GuShiio.com Original source: Bybit
Bybit, the world’s second-largest cryptocurrency exchange, expresses its heartfelt gratitude to the global crypto community for its tremendous support following the recent security incident. This unprecedented display of unity not only strengthened Bybit’s resilience, but also laid the foundation for strengthening measures across the industry to respond to and prevent future hacking attacks. From institutional liquidity providers to leading blockchain security companies, the rapid and coordinated response demonstrates the power of the Web3 community.
Jointly respond to threats
As soon as the incident was discovered, Bybit’s security team took immediate action-blocking the system, protecting funds, and working with top cybersecurity experts. The exchange has received tremendous support from key players in the industry, working together to track, contain and mitigate the impact of the vulnerability.
Ben Zhou, co-founder and CEO of Bybit, expressed his gratitude:
“It’s been a challenging time for Bybit, but one thing is clear-our partners have been behind us. The support from many partners such as Analpha Global, Bitget, Pionex, MEXC, SoSoValue, Galaxy Digital, FalconX, Lido Finance, Solana Foundation, Ton Foundation, Ghaf Capital, Fenbushi, Bitvavocom, Tether and many more is unbelievable. Your trust, quick action and unity are the driving force for us to move forward. We are moving forward, firmer and more powerful than ever. Thank you for being with us.”
Industry leaders take immediate action
Several important players in the DeFi and CeFi fields acted quickly to prevent the further flow of stolen funds and maintain market stability:
Orbiter, deBridge, SynFutures, MYX, Thruster and Owlto blacklist addresses associated with the vulnerability to prevent unauthorized transfers.
Chainalysis quickly tracked and published the attacker’s wallet addresses, allowing the entire industry to coordinate responses.
SIS Cross-Chain Bridge actively blocks relevant addresses, limiting the attacker’s ability to launder money.
Zero Shadows has launched a 24/7/365 global response team to work closely together on criminal tracking and identification, fund tracking, and law enforcement communications to support investigations and recovery efforts.
Institutional clients, including TMSI, Bayside Trading, Mathrix, Wintermute, Cumberland, and GSR Markets, maintain trading positions, enhancing market stability in the face of uncertainty.
Ben added: “Despite the difficulties, their trust in us sends an important message-a testament to the maturity and resilience of the industry. It demonstrates the unity of the most powerful players in the crypto industry at critical moments.”
A united community
Bybit also appreciates the unwavering support from its VIP customers, traders and broad user base. The encouragement and patience of community members played an important role in the exchange’s round-the-clock efforts to strengthen security measures and protect funds.
“Although this is a difficult time, it is also a profound reminder of why we are here-to build an open, resilient and decentralized financial future.” Ben said. “The real work is just beginning, and the unity shown in this area gives us confidence that we will be stronger than ever.”
Bybit is always committed to transparency and will continue to provide updates as more security enhancements are implemented. Exchanges are working closely with industry leaders to set new crisis management standards to ensure user safety and trust while enhancing the entire industry’s defense against future threats.
This article is from a submission and does not represent the views of BlockBeats.
