Bybit Calls Pi a Scam, Now Hacked: Karma or Pi’s Payback?

By / / Crypto News, Daily News
Table Of Contents
  1. Bybit Hacked: $1.5 Billion in Ethereum Vanishes
  2. “Karma?” – Pi Network Community Reacts
  3. Could Pi Network Be Behind the Bybit Hack?
  4. Bybit’s Reputation in Freefall After Cold Wallet Breach
  5. Pi Network Remains Strong as Bybit Stumbles
  6. Crypto’s Harsh Reality: Security is Everything

Bybit Hack Ignites Debate: Is This a Twist of Fate? Bybit Hacked for $1.5 Billion – A Case of Karma After Pi Network Snub?

Bybit previously dismissed Pi Network as a scam, but now the exchange8 finds itself in crisis after hackers stole a staggering $1.5 billion. Coincidence, or something more? Let’s dive into the details.

Bybit Hacked: $1.5 Billion in Ethereum Vanishes

A shocking breach at Bybit resulted in hackers stealing an estimated $1.5 billion worth of Ethereum from the exchange’s cold wallet—an area meant to be ultra-secure. Reports indicate that around 70% of Bybit’s Ethereum holdings were wiped out, sending shockwaves through the crypto space.

Now, questions are swirling: How did this happen? The news of Bybit’s security lapse has left many users uneasy, raising serious concerns about the platform’s reliability.

Bybit CEO Ben Zhou, who once championed the platform’s security6 measures, now faces mounting scrutiny as users demand answers.

“Karma?” – Pi Network Community Reacts

Before the Bybit hack made headlines, CEO Ben Zhou openly dismissed Pi Network as a scam and refused to list its $PI token. Now, with Bybit suffering a major security breach, Pi Network supporters see this as poetic justice.

Here’s how some are reacting:

  • “Bybit trashed $Pi and now lost $1.5B. Karma’s real. #BybitHacked #PiNetwork”
  • “Bybit CEO was too busy calling Pi a scam instead of securing his exchange. Look what happened!”

Social media is abuzz with memes and jokes, ridiculing Bybit for its embarrassing downfall.

Could Pi Network Be Behind the Bybit Hack?

As the Bybit hack news spreads, wild theories have emerged. Some speculate that Pi Network supporters might be behind the attack.

However, there’s no evidence to support this claim. The Pi Core Team swiftly responded:

“Pi Network has no connection to the Bybit hack and strongly condemns illegal activities.”

Additionally, Pi Network clarified:

  • They have no ties to Bybit or CEO Ben Zhou.
  • They were not required to complete Know Your Business (KYB) verification for Bybit.
  • Any social media accounts falsely claiming Pi’s involvement in the hack are misleading.

Bybit’s Reputation in Freefall After Cold Wallet Breach

Bybit’s credibility has taken a severe hit. Cold wallets are supposed to be the gold standard in crypto security, yet hackers managed to infiltrate Bybit’s storage. Despite claims of having 1:1 reserves, many users now fear for their funds.

With a tarnished reputation, some speculate that Bybit might rush to list new tokens—including Pi—to recover its losses and regain user trust.

Pi Network Remains Strong as Bybit Stumbles

While Bybit struggles, Pi Network appears resilient despite market fluctuations. With a strong focus on security, KYC compliance, and community engagement, Pi continues to solidify its reputation.

One question lingers: Will Bybit finally list Pi Network?

For now, Bybit remains silent, but given its damaged4 standing, a future Bybit Pi listing might not be off the table.

Crypto’s Harsh Reality: Security is Everything

The Bybit hack serves as a stark reminder of the risks in crypto. If a major exchange like Bybit can lose $1.5 billion in Ethereum, no platform is immune to threats.

For Pi Network, this highlights the importance of robust security measures. For Bybit, it’s a wake-up call that could define its future.

The biggest question remains: Who’s behind the Bybit hack?

Also Read:

Scroll to Top