Back to collectionThe Bybit Theft Shifts the Conversation to Safety
The governance site had just opened for voters to set up their eligibility, and the community was still waiting for the XIP-1 vote. Bybit lost USD 1.5 billion in what was described as the largest exchange theft on record. Arguments about voting power and new issuance gave way, for the moment, to the question of where people could safely keep their assets.
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The governance site had just opened for voters to set up their eligibility, and the community was still waiting for the XIP-1 vote. The Night Watchman had to answer voting questions while tending the chat. A sudden exchange breach brought a different worry to the fore.
Bybit lost USD 1.5 billion in what was described as the largest exchange theft on record. Panic selling swept the market, and XAI fell below $0.11. Someone in the chat tried a bleak joke: they were too poor to keep any coins on an exchange, so perhaps that was a blessing. No one laughed; the conversation turned quickly to asset safety.
Arguments about voting power and new issuance gave way, for the moment, to the question of where people could safely keep their assets. The Night Watchman planned to address the exchange breach and questions about the governance site separately, so a vague reassurance would not suggest they had suffered the same problem. Whether the vote could start on time remained open.