The hack of the Bybit cryptocurrency exchange for $1.46 billion has shocked the crypto community. What consequences might await WazirX users who previously transferred their funds to Bybit?
The Bybit Hack and Its Consequences
On Friday night, Bybit, one of the world's leading crypto exchanges, was hacked for $1.46 billion. Despite Bybit CEO Ben Zhou's claims that all user funds are safe and fully backed, concerns are growing among industry investors.
WazirX Hack and Connection to Bybit
Back in July 2024, the Indian exchange WazirX suffered a cyber attack, resulting in $234.9 million in cryptocurrencies being stolen. During the restructuring process, WazirX transferred ₹606 crore (around $73 million) of user funds to Bybit. Following the new hack, WazirX users are left wondering: Are their funds entangled in this attack?
Reactions and Industry Impact
Regulators in India have already been closely monitoring crypto exchanges, and this incident could lead to even stricter oversight of fund transfers. WazirX users demand clarity, but the exchange remains silent. If their funds are affected by the Bybit hack, this could become one of India's biggest crypto controversies. So far, Bybit asserts that losses will not impact users.
As WazirX users remain in the dark about the potential outcomes of the recent Bybit events, regulators and investors are closely watching the situation's developments.
