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qinbafrank|Feb 22, 2025 03:04
I have seen many incidents of Bybit theft:
1. 500000 ETH, basically the largest asset theft event in industry history. The encryption industry has been constantly experiencing various risks and impacts since its early days, such as the theft of Mentougou, Bitfinex, Ethereum DAO leading to forks, the theft of 7000 yuan in Binance's early days, the almost fatal BCH/BSV computing power war, and the successive thunderstorms of Luna and FTX in 2020 and 2022. This industry has stumbled all the way through various thunderstorms and has also created strong anti fragility and super vitality of encrypted assets. Super robustness is the most important characteristic of the vitality of a large class of assets. I believe this time, the encryption industry will also be safe and sound.
2. 350000 withdrawals are basically equivalent to a violent run, and Bybit's ability to withstand them is really impressive, worth it. After the FTX explosion, all institutions are using Merkel's book to prove that their asset reserves have held the bottom line of not misappropriating user assets, which also enables them to respond promptly when problems arise.
2. The major institutions in the Chinese speaking region are still very disciplined in terms of user assets:
1) Xu Mingxing had an accident in 2020, and OK suspended withdrawals for more than three months. Afterwards, it was reported that 60% of user assets were withdrawn within a week, but the situation remained relatively calm.
2) At the end of the 21st year, Huobi was basically returned to Chinese users.
3) In 2022, FTX was hit by a thunderstorm, and Binance also encountered FUD, with asset losses exceeding billions of dollars within a week, but it basically survived smoothly.
Exchanges are not banks and do not have custody responsibilities for users' assets. They cannot use users' money for other purposes. By holding onto this bottom line, problems are unlikely to be fatal.
4. Seeing the support of various major institutions, Bitget and Matcha have taken the lead in transferring a large amount of ETH to Bybit, expressing admiration for the unity shown by the big shots in unexpected events. This is also an important support for the market to stabilize its emotions after a short period of super panic. The industry needs such responsibility.
The industry requires strong anti fragility and robustness, and individuals are no exception. With the ups and downs of the market, as individuals, we must ensure that we are not knocked down by unexpected events and remain at the table for a long time.
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