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I love the genius of announcing a strategic reserve on a Sunday, when traditional markets are closed and Wall Street sleeps. For the first time, retail investors win. Traditional finance better catch up, or it will quickly become extinct. The world no longer runs on a Mon-Friday, 9 to 5. @worldlibertyfi #BTC #ETH

I do agree with CZ that if this hack was conducted through penetrating our internal systems such as any part of the withdraw system or one of our hot wallet was breached, we would've halted all withdraws until we find the root cause of the problem. In the case of yesterday, it was our ETH cold wallet which we use @safe that was breached, it had nothing to do with any of our internal systems so it was easy for me to make the call to maintain all withdraw and system functions of Bybit as usual. Binance and CZ was among many of the partners and industry leaders that offered to help us during last night fiasco. We are extremely grateful and simply overwhelmed with all the support that we got. This was a truly tragic event for Bybit but the industry showed strength united together. I have faith that it's only up from now.

Some thoughts on the recent hack(s). There is a pattern where hackers were able to steal large amounts of crypto from multi-sig “cold storage” solutions, as with ByBit, Phemex, WazirX and potentially others. In the most recent ByBit case, the hackers were able to make the front-end user interface show a legitimate transaction while the actual signing was for a different transaction. I am less familiar with the other cases, but they sound similar based on limited available info. What’s more scary is that the affected exchanges used different multi-sig solution providers. The hackers, the Lazarus Group, are highly advanced and broad in their abilities to penetrate. It is still unclear whether the hackers were able to penetrate multiple signing devices, or the server side, or both in each of these cases. Some people questioned my suggestion of halting all withdrawals as a standard security precaution (in a tweet I posted from a shuttle bus to the plane). My intention was to share a practical approach based on my experiences and observations, yet there is no absolute right or wrong in either approach. My guiding principle is always to lean on the safer side. After any security incident, pause everything, make sure we fully understand what happened, how hackers penetrated the systems, which devices were compromised, triple-check all is safe, and then resume operations. Pausing withdrawals could cause more panic, of course. In 2019, we paused withdrawals for a week after a massive $40 million hack. When we resumed withdrawals (and deposits), we saw more deposits than withdrawals. Not saying this is a better approach. Every situation is different. It’s a judgment call. My tweet was to share what might work and my intention was to show support in a timely manner. I am sure Ben made the best decision based on the info he had. Ben did a good job maintaining transparent communication and calmness in dealing with a challenging situation. That shows a sharp contrast to other less transparent CEOs, like WazirX, FTX, etc. The cases mentioned here are all different. FTX was fraud. WazirX, I will refrain from commenting as there is an ongoing lawsuit. Most importantly, we should never take security for granted. It is important to learn about security yourself so that you can choose the right tools for your needs. For this, I will share an article I wrote a few years ago. It’s a little outdated, but the fundamental concepts still apply. Stay SAFU! binance.com/en/blog/from-o…

关于 PI 币上 @okx 交易所这事，简单谈谈看法： 1）PI 币在下沉市场的发酵给了很多Crypto从业者一种莫名道德“优越感”，几乎都有被身边大妈大叔以“一PI一BTC”的口号而搞懵圈过。 嗯，没错，大家都知道那是CX口号，以为下沉市场的人很傻，但其实在很多人眼里，玩资金盘的人和链上冲土狗的人本质上没啥两样。身在局中，大家也都知道是“跑得快”游戏，都觉得自己会比别人跑得快。没啥调侃的必要，不喜欢，不玩就好😮‍💨。 2）交易所的上币网络舆论反响越大，暴露的并不简单是交易所的上币审美和节操问题。负面情绪汹涌反倒说明市场上的流动性真的濒临枯竭了，大家都在亏钱，把情绪炮轰矛头都对准了交易所，要是大牛市，流动性充沛的时候，恐怕都没人会在意； 3）交易所上币成为话题焦点的周期真心很乏力，无论怎么做都乌泱泱充满着Noise。原本上币组存在的意义是审核项目价值，让优质项目有更大的曝光度和品牌美誉度。但现在交易所上新币赚钱效应没了，连品牌和美誉度也在逐渐丧失。 无论交易所上PI币背后是怎样的增量用户引入等产品业务考量，都无法解释为什么链上热点持续很久、用户群体同样庞大、共识还强的AI Agent系列代币被忽略？难道，真的是我们热衷的Alpha项目还比不上大爷大妈的审美？ TRUMP乱搞一通吸走了行业大量流动性，PI币又带走了行业仅存的道德“优越感”，现在的行业大环境真心太难了。关键是，交易所上币背后真实的商业利害原因很复杂，要想破局，唯有一条路：做大链上资产价值（价格）最终定价权，让链上世界变得更强大。