Nairobi, Kenya, Mar 7 – Bybit, a global cryptocurrency exchange, has reassured its users of safety following a security breach that impacted the platform.
According to the company, the incident, which involved a third-party service provider, caused some disruption but did not result in significant losses for Bybit users.
Wilson Ogheneovo, the Africa Regional Manager for Bybit, stated that the company had taken an array of mitigatory measures, emphasizing the company’s commitment to security.
“Our systems have always been safe and secure,” Wilson clarified.
“The breach occurred on a third-party platform that we rely on to deliver some of our services. While the situation was unfortunate, we have moved past it and ensured that no Bybit users lost access to their funds or faced any interruptions in withdrawals.”
Despite the challenges posed by the breach, Bybit has reported that liquidity levels have returned to pre-incident levels, and its cash flow remains strong.
Ogheneovo assured investors that the platform’s operations are now back on track, underscoring the importance of swift recovery and maintaining high standards of security.
He emphasized that Bybit remains committed to supporting retail traders, a segment that is thriving in the region as it continues to grow its presence in Africa, particularly in Kenya.
This comes at a time when Kenya is readying legislation to legalise cryptocurrency.Kenya has for a long time banned cryptocurrencies, citing money laundering and privacy breaches.
Bybit Global Regional Manager Joshua Yau added that the firm is in the process of acquiring licenses in African countries, including Kenya, Ethiopia and Nigeria, among others.
