Bybit CEO works with the Ministry of Finance

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 Bybit. This cryptocurrency exchange currently has the second largest volume, only after Binance. This is also the rare time the platform's leader has appeared in public since the shocking hack.

Previously, the Government 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.

At the end of February, during a working session with the Central Policy and Strategy Committee on economic growth targets, the General Secretary agreed with the proposal that this currency should be managed as a virtual asset soon to avoid negative impacts on the economy and society, while helping to contribute value to the country's economy.

The General Secretary assigned the National Assembly and Government agencies to soon institutionalize and concretize the management of this field. Management units need to study and apply a controlled pilot mechanism (sandbox) to establish a trading floor for this activity.

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

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

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 also 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 has helped the cryptocurrency market stay strong, avoiding the price crash that followed the FTX bankruptcy.

Meanwhile, Safe wallet has become the target of criticism and demands for accountability. Users expressed concern as many projects trusted their huge assets to 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 money flow and recover some assets.

Source: https://znews.vn/ceo-bybit-lam-viec-voi-bo-tai-chinh-post1546698.html