Bybit became FIU compliant and resumed their operations

[Bitcoin Smith]

Bybit officially complied with FIU regulations as of now and resumed their operations. That was fast, they just announced their halt just before a month and now back into the market. But the news came at the very wrong time because they were just hacked about 1.4 Billion recently, and now it's going to be hard for the people to start trusting them again with their money even though they are big enough to cover the hacked funds.

One good thing must be no Indians will be affected by the hack because they halted services in India, so technically everyone should have withdrawn their crypto assets into their custody.

[pawanjain]

Bybit officially complied with FIU regulations as of now and resumed their operations. That was fast, they just announced their halt just before a month and now back into the market. But the news came at the very wrong time because they were just hacked about 1.4 Billion recently, and now it's going to be hard for the people to start trusting them again with their money even though they are big enough to cover the hacked funds.

One good thing must be no Indians will be affected by the hack because they halted services in India, so technically everyone should have withdrawn their crypto assets into their custody.

For some reason, I believe that if an exchange is restoring such large amount of funds (example: Binance and Bybit) then they are here to for some business.
Although it creates a doubt on their security and makes them vulnerable, it kind of makes an impact that they will be able to recover our funds if stolen by hackers.
So I wouldn't be that worried and give it a shot, using Bybit.

[Bitcoin Smith]

No funds ever recovered from Lazarus group as far as I know, there have been some attempts that were stopped before losing money but once it happened then that's it because we are talking about North Korea here.

But fortunately Bybit managed to cover the 1.5bn hack with other means that might give the confidence back to their users but I wouldn't try them unless there's no other options available for me.

[libert19]

I have not used it, does bybit allow inr withdrawals?

..But the news came at the very wrong time because they were just hacked about 1.4 Billion recently, and now it's going to be hard for the people to start trusting them again with their money even though they are big enough to cover the hacked funds.

I am of the opinion that hacks are inevitable, it's what one does after getting hacked that's what counts, and so Bybit having means and reimbursing funds to users gets a quality check from me.

[pawanjain]

No funds ever recovered from Lazarus group as far as I know, there have been some attempts that were stopped before losing money but once it happened then that's it because we are talking about North Korea here.

But fortunately Bybit managed to cover the 1.5bn hack with other means that might give the confidence back to their users but I wouldn't try them unless there's no other options available for me.

Once the money is gone from our wallets, it's gone. Recovering money from a hacker group is next to impossible.
The hack was one of a sophisticated type of attacks and very well planned one.
Not sure if you read that out but they literally had to get hold of the servers physically to achieve their goal.
But Bybit still refunded the money to their users just like Binance and so I think they can still be trusted.