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Hack Losses

Bybit
2026-10-19 05:49:17

Bybit CEO says exchange covered hack losses by late last year, sees global platform expansion era as over

Bybit CEO Ben Zhou said in a recent interview with Wu Blockchain that the exchange had already covered losses from a previous attack by North Korean hackers by the end of last year through operating income including trading fees. He said more trading platforms will likely face hacks in the future and argued that security systems should be built on the assumption that a breach will happen. On competition, Zhou said the golden era of expansion for globalized trading platforms has passed and that the industry is likely to see more consolidation. He added that regional exchanges with licenses and strong local operating capabilities still have room to grow. Zhou also disclosed that Bybit’s profit has declined year over year in 2026, and that its stock and other traditional asset trading business is not yet enough to offset the impact from its crypto business. Regarding the US market, Zhou said Bybit is still waiting for the right entry point and would prefer to work with local institutions that already have a retail user base. He added that Bybit’s core strategy over the next year will center on regional development and deeper localization. Zhou also discussed the difference between the Bitget security incident and Bybit’s own theft case, as well as the large-scale internal use of AI and the related data security challenges.

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Bybit CEO says exchange covered hack losses by late last year, sees global platform expansion era as over
Bybit
2026-10-19 05:57:23

Ben Zhou says Bybit covered hack losses and will focus on regional expansion

Bybit CEO Ben Zhou said in a recent interview with Wu Blockchain that the exchange had already covered losses from an earlier attack attributed to North Korean hackers by the end of last year through operating income such as trading fees. He said more exchange hacks are likely in the future and argued that security systems should be built on the assumption that a breach will eventually happen. On competition, Zhou said the prime era for global expansion by crypto exchanges has passed and that the sector is likely to see more consolidation. In his view, regional platforms with licenses and strong local operating capabilities still have room to grow. He also said Bybit’s profit has declined year over year in 2026, while its stock and other traditional asset trading business is not yet large enough to offset the impact from its crypto business. For the U.S. market, Zhou said Bybit is still waiting for the right entry point and would prefer to work with local institutions that already have a retail user base. He added that the company’s core strategy over the next year will center on regional development and deeper localization, while also touching on the difference between the Bitget security incident and the Bybit theft case, as well as data security risks tied to large-scale internal use of AI.

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Ben Zhou says Bybit covered hack losses and will focus on regional expansion
BitMart
2026-10-01 13:32:57

BitMart outlines preliminary restructuring options tied to account balances and recovery claims

Crypto exchange BitMart has released a preliminary proposal saying it will review assets and liabilities and prepare response measures starting in August 2026. The plan was developed during an initial due diligence process by Alvarez & Marsal and White & Case. Under the proposal, users could choose an upfront distribution or accept a delayed route tied to potentially higher recoveries from asset recovery and monetization sources. BitMart said the backdrop includes a decline in the total crypto market capitalization in 2026, losses in fee-based business after wash-trading groups exploited commission and zero-slippage policies in derivatives, and a balance-sheet gap of about $319.5 million stemming from the December 2021 hack, valued as of Dec. 4, 2021. The company also said social media attacks triggered panic withdrawals from May 2026 and exposed related individuals to personal data leak risks. Management reviewed a $10 million liquidity proposal from one investor and concluded it was not enough to cover operating pressure and the shortfall. The exchange said it plans to consult the top 50 users over the next three to four weeks and prepare a report on projected recovery rates under each option.

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BitMart outlines preliminary restructuring options tied to account balances and recovery claims