CryptoQuant CEO Says Bybit is Fine, Urges Community to Stop Spreading FUD

• Ki Young Ju urges calm after Bybit’s reserves drop following a $1.5 billion hack.
• Bybit has secured 446,870 ETH through loans, whale deposits, and purchases.
• CEO Ben Zhou announces an upcoming proof of reserves report to confirm full asset backing.

CryptoQuant CEO Ki Young Ju has urged the crypto community to stop spreading FUD about the Bybit exchange after a sharp decline in its reserves following the ill-fated hack.

A CryptoQuant chart tracking Bybit’s BTC, ETH, and USDT reserves dating back to December 31, 2024, shows a sudden drop in holdings on February 24. This sparked concerns over the exchange’s financial stability. However, he stressed that Bybit “is fine” and there is no need for panic.

Ethereum Reserves Show Signs of Recovery

Bybit’s Bitcoin reserves remained relatively stable but fell from over $7.5 billion to below $5 billion around February 22. USDT reserves also remained steady before showing a noticeable dip on the same date, possibly indicating withdrawals or fund movements.

Similarly, Bybit’s ETH balances plunged sharply on February 21 when hackers stole $1.4 billion worth of Ethereum from the exchange.

Despite the initi…

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