Bybit Bounces Back: $1.5B Hack Response, Real-Time Recovery Tracker, New Coin Disclosure

Bybit, a leading cryptocurrency exchange, has taken significant steps to address the recent hack that resulted in the loss of nearly $1.5 billion. In a community AMA, Bybit CEO Ben Zhou announced that the exchange has obtained the latest proof of assets audit report and will synchronize the updates on the official website. Bybit has successfully returned to a 1:1 full reserve status, and in the past 24 hours, the exchange's fund inflow has ranked first among global CEXs.

In response to the hack, Bybit will launch a website to track stolen funds, providing real-time updates on the recovery progress and other relevant data. Users who provide effective clues will be eligible for a bounty. This move demonstrates Bybit's commitment to transparency and accountability in the face of adversity.

Bybit has also introduced a New Coin Disclosure Bulletin, which regularly releases performance and financial reports of newly listed projects. The bulletin covers five key dimensions: core financial data, token metrics, on-chain activity and network health, governance and community, as well as risk disclosure and future roadmap. This initiative aims to provide users with comprehensive information to make informed decisions about their investments.

The recent hack has highlighted the importance of transparency and resilience in the cryptocurrency industry. As the largest cryptocurrency hack in history, it serves as a litmus test for exchanges and their ability to respond to such events. Bybit's actions, including the implementation of a 1:1 solvency redemption and the launch of a stolen funds tracing website, show that the exchange is committed to rebuilding trust with its users and the broader community.