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Bybit CEO Refutes Insolvency and Hack Rumors

Bybit CEO Ben Zhou has publicly denied recent rumors suggesting that the cryptocurrency exchange is facing insolvency or has been the victim of a major hack. Zhou addressed these concerns in a detailed statement, emphasizing the company’s financial health and robust security measures.

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Bybit CEO Ben Zhou has publicly denied recent rumors suggesting that the cryptocurrency exchange is facing insolvency or has been the victim of a major hack. Zhou addressed these concerns in a detailed statement, emphasizing the company’s financial health and robust security measures.

“Bybit is financially sound and continues to operate smoothly,” Zhou stated. “There is no truth to the claims of insolvency or any significant security breach. These rumors are baseless and appear to be designed to spread fear, uncertainty, and doubt among our users.”

The rumors began circulating on social media and various online forums, causing concern among Bybit’s user base. In response, Zhou assured users that all funds are secure and that the exchange has implemented industry-leading security protocols to protect against potential threats.

“We have always prioritized the security of our users’ assets and personal information,” Zhou added. “Our team conducts regular security audits and employs advanced encryption technologies to ensure the highest level of protection. We are committed to maintaining transparency and trust with our community.”

To further dispel the rumors, Bybit released a detailed report on its financial standing, showcasing strong liquidity and a solid balance sheet. The report highlights Bybit’s consistent growth, substantial reserves, and successful track record in handling large trading volumes.

Bybit’s proactive approach in addressing the rumors has been well-received by the community. Industry analysts have also come forward to support the exchange’s claims, pointing out Bybit’s history of reliability and robust performance in the highly competitive cryptocurrency market.

In closing, Zhou reiterated Bybit’s commitment to its users and the broader cryptocurrency community. “We are here for the long term and remain dedicated to providing a secure and reliable trading platform. We encourage our users to stay informed through official channels and avoid falling prey to misinformation.”

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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