In the grand theater of digital finance, where fortunes are made and lost with the flick of a finger, a tempest has erupted. Bybit, that illustrious titan of cryptocurrency exchanges, has been struck by a cataclysmic hack, a staggering $1.46 billion vanishing into the ether like a magician’s rabbit. The crypto community gasps, clutching their virtual pearls, while CEO Ben Zhou reassures us all that user funds are as safe as a cat in a sunbeam. But wait! What of the WazirX users, those unsuspecting souls caught in this whirlwind?
Ah, the plot thickens! Cast your minds back to July 2024, when WazirX, the Indian exchange, was itself a victim of a cyber heist, losing a cool $234.9 million—enough to make even the most stoic investor weep. Four point four million users were left reeling, and in a twist worthy of a soap opera, WazirX decided to transfer ₹606 crore (around $73 million) to Bybit, an exchange that, let’s be honest, isn’t even on the Indian radar. Talk about a risky game of financial hot potato!
Now, with Bybit’s recent misfortune, WazirX users are left pondering the fate of their hard-earned money. Did it get swept up in this digital maelstrom? Nischal Shetty, the co-founder of WazirX, has faced a chorus of criticism, even from his peers at CoinDCX and CoinSwitch. It’s like watching a reality show where everyone’s throwing shade!
Alert: Even after hack, #WazirX had transferred Rs 606 crore of user funds to Bybit, that was unregistered in India.
Now, Bybit exchange has been hacked with $1.46 Billion funds lost. Does that involve WazirX users money as well? @CryptoTimes_io— Vaibhav (@VJ_CryptoTimes) February 21, 2025
Bybit, in its bravado, claims it can weather this storm without a scratch to user funds. But with WazirX mum on the matter, Indian investors are left in a state of existential dread. If even a fraction of that ₹606 crore was part of the stolen loot, we could be on the brink of a financial soap opera that would make even the most dramatic Bollywood flick blush. Ben Zhou, ever the optimist, took to X to proclaim, “Bybit is solvent, even if this hack loss is not recovered, all of clients’ assets are 1 to 1 backed, we can cover the loss.” Sounds reassuring, right? Or is it just a digital band-aid on a gaping wound?
Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.
— Ben Zhou (@benbybit) February 21, 2025
Meanwhile, regulators in India are sharpening their pencils, ready to scrutinize every transaction with the intensity of a hawk eyeing its prey. Will WazirX rise to the occasion and shed light on this murky situation, or will they remain silent, allowing speculation to run rampant like a wild stallion? The clock is ticking, and WazirX users are left in the shadows, waiting for clarity. If Bybit’s losses do indeed cast a shadow over them, we might just witness one of the most sensational crypto dramas India has ever seen. Grab your popcorn! 🍿
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2025-02-21 20:05