The CryptoCurrency Exchange Bybit said it involved team members, including an executive, to arrange an glitch that affects a single user who cannot go through an apple-your-client (KYC)-based system.
On one May 18 x PostThe Bybit China team said it received reports about users experiencing restrictions on the Bybit platform due to a KYC verification anomaly when swinging into an Apple ID. The team claimed to respond immediately and take action involving many departments, including chief operating firm official Helen Liu.
Other people involved in the operation are customer service leaders, risk control, the Chinese language division, product managers and technical groups. The exchange coordinates its actions with the user.
After an internal investigation, Bybit concluded that it was a “unique case affecting an individual user, not a systematic issue.” Account KYC information is no longer to be used and the funds in the account have remained safe at all times.
Bybit did not answer Cointelegraph’s request for comment at the time of writing.
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The perks of media attention
Bybit says to take large and timely action, involved with a member of its executive team, all in response to an issue reported by a single user. The Chinese X Crypto Influencer speaker Enheng claimed to be the reason for this.
To a separate one Post The answers to the X’s Xit were explained by Enheng that in a chat chat, he noticed “a girl mentioned a bug related to Bybit’s Apple ID.” He proved the issue and then confirm that it was real, that it would be in Bybit.
Enheng said the staff responded quickly and helped the user recover access to nearly $ 100,000 worth of funds. They are highlighting:
“This incident really made me feel the value of having influence.”
Enheng said that “in this market, retail investors are often voiceless and vulnerable.” For this reason, he said, “When we have more resources and larger voices, we must use them to speak for retail investors.”
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Locked out of the exchange
Blocking outside of a cryptocurrency exchange account or some of its features is not extremely unusual. Often, this is a emergency measure intended to prevent funding losses.
A recent example is Phemex Crypto Exchange has stopped backing After being alerted to nearly $ 30 million worth of weakness -the alarm raised alarms in blockchain security firms in late January. Indian cryptocurrency exchange Mudrex temporarily stop crypto backward In the same month, claiming adherence to compliance is the cause.
Sometimes the action is taken at the request of law enforcement. Last tag -day, a small The set of Palestinian user accounts frozen After the Israeli authorities issued a seizure request. Also last tag -day, OKX warned it End any account linked to Crypto Mixer Tornado Cash Or penalties, and many users say their log-ins has suddenly disabled.
Those incidents boast an old adage popular in the Bitcoin community (BTC): Not your keys, not your coins. This statement is meant to remind Bitcoin -and now the crypto -users whose real control over properties is only controlled by private keys that provide the signing of transactions.
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