Bybit Hack, Market Down What’s The Connection?

This is the best time to be glad you have stable coins, because the crypto market is very down right now, projects are hitting huge all time lows. But why? If you noticed, Bybit got a $1.5 Billion hack, and I am amazed at how they handled it although the day of the hack, I withdrew my funds from the exchange just to be safe. But I have been wondering? How will Bybit make back their $1.5 Billion stolen funds, it shouldn’t be that hard right? Encourage more trading and increase trading fees so it can make up for the lost $1.5 billion. Few days later, the market started going down and everything is on red.

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So this is what I think, Bybit might just be practicing huge market manipulation, manipulating so people can lose money and they would make money to make up for their lost $1.5 Billion. First the people who longed Ethereum and Bitcoin have been liquidated because of the heavy shorting and selling in the market, rumor has it in the streets that Bybit has made the $1.5 billion back in fees. This could be true but even if it’s true, is right, is it illegal? Well, in my own opinion, if the market was manipulated by Bybit to recover its $1.5 Billion loss, then I guess the game is the game, in the crypto space people with higher funds are usually at a higher advantage. They get to manipulate the market and do stuff with the money that lets them earn more.

Unlike the retail trader that invests $1,000 and make $100 with a 10% pump, a whale with huge capital of like $1 Billion can make life changing money with the same input and output. It’s assumed that Bybit is shorting the market making profit from the market to cover up their loss. Insider info would have been great, because if you knew Bybit would do this, you will consider yourself very lucky to short it along with them, this way you just followed the direction of the market rather than try to predict it. Well, for now, I will keep holding stables till I feel like buying any coin.