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The Asian crypto community has rallied around the Bybit team as they navigate what is arguably the biggest hack ever in the Finance Space.
Binance and Bitget, both Asian-led Exchanges, donated a collective 50,000 ETH to Bybit in the aftermath of the hack that saw the exchange lose $1.46 billion.
Gracy Chen, CEO of Bitget, confirmed that the 40,000 ETH sent to Bybit are all Bitget Funds and not Customer funds. She reminded the crypto community that Bybit remains a valued partner of Bitget, and the loss following the hack is minimal compared to Bybit’s profits over the years.
Former Binance CEO Changpeng Zhao reached out to the Bybit team, offering assistance if needed. He suggested that Bybit suspend withdrawals as standard procedure to prevent further attacks.
Since the hack, Bybit has received donations from various whales as the crypto community rallies around to support an important player in its industry.
Asians in the Crypto Community
Asians have contributed massively to the growth of the crypto community, finding companies that make up the core infrastructure of the ecosystem.
In the Exchange business, Asians run some of the largest exchanges in the industry. Binance, Bybit, Huobi, and Bitget are Asian-founded and account for over 80% of all transactions and trade volumes.
Asians are represented in the blockchain business too. Justin Sun, Founder of the TRON blockchain platform and owner of Rainberry, Inc. (formerly BitTorrent), has been pivotal in expanding TRON’s ecosystem and has made headlines with high-profile investments and acquisitions.
In 2023, the U.S. Securities and Exchange Commission sued him over allegations of selling unregistered securities and manipulating token prices.
In the media sector, Asians are moderately represented, finding some of the top crypto news outlets.
Wu Blockchain, founded by Colin Wu, is a crypto news outlet initially focused on Crypto in the Asian market. The platform has blossomed to become a leading source of breaking news in the crypto space.
Likewise, Coindesk was Founded in 2013 by Shakil Khan, a British entrepreneur of Pakistani descent.
CoinDesk has become a leading global cryptocurrency news platform. The platform offers comprehensive coverage of blockchain technology, digital assets, and related events.
A spirit of community would greatly benefit the crypto industry. This is a lot more beneficial to the industry than cutthroat competition. The former consolidates the industry’s growth, while the latter divides an industry still in its formative years.
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