Paolo Ardoino, CEO of Tether, commended the Bybit management for exhibiting stellar crisis management while freezing $181,000 of loot.
The CEO of one of the largest Stablecoin Issuers in the industry hailed Bybit CEO Ben Zhou for effectively handling the crisis.
Paolo announced later that Tether has frozen 181,000 USDT linked to the address of the Bybit hackers.
Bybit CEO Ben Zhou has been monitoring the Hack since breaking the news yesterday. The cofounder has updated the crypto community on the firm’s internal efforts following the Hack and assured Bybit users of the safety of their funds.
Ben Zhou launched a live broadcast where he answered questions from the community minutes after the Hack.
In the live broadcast, Ben Zhou revealed technical details of how the Bybit cold wallet was compromised while pinpointing the efforts the Bybit team is making to tackle the crisis.
The cofounder’s response and effective communication following the Hack have been instrumental in diffusing FUD and keeping the crypto community calm.
CZ Hails Transparency
Changpeng Zhao, Former CEO of Binance, hailed the handling of the crisis by Ben Zhou, commending his transparency.
CZ praised Ben for his transparency, calling it a sharp contrast from how the CEOs of FTX and Wazir X handled the crisis in the exchanges.
The crypto community has criticized Wazir X CEO for the handling of the $235 million Hack and the distorted communication between the Exchange and victims.
The Platform’s social distribution strategy, which sought to share loss amongst all users of the Platform, was heavily criticized until the Exchange dropped it.
Sam Bankman Fried, the founder of FTX, was sentenced to 25 years in Jail after the Exchange collapsed in 2022.
In a recent interview, SBF claimed the Exchange was not bankrupt and had the funds to repay its users. However, the Exchange couldn’t do this due to a liquidity crisis.
FTX Exchange collapsed in November 2022, resulting in significant financial losses for Customers and Investors.
The founder of the Exchange, Sam Bankman-Fried, was jailed for 25 years and ordered to forfeit over $11 billion.
