Will Bybit's recent theft incident lead to the collapse of the exchange, similar to FTX, triggering a butterfly effect and causing a crash in the cryptocurrency market?
Personally, I believe: it won't.
The core reason for FTX's collapse was its misappropriation of user assets for investment, which ultimately forced it to liquidate under the impact of the bear market, resulting in insolvency.
At that time, FTX misappropriated a large amount of user funds, including significant funds from Wall Street institutions. It incorrectly anticipated that the market would continue to improve but suffered heavy losses during the bear market, creating a massive financial gap and triggering a series of chain reactions.
Bybit's incident, however, has a different background.
On one hand, the current market is in a bull phase, and as an exchange, Bybit has its own investment layout in the bull market, continuously making profits, along with sources of income such as trading fees, overall remaining profitable.
On the other hand, although the loss amount of $1.5 billion seems enormous, it is still within the capacity of Bybit, which ranks 15th globally. Moreover, this amount of money has not completely disappeared; given the characteristics of blockchain, it is very difficult for hackers to smoothly transfer funds, and many industry leaders and institutions will assist in tracking and recovering the funds.
Finally, the safety of user funds is a major concern. Some are worried that the panic among retail investors may trigger a wave of withdrawals, thus bringing a crisis to Bybit. However, in reality, this concern is unnecessary. Since the FTX incident, Bybit has implemented risk prevention measures, and every week a specialized company responsible for fund safety conducts audits of the exchange to ensure that user funds have not been misappropriated and that the company’s account funds are sufficient to support all users withdrawing simultaneously.
User funds are safe, and relevant inquiries can be made. Even if there is a phenomenon of panic withdrawals in the short term, it will not affect the overall situation because user funds are specifically stored, and there is no issue of bank runs or inability to withdraw.
#SEC质押 #山寨季來了?