First of all, we give detailed information about this news of hacking. You all should know that Bybit is a crypto exchange. Bybit has confirmed the hacking of 1.5 billion dollars. Ethereum worth 1.5 billion dollars has gone missing from Bybit and it has been transferred to different wallets. What will be the future of the crypto market?
How did the theft happen?
This information has been shared on Twitter by Bybit’s CEO. Bybit says that a hacker took over one of its cold wallet Ethereum wallet and stole cryptocurrency worth $ 1.5 billion. In Indian currency this amount is Rs 13000 crore.
What happened to the investor’s money?
The important thing is that all the big exchanges of the world have supported Bybit in this matter and the CEO of Bybit says that its hot wallet and offline wallet are completely safe.
Their claim is actually true because investors are able to withdraw funds from Bybit.
Fear of bankruptcy of Bybit
Investors are justified in fearing the bankruptcy of Bybit because earlier last year, WazirX, a crypto exchange in India, went bankrupt because its digital currency worth Rs 2000 crore was hacked and it is still closed and the funds of Indian investors are stuck in it.
Although normal functioning like trading, fund transfer, fund withdrawal activities are going on in Bybit, but such incidents raise doubts about the future.
Who did the digital theft incident?
All the incidents are being blamed on North Korea’s hacker group Lazarus Group because this group has been involved in such hacking incidents in the past too and it is run by the North Korean government.
Why is Bybit being praised? What is the lesson for other exchanges?
In this time of crisis, Bybit played a very important role. To ensure that there is no financial crisis and investors do not face any problem in withdrawing their money, Bybit immediately took a bridge loan.
Whereas a similar cyber attack took place on Indian crypto exchange Wazirex last year and this exchange has not been able to start its operations since then till February 2025, hence other exchanges need to learn from Bybit.
Challenges for crypto exchanges arround world
The Bybit incident is presenting a new challenge to crypto exchanges around the world in the future which is related to their cyber security. How will the regulator respond to such incidents? Do decentralized wallets need to change their smart contact protocol?
What precautions should investors take
What precautions should investors take? A lot of money of Indian investors is still stuck with WazirX. It seems difficult to recover their money in WazirX because WazirX is an Indian cryptocurrency exchange and hence Indians had a lot of trust in it.
Therefore, many people had deposited a lot of money in this cryptocurrency exchange after earning hard money, thus they lost their hard-earned money.
But Bybit is a Dubai country crypto exchange, it has been banned in India for a long time because it got registered in FIU after a long time, so it is expected that very few Indians would have invested their money in it.
An atmosphere of fear is definitely created in the minds of those who are investing in crypto currency in Bybit or other exchanges.
So should one stay away from the crypto market in such a situation, perhaps the answer is no because staying away from blockchain technology is not a sign of any modernist person, where on the other hand, in India, the profits from crypto currency are very heavily taxed.
On the other hand, the positive attitude towards investment in crypto currency is increasing in America, especially after the Trump government came to power in America.
It’s not solution to stay away from crypto market
In such a situation, it will be difficult to stay away from this technology. Crypto investors are expected to understand their risk management. Investing all the money in the crypto market would be equivalent to danger.
Do not invest all money in Crypto
In other words, we should invest only so much money in the crypto market that we do not feel sad about losing it, that is, if this money sinks due to any reason, be it closure of crypto exchange, hacking or the value of the coin in which we have invested being almost zero, then we should not feel sad about it.
Invest only 5℅ of your investment in crypto
Or we can also do this by investing at least 5 to 6% of our investment in the crypto market.
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