Cold Storage

On Friday, Bybit was hacked, and thieves stole around $1.5 billion worth of Ether. The breach led to a drop in Bitcoin prices and other cryptocurrencies. Bybit's CEO confirmed the loss, but assured customers that their assets were fully backed. The lesson here is clear: never keep your Bitcoin on an exchange. Instead, move it to cold storage for greater security and control over your assets. for 11 seconds

On Friday at 10:51 a.m., Bybit confirmed that its system was hacked. Thieves stole a large amount of Ether, with losses estimated at nearly $1.5 billion. Bybit's CEO said that the company can cover the loss because customer assets are fully backed. Analysts point to North Korean hackers as the likely culprits, and the hack caused a sharp drop in Bitcoin's price along with other cryptocurrencies.

This breach shows the risks of keeping your digital assets on an exchange. The incident reminds us that storing Bitcoin on an exchange leaves it vulnerable to hacks and sudden market drops. To protect your funds, move your Bitcoin to a cold wallet where it is not exposed to online threats.

https://coldcard.com/