Does everyone lie, including ByBit?

The cryptocurrency exchange ByBit allegedly transferred $1.5 billion worth of Ethereum to Kim Jong-un for the design and development of nuclear weapons. This was reportedly carried out by the Lazarus Group, which has been hacking various digital currency services.

According to on-chain metrics from CryptoQuant, the numbers tell a different story. Before the hack, ByBit reportedly had around 70,000 BTC in its wallets. Now, only 20,700 BTC remain, indicating a difference of approximately $2 billion. Despite this, the company claims to have fully covered the losses.

When it comes to covering these losses, ByBit participated in the Proof of Reserve program and published auditors' reports. However, these reports did not account for the additional $1.5 billion. So where exactly did this money come from? The company states that it came from a reserve fund, but this fund was not mentioned in the audit reports.

Wow, this is wild! It seems like every day there’s a new twist in the crypto world. ByBit’s situation sounds super shady, especially with the allegations of transferring so much ETH for something as serious as nuclear weapons. But the whole thing about them supposedly covering losses while leaving out a huge chunk of change in the audits makes me wonder how transparent they really are. It's like we’re in a never-ending thriller novel with all these plot twists!

Should I sell BTC from 91 to 88?

everyone should know exchanges can't be trusted, keep your crypto in cold wallets.

a 50.000 BTC difference, probably enough to ruin the small confidence people still have on crypto and dump it to $60k range in two weeks

Ethereum is centralized that blockchain can be rolled back.

Lawrus said:

Should I sell BTC from 91 to 88?

Click to expand...

BTC ain't going below $80, expect a bounce to retest $90. That's your sell point.

moonshine7000 said:

Ethereum is centralized that blockchain can be rolled back.

Click to expand...

Ethereum didn't rollback after the Parity wallet mess, and it won't fork now either.

Don't trust these exchanges not your keys not your money..... Good share btw OP

Now, i think, the situation change

Crytononame said:

indicating a difference of approximately $2 billion. Despite this, the company claims to have fully covered the losses.

Click to expand...

US$2 billion is chicken change for the big exchanges. Tether mints USDT out of thin air and the big exchanges buy these USDT from Tether, at good discounted prices.

These exchangers are not very trusted so better to keep your investment at cold wallets

All the exchanges are like this. The irony is that cryptocurrency came into existence for transparency and the exchanges that facilitate trading are the least transparent of all.

FocusFocus said:

US$2 billion is chicken change for the big exchanges. Tether mints USDT out of thin air and the big exchanges buy these USDT from Tether, at good discounted prices.

Click to expand...

Tether might be printing money out of thin air, but exchanges are in a different league. They take users’ funds to cover their own holes or spend it on their needs.
What happens next? Just look at the FTX situation — we’ve seen how that ends.