Binance Founder CZ Recommends Bybit to Halt Withdrawals After $1.46B Hack
Bybit Suffers $1.46 Billion Security Breach
- Bybit experienced a security breach resulting in a loss of $1.46 billion in Ethereum.
- Concerns about exchange security have intensified across the industry.
- Binance founder Changpeng Zhao advised Bybit CEO Ben Zhou to halt withdrawals to prevent further losses.
- Other crypto leaders, including Yi He and Justin Sun, offered assistance during this crisis.
- The incident highlights a pressing need for stronger security measures in the crypto sector.
Investors React: ETH Price Drops 3.66%
- The price of Ethereum fell 3.66%, currently trading at approximately $2,653.
- This decline follows impulsive selling by investors concerned about ongoing security risks.
- Before the breach, ETH was valued around $2,741.59.
- Market stability may improve as Ethereum's price correlates with Bitcoin, which is experiencing high institutional interest.
Security Recommendations for Users
- Users are advised to utilize hardware wallets and enable two-factor authentication (2FA).
- The breach utilized a sophisticated technique that compromised an important offline wallet.
- Industry consensus urges exchanges to invest in advanced security protocols and conduct frequent audits.