Bybit CEO comes to Vietnam

Ben Zhou, CEO of Bybit. Photo: 35E .

On the morning of April 17, Minister of Finance Nguyen Van Thang had a meeting with Mr. Ben Zhou, CEO of Bybi. This is currently the second largest cryptocurrency exchange, after Binance. This is also the rare time the platform's leader has appeared in public since the shocking hack.

Speaking at the meeting, Minister Nguyen Van Thang shared information on the issue of crypto assets in Vietnam. Accordingly, the Vietnamese Government has assigned the Ministry of Finance to preside over the research and development of a legal framework for this field. The Ministry of Finance is coordinating with relevant units to build a crypto asset trading floor in Vietnam to control risks and protect investors' rights.

In the immediate future, the operation of crypto-asset transactions will follow a testing mechanism (sandbox) to help management agencies monitor and evaluate market practices. From there, they will have a basis, learn from experience and perfect and issue official legal regulations for crypto-asset transactions.

On the Bybit side, CEO Ben Zhou highly appreciated Vietnam's pilot model. The exchange sees this as an opportunity to propose cooperation programs, aiming to perfect the legal framework and technical support.

Minister Nguyen Van Thang (far right) speaks at the reception. Photo: SL.

According to CoinMarketCap data, Bybit is currently ranked second among centralized exchanges (CEX). The platform currently manages about $1.6 trillion in assets and has 60 million customers globally. Mr. Ben Zhou said that Vietnam is the largest market in Southeast Asia.

In February, Bybit fell victim to the largest hack in the cryptocurrency market, with $1.5 billion in assets lost. However, according to security experts, the vulnerability that the hackers exploited came from the Safe multi-signature wallet.

After the incident, Bybit asserted that its infrastructure was not compromised or hacked. Despite the withdrawals, the platform remained secure. Safe itself confirmed that the wallet was the source of the problem.

The exchange has also been praised for its resilience in the face of financial losses. CEO Ben Zhou has been keeping users updated on the situation, ensuring that they can withdraw their funds without any problems. Individual clients are prioritized over large companies. According to reports, more than $5 billion flowed out of Bybit on the first day after the incident. All of the funds were processed successfully, leaving no damage. This development has helped the cryptocurrency market stay strong, avoiding the price collapse that occurred when FTX went bankrupt.

Meanwhile, Safe wallet has become the target of criticism and demands for accountability. Users have expressed concerns as many projects trust their huge assets on this platform.

Vietnam-based security company Verichain was one of the first to discover and investigate the incident. The vulnerability in the Safe wallet was also discovered by this company, helping Bybit trace the flow of money and recover some assets.

Source: https://znews.vn/ceo-bybit-den-viet-nam-post1546698.html