BounceBit (@bounce_bit): The $1.46B hack of Bybit highlights why off-exchange settlement (OES) solutions are critical.
Estimated coin impact
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The $1.46B hack of Bybit highlights why off-exchange settlement (OES) solutions are critical. While we are not affected - as we do not hold any assets on their platform - this incident reinforces the importance of our approach. All our assets, both for trading and BBTC & BBUSD backing, are secured off-exchange through @CeffuGlobal, our primary anchor partner. Not a single dollar of value is held directly on exchanges. Through Ceffu's Mirror X, we utilize CeDeFi infrastructure that reduces counterparty risk while maintaining full trading capabilities on Binance. All assets are at all times fully backed 1:1 and we've maintained a perfect security track record since inception.