The Bybit exchange was compromised.
The Bybit exchange was compromised. This is a fresh lesson for beginners and those who have yet to realize that "It's not your keys, it's not your money." This maxim is consistently fulfilled in the cryptocurrency market. And this is given to you by someone who had to learn the hard way. In my situation, a lending application failed to deliver my borrowed Bitcoins. That was a long time ago, and it's possible that this year I'll be able to recoup anything.
The hacker appears to have made off with 1.4 billion Ether and derivatives. Curiously, the theft occurred in a cold wallet, raising concerns about the wallet's security or the possibility of an inside job. That will be revealed over the following three days. Bybit has stated that it can cover the loss; we'll see if that's the case. However, it is apparent that your investments cannot be safer than with you.
Exchanges are simply a mechanism of exchanging funds, not a place to deposit them.
So keep careful and take care of your cryptocurrency assets.
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