- The large transfer of Ethereum from Binance to Bybit was revealed to be a personal transaction by a specific whale, not official support from Binance.
- Binance founder CZ explained that he cannot take credit for the transfer as it was not official support from Binance.
- Despite recent hacking damages, Bybit announced that customer assets are safe and they have processed over 99% of withdrawal requests.
It has been revealed that the large transfer of Ethereum (ETH) from Binance to Bybit was not an official support from Binance but rather a personal transaction by a specific whale investor.
On the 21st (local time), blockchain expert Andy Lian stated through his X, “Binance has stepped up to support liquidity stability for its competitor Bybit,” noting that “this contrasts with typical industry competition.” He mentioned Binance founder CZ, saying “protecting consumers comes first, and the community is the top priority.”
However, Binance founder CZ directly commented on this, explaining “The transfer appears to be from users,” and “It’s likely that a specific whale provided a loan to Bybit.” He added, “We cannot take credit for this as it’s not official support from Binance.”
Previously, when a large amount of Ethereum was transferred from Binance to Bybit, industry speculation suggested that Binance had stepped in to support liquidity for Bybit, which recently suffered massive hacking damages. However, through the founder CZ’s explanation, it was confirmed that this was simply a large-scale personal transaction.
Meanwhile, Bybit recently suffered damages from a hacking attack that resulted in the theft of approximately 401,347 Ethereum. Bybit CEO Ben Zhou stated, “Customer assets are safely stored, and we have processed over 99% of withdrawal requests,” confirming that there are no issues with the exchange’s ability to pay.
Source: https://bloomingbit.io/en/feed/news/83728
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.