Libs
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Bullish
Was Bybit’s CEO Lying to Manipulate the Market?
The recent $1.5 billion hack of Bybit has shaken the crypto world, but a bigger question looms: was CEO Ben Zhou’s response an attempt at market manipulation?
Zhou quickly assured users that all funds were “backed 1:1” and that Bybit remained solvent, despite the massive outflows caused by panic withdrawals. But if true, why did Bitcoin, Ethereum, and other assets dip so sharply? Was the market reacting to fear, or did insiders know something we don’t?
Key red flags:
• Timing & Speed: Bybit was quick to claim full solvency, but no audit or detailed breakdown of the losses was provided.
• Cold Wallet Compromise: A rare event in crypto security, making it suspiciously convenient.
• Market Reaction: If Bybit was truly solvent, why did liquidity dry up and cause a downturn?
While there’s no hard proof that Zhou was lying, the situation raises questions. Was this a genuine security breach, or a narrative to cover deeper liquidity issues? If confidence is restored too quickly, it might suggest a deeper play at work.
What’s your take? Was this a real crisis or a controlled shakeout?$BNB $SOL $PEPE
The recent $1.5 billion hack of Bybit has shaken the crypto world, but a bigger question looms: was CEO Ben Zhou’s response an attempt at market manipulation?
Zhou quickly assured users that all funds were “backed 1:1” and that Bybit remained solvent, despite the massive outflows caused by panic withdrawals. But if true, why did Bitcoin, Ethereum, and other assets dip so sharply? Was the market reacting to fear, or did insiders know something we don’t?
Key red flags:
• Timing & Speed: Bybit was quick to claim full solvency, but no audit or detailed breakdown of the losses was provided.
• Cold Wallet Compromise: A rare event in crypto security, making it suspiciously convenient.
• Market Reaction: If Bybit was truly solvent, why did liquidity dry up and cause a downturn?
While there’s no hard proof that Zhou was lying, the situation raises questions. Was this a genuine security breach, or a narrative to cover deeper liquidity issues? If confidence is restored too quickly, it might suggest a deeper play at work.
What’s your take? Was this a real crisis or a controlled shakeout?$BNB $SOL $PEPE
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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