Immediately after the incident with bybit Most other centralized crypto exchanges assured their users that their funds were safe. After some time, it was revealed that the Indian exchange WazirX had quietly withdrawn millions of dollars from the hacked platform.
Crypto analyst Aditya Singh spoke about the WazirX transactions. He said that the Indian crypto exchange withdrew its funds from bybit immediately after the hack and did not act in the interests of the users.
Imagine what would happen if bybit did not cover the losses, Singh wrote.
Last July, WazirX also was hacked, however, the amount stolen was much lower than that bybit — about $230,8 million. The remaining user funds of about $75 million were distributed by the Indian platform across several centralized exchanges, including bybit и KuCoin.
Interestingly, despite some similarities in the situations and a smaller amount of damage, WazirX users have still not received access to their funds. At the same time, clients bybit were able to access and withdraw their own assets without difficulty, although there were sometimes some delays.
The situation with bybit, which almost made up for the shortfall in stolen assets through loans and cryptocurrency purchases, has once again caused a wave of indignation among WazirX clients. It turns out that the management of the Indian exchange knows how to quickly respond to incidents in order to save their funds. However, they did not make similar efforts to restore users’ assets.