Executive Summary

Bybit, through its Head of Chinese-speaking Markets, Tina, officially refuted false rumors of a platform hack on September 22nd, stemming from unsubstantiated social media posts, aiming to prevent market panic.

The Event in Detail

Bybit's Head of Chinese-speaking Markets, Tina, issued a public statement refuting claims that the cryptocurrency exchange platform had been subjected to a hack on September 22nd. The rumors, which alleged a security breach on that specific date, were identified as originating from a Xiaohongshu account that possessed a limited following of 59 users. The official communication from Bybit advised users against disseminating this unverified information to mitigate the potential for unwarranted market instability and user anxiety.

Market Implications

The swift debunking of the hack rumors by Bybit serves to prevent widespread market panic and potential sell-offs that can result from unconfirmed security incidents involving major exchanges. Misinformation campaigns, even those from minor sources, can quickly erode investor confidence and trigger adverse market reactions in the volatile cryptocurrency sector. Bybit had previously confirmed a $1.4 billion Ethereum (ETH) exploit in February 2025, which saw 401,000 ETH stolen and subsequently split across 48 addresses. In response to that incident, Bybit implemented a comprehensive recovery strategy, including the freezing of $73.36 million in illicitly moved funds and the recovery of $29.7 million through its LazarusBounty program. This prior experience highlights the exchange's capacity for crisis management and its commitment to maintaining liquidity and security, which underpins the credibility of its current refutation.

Expert Commentary

Following the February 2025 exploit, Bybit CEO Ben Zhou assured customers of the exchange's financial stability, stating that Bybit was "one-to-one backed," meaning all funds were secured. He confirmed that the exchange possessed sufficient liquidity to honor withdrawals and manage the fallout from the incident. This established precedent of transparency and solvency, even after a significant security breach, strengthens the impact of Bybit's recent debunking of new hack rumors, contributing to market reassurance.

Broader Context

The cryptocurrency industry remains vulnerable to misinformation campaigns, particularly those propagated across social media platforms. The incident underscores the critical need for users to verify information through official channels to protect themselves from fraudulent schemes and market manipulation. Bybit's response aligns with a broader industry trend towards increased transparency and robust security measures. After the February 2025 exploit, the exchange conducted nine full security audits and implemented over 50 security improvements. Additionally, it achieved full Proof-of-Reserves, setting new benchmarks for trust and operational clarity within the digital asset ecosystem. With over 70 million registered members, Bybit's proactive communication strategy is essential for maintaining trust and stability in a rapidly evolving global market. The exchange's continued efforts to secure regulatory permits, such as the MiCAR license in Austria, further underscore its commitment to operating within established global standards and fostering a secure environment for its users. The proactive debunking of rumors, alongside proven crisis management capabilities, reinforces Bybit's positioning in the competitive cryptocurrency exchange landscape.