Bybit Restores Assets and Confidence Through Transparent Recovery Process
DUBAI, United Arab Emirates, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced significant progress in restoring assets and rebuilding trust following a recent security incident. Demonstrating its commitment to transparency and resilience, Bybit has swiftly implemented recovery measures and enhanced security protocols to protect its global user community.
Key Recovery Milestones
AUM Recovery: Bybit has successfully restored 77% of its Assets Under Management (AUM) to pre-incident levels, underscoring its robust recovery strategy and sustained client confidence.
Enhanced Spot Liquidity: The platform now offers superior spot liquidity across the top 180 trading pairs, surpassing industry benchmarks and reflecting substantial improvements from pre-incident conditions.
Contract Market Resilience: The recovery of contract trading has outpaced expectations, with the top two indices reaching approximately 86% of normal levels and the top 70 exceeding 87%, outperforming competitors.
Sustained Trading Volume: Bybit's trading activity remains strong, with volumes exceeding $40 billion in the past two days, a testament to the resilience and trust of its global user base.
Strengthened Proof of Reserves
In alignment with its commitment to transparency, Bybit has conducted an additional proof of reserves audit, supplementing its regular monthly verifications. The results confirm full collateralization of all client assets:
BTC: 102%
ETH: 102%
SOL: 103%
USDT: 104%
USDE: 116%
USDC: 229%
These figures underscore Bybit's financial stability and its commitment to ensuring client assets remain fully backed at all times.
'We have taken swift and decisive actions to reinforce our security measures and protect our users. Our top priority is to maintain the highest standards of transparency, resilience, and trust,' said Ben Zhou, Co-founder and CEO of Bybit. 'We deeply appreciate the unwavering support from our clients and partners, which has been instrumental in our rapid recovery.'
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
Head of PR
Tony Au
Bybit
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Crypto's Worst Six Months Yet? North Korea Hacks Lead to $2.1B in Thefts
Crypto investors lost over $2.1 billion to hacks and exploits in the first half of 2025, marking the worst six-month period on record for crypto security and an indication of some nation-states intensifying their cyber campaigns in the crypto space. The 75 recorded incidents crossed the previous H1 high from 2022 by roughly 10% and nearly match the entire 2024 total, a TRM Labs report released Friday said. But raising alarms is who is doing a major part of the stealing. Researchers say North Korean-linked groups are responsible for $1.6 billion, or 70% of all stolen funds this year. At the center of the surge is the $1.5 billion Bybit hack in February, now believed to have been carried out by North Korea, marking the largest crypto theft in history and skewing the year's average hack size to $30 million — or double last year's levels. The threat isn't limited to Pyongyang. On June 18, a group believed to be linked to Israel, Gonjeshke Darande (Predatory Sparrow), stole $90 million from Iranian exchange Nobitex, reportedly in retaliation for the platform's alleged role in sanction evasion. The stolen funds were sent to vanity addresses (which are un-spendable by design and sent tokens are deemed burnt), suggesting a political motive over profit. Attack vectors are evolving fast. Over 80% of stolen funds stemmed from infrastructure-level breaches, including private key thefts and front-end hijacks. These attacks, often involving social engineering or insider access, are proving to be ten times more lucrative than traditional smart contract exploits. DeFi vulnerabilities, including flash loan and reentrancy attacks, which were prevalent in 2021-22, accounted for a relatively small 12% of the losses.
Business Upturn
4 hours ago
- Business Upturn
GradGuard Honors National Insurance Awareness Day by Awarding $15,000 in Scholarships to College Students
By GlobeNewswire Published on June 28, 2025, 19:30 IST PHOENIX, June 28, 2025 (GLOBE NEWSWIRE) — GradGuard, the authority in helping protect students and their families from the risks of college life through its pioneering tuition and renters insurance programs, is pleased to announce the winners of its inaugural scholarship program, awarding $3,000 each to five outstanding students across the country. As part of its mission to help schools educate and protect students from the risks of college life, GradGuard launched the no-essay scholarship program to highlight the importance of being prepared for the unexpected. With nearly 600 applicants nationwide, the five winners were selected for their content, creativity, and presentation style in sharing personal college experiences, stories, or real-world scenarios that demonstrate the value of tuition or renters protection to enable students to overcome common disruptions to college life. 'Hearing the authentic voices of students helps to demonstrate that the risks are real,' said John Fees, GradGuard's co-founder. 'With nearly 2,000 annual campus fires and more than 22,000 crimes reported annually the value of renters insurance to protect students from theft or damages is a vital consideration, while tuition insurance can helps to safeguard their financial investment if they need to withdraw for a covered reason such as an accident, injury or physcal or mental health condition.' 2025 Scholarship Winners: Emily Goldner-Morgan, Boise State University Jazmin Goodwin, Arizona State University Kara Haj, University of California, Los Angeles Wes Orr, Abilene Christian University Michael Seepersaud, Georgian Court University Each student will receive $3,000 to help offset tuition, books, housing, or other college-related expenses. National Insurance Awareness Day, observed annually on June 28, serves as a vital reminder for the nearly 20 million college students to assess their insurance needs and ensure adequate protection against the unique risks of college life. GradGuard's scholarship program and its work with more than 650 colleges and universities help to promote greater financial literacy and enable students to make smart decisions to protect themselves from financial risks that can otherwise disrupt their education. 'We believe in investing directly in students, and our scholarship program is a testament to that commitment,' adds Fees. 'Congratulations to Emily, Jazmin, Kara, Wes, and Michael. We are incredibly proud to support their academic pursuits and wish them all the best.' For more information about GradGuard's college renters and tuition insurance programs, and to learn about future scholarship opportunities, please visit About GradGuard: GradGuard is the authority on helping schools educate and protect students from the risks of college life. As the #1 source of college tuition and renters insurance, GradGuard's pioneering protections have served more than 1.8 million students at more than 1,900 unique institutions. To learn more, visit Attachment GradGuard's 2025 Scholarship Recipients Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Business Upturn
4 hours ago
- Business Upturn
ROSEN, RECOGNIZED INVESTOR COUNSEL, Encourages Apple Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action
NEW YORK, June 28, 2025 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of Apple Inc. (NASDAQ: AAPL) between June 10, 2024 and June 9, 2025, both dates inclusive (the 'Class Period'). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 19, 2025. SO WHAT: If you purchased Apple securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Apple class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 19, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) Apple misstated the time it would take to integrate the advanced AI-based Siri features into its devices; (2) accordingly, it was highly unlikely that these features would be available for the iPhone 16; (3) the lack of such advanced AI-based features would hurt iPhone 16 sales; (4) as a result, Apple's business and/or financial prospects were overstated; and (5) as a result, Apple's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Apple class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ——————————- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected]
