Happy Monday to you hivers this is the start of the week and we have seen a dump in the market and it seems like it is the worst-ever bull run in crypto history. The last five days were not good for us because bad news was coming one by one and the bybit hack was the biggest bad news that affected the market. There are other factors that we also need to see but majorly this bybit fud is more affected the market.
Bybit is capable enough to return the funds of the users but here is the question why hack? Why is the security of these centralized exchanges so weak that hackers steal funds? This is the biggest question and I think this is the main reason experts always prefer decentralized exchanges for trade and decentralized wallets for trade.
Cryptocurrency exchange Bybit has bought Ethereum tokens worth $1.25 billion US dollars. and interesting thing is this step was taken after the hacking attack in which the bybit company suffered a huge loss of about Rs 120 billion. The good thing is users' funds are safe and this is what everyone was worried about but now the fund is safe.
You know the company has purchased these Ether tokens through various methods, including large investments, borrowing, and direct purchases. What was The purpose of this big buying? So acquisition is to strengthen the bybit company's financial position and restore the trust of bybit users because trust is the most important factor. Once you lose the trust then you will never be able to survive in the market.
Bybit used over-the-counter deals to buy Ethereum tokens
According to one source, the bybit bought 15.76 lakh worth of ETH tokens from Galaxy Digital, Wintermute, and FalconX worth $43.7 million which is roughly Rs. 3,700 crores in INR.
In addition, $30.4 million worth of tokens were purchased through a wallet. According to Hacken which is an audit firm, Bybit company now has more reserves and in other words, we can say more funds than its customer liabilities, improving its financial position.
This bybit hacking incident also affected the price of ETH tokens along with the other currencies. In the first 7 hours after the bybit hacking incident, the price of Ethereum fell by 7 percent to $2,629, while earlier the Ethereum price was $2,831.
Stability is returning to the market due to Bybit's recovery steps
However, gradually the overall cryptocurrency market saw improvement and the Ethereum price reached $2,765. According to crypto market experts, stability is returning to the crypto market due to Bybit company's recovery steps and the price of Ethereum may strengthen further and also the overall market.
So even after this big loss, the price is recovering which is a good thing. please share your opinion below in the comment section.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |