🚨 Binance Extends Support Amid ByBit's $1.4 Billion ETH Hack – A True Display of Industry Unity 🌐💪
In the wake of ByBit’s confirmation of a $1.4 billion Ethereum (ETH) security breach, Binance executives have swiftly offered support, highlighting the importance of collaboration and mutual support within the crypto industry. ByBit CEO, Ben Zhou, revealed that the attack was carried out through a masked UI exploit targeting a multisig cold wallet transaction. The attackers managed to manipulate the signing process, compromising the smart contract and transferring ETH to an unknown address.
Despite the breach, Zhou reassured the community that all other cold wallets are secure, and withdrawals remain operational. However, the crypto community was shaken, and a quick response was crucial.
Binance's Support in the Crisis:
Binance’s co-founder, Yi He, was among the first to offer help, stating, "We are here when you need."
Former Binance CEO,
@CZ , also responded with proactive guidance, recommending that ByBit temporarily halt withdrawals as a security precaution to safeguard further potential risks. He further extended his willingness to assist ByBit if needed, reinforcing the commitment to work together during such crises.
A Lesson in Unity:
From a business perspective, Binance and ByBit operate as separate exchanges, but in the face of adversity, Binance's swift offer of assistance demonstrates the power of mutual support in the crypto ecosystem. This act of camaraderie will go down in crypto history as a reminder of the importance of community in overcoming challenges.
💬 Special Thanks to Yi He, Yi Hi Binance’s Co-Founder & Former Binance CEO
@CZ for their remarkable leadership and support! 👏
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@DeFiTitan #CryptoUnity
#binancesupport #ByBitHack #CryptoIndustry
#YiHe #CZ #SecurityFirst #BybitSecurityBreach $ETH $BTC $BNB