Bybit, a cryptocurrency exchange, is reportedly facing a challenge after a $1.4 billion exploit. Despite concerns about its solvency, multiple sources indicate that Bybit is in a strong position to recover. The exchange has yearly revenues exceeding $1.5 billion, which suggests it can manage the financial impact of the incident. Analysts note that Bybit's business has been robust for a long time, and it is believed that the company has set aside funds to address such events. Comparatively, Bybit's financial standing is noted to be larger than that of Coinbase, which reported a net income of over $2.6 billion last year.
For context on @Bybit_Official weathering a $1.4 billion exploit, it's crazy to say — but that's likely something they can handle ByBit is larger than Coinbase and even though $1.4 billion is an absurd amount of money, Coinbase reported net income of $2.6+ billion last year https://t.co/Dh9GHVnEZX
This basically should be your main take here ByBit is solvent and can probably easily cover the loss https://t.co/yRbLPGwMxT
Funds are SAFU! Bybit have had a great business fora long time. I believe they would have a fund for this kind on event. https://t.co/kKqyQaekjp