working with exchange for the funds recovery and the total amount is 140 million which is the 10% of the total compromised funds value. I believe this is still a big amount to reward the people who come forward and support the exchange in funds recovery.
This has also announced by the exchange that they have frozen all the balance so the hackers will not be able to convert it into stable coins however it still they would have couple of other options to go for. Also the hackers have burnt quite a big amount today which is weird because why they have burn It is still question and there are no answers available till now.
Overall this bounty program is a good initiative taken by the exchange to encourage more Crypto enthusiast to come forward and support the exchange in funds recovery.
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