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Ben Zhou, CEO of Bybit, who lost more than $1.46 billion in assets in a hack attack, spoke about possible user funds that could be affected by this attack when transferring funds from a cold wallet to a hot wallet.
Zhou said in his statement that Bybit is financially strong, with all customer assets backed 1:1 and users will be able to cover their losses even if funds cannot be recovered.
With the development, Bitcoin (BTC) fell to around $97,000 after hovering around $100,000 earlier in the day, while Ethereum (ETH) lost about 4% of its value and fell below $2,700.
The sudden drop liquidated about $100 million worth of leveraged derivatives trading positions, the vast majority of which were long positions that predicted higher prices, according to CoinGlass data.
*This is not investment advice.