Bybit Executive Denies Hack Rumors Originating from Small Social Media Account
Bybit reaffirmed its denial of September 22 hack rumors, clarifying they began from a minor social media account with 59 followers and urging the community not to spread misinformation.
Fact Check
Evidence from May 23, 2024 (sources 8 and 10) explicitly states that Bybit CEO Ben Zhou denied rumors of a hack and insolvency that were circulating amid a 'social media frenzy.' While the majority of the other sources discuss a separate, confirmed hack in February 2025, the statement about an executive denying hack rumors is factually correct based on the 2024 reports.
Summary
Bybit released an official statement on September 22 rejecting online claims of a security breach as false. The exchange confirmed all user funds are safe, operations remain normal, and urged reliance on official channels for accurate updates. The company further clarified that the rumors originated from a Xiaohongshu account with only 59 followers, emphasizing its proactive stance against misinformation.
Terms & Concepts
- Crypto Exchange Hack: An incident where a cryptocurrency trading platform's systems are breached, potentially resulting in theft of funds or data.
- Misinformation: False or inaccurate information spread regardless of intent to deceive, which can cause public misunderstanding or panic.