And what is the respect, if their hacking is a fiction. China simply transferred humanitarian aid to North Korea this way)

🚨I don't like the BYBIT exchange 🚨

👽Interface - didn't like it…
👽CEO - didn't like it…
👽In short - it's not my exchange…

💭But in this situation, the work of the team and the platform commands respect.
💪The CEO quickly reached out to the public!
🗣️Withdrawals were available and anyone who wanted could withdraw funds from the platform.
👀Overall - this event is a test for the entire industry (that’s why many leaders offered their help).
👉An external enemy united internal competitors (mostly ethnic Chinese 😏).

👀An important point I thought about yesterday is ProofOfReserve.
The BYBIT CEO stated that they have reserves of 1:1, and that all client funds are safe.
👀Later he added that to replenish the lost ETH - they chose a strategy of long loans from partners.
💭The thought is: either the information about 1:1 is not true, or exchanges are making huge money and the loss of 1.4 billion$ - is a minor blow to their reserves.
👀The fact that the exchange did not close withdrawals is rather an argument for the version that BYBIT has a good margin of safety and shows their strength.
👀The fact that the exchange intends to borrow ETH from partners is rather an argument that the blow was strong and with high withdrawal requests - the margin of safety may not be enough, then withdrawals will be closed from the platform, and that’s a blow to the company's reputation.

👉These are my thoughts and reflections, I don’t want to end on a negative note and once again express my respect to BYBIT CEO (Ben Zhou), and the entire team. Openness and communication with users are important aspects in the crypto industry.

#BYBIT #CRYPTO #ETH