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Crypto sector rallies behind Bybit, responds to $1.4b breach
The post Crypto sector rallies behind Bybit, responds to $1.4b breach appeared on BitcoinEthereumNews.com. Major cryptocurrency firms have launched a coordinated defense following Bybit’s recent security incident. The exchange’s CEO, Ben Zhou, announced that multiple industry leaders have joined forces to track, contain, and minimize the impact of the exploit. A Huge Thank You to Our Partners and Community After last night’s security incident, we’re incredibly grateful for the swift action and support from our partners, security teams, and the broader crypto community. Your dedication and collaboration helped us navigate the situation… pic.twitter.com/jvX683iA0U — Bybit (@Bybit_Official) February 22, 2025 The response has united both centralized and decentralized finance sectors, with key infrastructure providers implementing immediate protective measures. Orbiter, deBridge, SynFutures, MYX, Thruster, and Owlto moved quickly to blacklist addresses linked to the exploit. Chainalysis has provided crucial support by tracking and publishing the attacker’s wallet addresses. Several blockchain security firms strengthened the defensive effort. SIS cross-chain bridge blocked associated addresses to prevent asset laundering, while Zero Shadows activated its round-the-clock Global Response team to assist with bad actor tracing and law enforcement communications. Institutional traders show support to Bybit Market stability received crucial support from institutional traders, with TMSI, Bayside Trading, Mathrix, Wintermute, Cumberland, and GSR Markets maintaining their trading positions. Additional backing came from major industry players including Antalpha Global, Bitget, Pionex, MEXC, Galaxy Digital, FalconX, and leading DeFi protocols Lido Finance and Solana Foundation. “While this has been a challenging period for Bybit, our partners have demonstrated unwavering support,” Zhou stated. “Their trust and quick action speak volumes about the maturity and resilience of this industry.” He emphasized that the incident has revealed the cryptocurrency sector’s ability to unite against common threats. The exchange has also received support from its user base, with VIP clients and retail traders showing patience as Bybit improves its security infrastructure. Zhou also stated: “This defining moment…
The post Crypto sector rallies behind Bybit, responds to $1.4b breach appeared on BitcoinEthereumNews.com.
Major cryptocurrency firms have launched a coordinated defense following Bybit’s recent security incident. The exchange’s CEO, Ben Zhou, announced that multiple industry leaders have joined forces to track, contain, and minimize the impact of the exploit. A Huge Thank You to Our Partners and Community After last night’s security incident, we’re incredibly grateful for the swift action and support from our partners, security teams, and the broader crypto community. Your dedication and collaboration helped us navigate the situation… pic.twitter.com/jvX683iA0U — Bybit (@Bybit_Official) February 22, 2025 The response has united both centralized and decentralized finance sectors, with key infrastructure providers implementing immediate protective measures. Orbiter, deBridge, SynFutures, MYX, Thruster, and Owlto moved quickly to blacklist addresses linked to the exploit. Chainalysis has provided crucial support by tracking and publishing the attacker’s wallet addresses. Several blockchain security firms strengthened the defensive effort. SIS cross-chain bridge blocked associated addresses to prevent asset laundering, while Zero Shadows activated its round-the-clock Global Response team to assist with bad actor tracing and law enforcement communications. Institutional traders show support to Bybit Market stability received crucial support from institutional traders, with TMSI, Bayside Trading, Mathrix, Wintermute, Cumberland, and GSR Markets maintaining their trading positions. Additional backing came from major industry players including Antalpha Global, Bitget, Pionex, MEXC, Galaxy Digital, FalconX, and leading DeFi protocols Lido Finance and Solana Foundation. “While this has been a challenging period for Bybit, our partners have demonstrated unwavering support,” Zhou stated. “Their trust and quick action speak volumes about the maturity and resilience of this industry.” He emphasized that the incident has revealed the cryptocurrency sector’s ability to unite against common threats. The exchange has also received support from its user base, with VIP clients and retail traders showing patience as Bybit improves its security infrastructure. Zhou also stated: “This defining moment…
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