Germany seized 38 million dollars from Bybit hack.

[sotelorene]

Now that there is a suspect, will Bybits recover it's lost funds. Can we still trust Bybit with our assets?

What warning signs should exchange users look out for?

Despite the hack, Bybit is still running their exchange perfectly okay and no user complained that they  lost their asset because of the hack. Do I still use bybit exchange? Yes I do and that the exchange has been serving me well but I don't keep my coins on the exchange, keeping your coins in a centralized exchange is at your own risk, it's either the exchange gets hacked or your own gets hacked.

You are absolutely right, Bybit is doing absolutely well regardless of the hack and I think it is one of the best exchange because of how user-friendly it is but I think the team should work on the platform because I have been trying to trade my coin via Pair to pair (P2P), and some buyer won't send me complete money until I will have to text them to complete my money and when they will saw the text, they will act as if it was a mistake so I think Bybit should work on this if actually they are seeing all transaction that is going and we should be very careful especially newbie  to check payment  if it is complete before they release coin.

However, keeping coin or fiat in an  exchange is not really advisable because aside been hack, Government can come up one day to make law that can make your asset to be unless in that particular exchange, the best place to store an asset is wallet  and not just anyhow wallet.

[BlackBoss_]

I think the team should work on the platform because I have been trying to trade my coin via Pair to pair (P2P), and some buyer won't send me complete money until I will have to text them to complete my money and when they will saw the text, they will act as if it was a mistake so I think Bybit should work on this if actually they are seeing all transaction that is going and we should be very careful especially newbie  to check payment  if it is complete before they release coin.

You seem don't understand how P2P trade on centralized exchanges works. The centralized exchange like Bybit can build up a peer to peer market place for users, but Bybit will be the Escrow of user fund engaged in the trade. When a trade is opened, bitcoin for the trade will be locked on user side and Escrowed by Bybit. This mechanism secures the trade for you and if your trade partner does not complete the trade and payment for you.

Then the trade will be expired and coin will be automatically released back to your wallet. You can also make an appeal and the exchange team will check a trade, and release coin for you if your trade partner intentionally scam you and click on "I already made payment" to lock your coin.

You will only be scammed if you click on release your coin when payment was not received.

[Glowy]

Now that there is a suspect, will Bybits recover it's lost funds. Can we still trust Bybit with our assets?

What warning signs should exchange users look out for?

Despite the hack, Bybit is still running their exchange perfectly okay and no user complained that they  lost their asset because of the hack. Do I still use bybit exchange? Yes I do and that the exchange has been serving me well but I don't keep my coins on the exchange, keeping your coins in a centralized exchange is at your own risk, it's either the exchange gets hacked or your own gets hacked.

You are absolutely right, Bybit is doing absolutely well regardless of the hack and I think it is one of the best exchange because of how user-friendly it is but I think the team should work on the platform because I have been trying to trade my coin via Pair to pair (P2P), and some buyer won't send me complete money until I will have to text them to complete my money and when they will saw the text, they will act as if it was a mistake so I think Bybit should work on this if actually they are seeing all transaction that is going and we should be very careful especially newbie  to check payment  if it is complete before they release coin.

However, keeping coin or fiat in an  exchange is not really advisable because aside been hack, Government can come up one day to make law that can make your asset to be unless in that particular exchange, the best place to store an asset is wallet  and not just anyhow wallet.

This observation is one that I have not noticed. But it should be worked on, because it can cause distrust and lack of interest in using the platform, as a result of fear.

Bybit really should make people comfortable with their exchange. Even though they were able to manage the hack and still retain its users. There is room for more to be done.

[Baki202]

The only problem with this is that German government will not send the recovered funds back to bybit. Instead, they will keep it and dump it on the market as they have always done. I know the right way would be to refund it back to bybit but I don't think these guys will return any of it.

The right thing will be that they return the money to Bybit because they are the ones being attacked, and it is their money. But if they keep the money, then they are being selfish, so what is now the importance of helping to recover the money? and from the way you are talking, it is not the first time that the German people are doing this, but I don't know if they can pursue a kind of court case with them.

And the fact that they would have gotten more recognition than trying to be selfish, and the fact that they have the mind to invest what does not belong to them, and to me, that is just another way of taking advantage of stolen funds. They are supposed to be ashamed.