- Bybit fixed an Apple ID glitch, securing a user’s $100K after an influencer alert.
- Influencer alert helped Bybit quickly fix a user’s KYC issue, protecting account funds.
- Bybit confirmed that no funds were lost in the isolated Apple ID verification glitch.
Cryptocurrency exchange Bybit resolved a technical error on Apple ID login that limits the ability to withdraw funds from some accounts. A post from the Bybit China team on X stated that the issue specifically affected KYC verification for a single user. The user could not complete know-your-client because of a problem exclusive to Apple ID login.
After receiving feedback about this issue, the company reacted promptly and responded fully. Multiple departments, including the exchange’s executive team, were involved. Helen Liu, Bybit’s Chief Operating Officer, was in charge of handling the resolution. Customer service managers, risk control supervisors, Chinese language representatives, product managers, and technical experts helped deal with the affected user and repair the problem promptly.
Exchange Confirms Individual Case, Funds Safe
Following detailed internal checks, Bybit confirmed the anomaly was not systemic but unique to the affected user. The exchange clarified that the KYC information remained intact and unaltered throughout the incident. Importantly, Bybit emphasized that the user’s assets—approximately $100,000 in value—stayed secure during the glitch.
Although the case is relatively isolated, people have noticed how Bybit has handled it. Notably, the operation followed a prompt from a crypto influencer known as EnHeng. The influencer noticed another user who mentioned the subject in a group chat. After seeing how crucial the matter was, EnHeng alerted Bybit directly. His immediate interactions made the response and resolution of the exchange happen more quickly.
Influencer Action Highlights Retail Investor Advocacy
Influencer EnHeng said his role was key to resolving the problem efficiently. In his X post, he explained how his online activity had a noticeable influence on the real world. Using his influence, he quickly attracted attention from senior executives at Bybit.
Additionally, EnHeng pointed out the other consequences of this incident. He highlighted that retail investors are unable to resolve account issues on exchanges. On the other hand, influencers with a large audience can quickly increase concerns, leading to fast solutions from leading crypto companies. He urged others in influential positions to advocate actively for retail investors, enhancing their protection in volatile cryptocurrency markets.
Cryptocurrency-related incidents like this have happened before. Due to issues or worries about security, exchanges may frequently freeze certain accounts. At the beginning of this year, Phemex suspended all withdrawals after spotting nearly $30 million in suspicious withdrawals. Similarly, India’s Mudrex temporarily suspended withdrawals to comply with upgraded regulations. Furthermore, when faced with legal requirements, OKX may disable accounts tied to sanctioned actions such as those involving crypto mixers like Tornado Cash.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
