In a massive security breach, Bybit suffered a loss of $1.5 billion in Ethereum. Investigations revealed that the attacker utilized Binance to fund gas fees necessary for executing the exploit. This connection has led experts to suggest that Binance's Know Your Customer (KYC) data could be instrumental in tracking down the perpetrator.
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In response to the incident, Binance's founder, Changpeng Zhao (CZ), recommended that Bybit temporarily halt all withdrawals as a precautionary measure. CZ also expressed readiness to assist Bybit during this challenging period.
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Clarification on Ethereum Transfers:
Following the Bybit hack, substantial transfers of Ethereum were observed between Binance and Bybit, leading to speculation about Binance's involvement in these transactions. CZ clarified that these were user-initiated transfers or actions by large holders (whales), and not direct interventions by Binance.
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