In a recent turn of events, cryptocurrency exchange Bybit mobilized its team, including a high-ranking executive, to rectify a technical error that impacted a single user unable to complete the Know-Your-Client (KYC) procedure via an Apple-based system.
A May 18 post from the Bybit China Team acknowledged receiving reports about users facing withdrawal limitations on the Bybit platform due to an anomaly in KYC verification when signing in with an Apple ID. The team responded promptly, roping in several departments, including the office of the Chief Operating Officer, Helen Liu.
The operation also involved heads of customer service, risk control, the Chinese-language division, product managers, and the technical team. The exchange worked closely with the user throughout the process.
Post an in-depth internal investigation, Bybit confirmed that this was a “distinct case affecting a single user, and not a widespread issue.” The affected account’s KYC information remained untouched, and the funds were secure at all times.
Bybit’s rapid and large-scale responsive action, which included an executive member, was in response to an issue raised by a single user. Chinese-language crypto influencer EnHeng brought this issue to light. In a separate post, EnHeng shared that he came across a mention of a bug related to Bybit’s Apple ID in a group chat. Upon verifying and confirming the issue, he alerted Bybit.
EnHeng praised the swift response from the staff who assisted the user in regaining access to around $100,000 worth of funds. He said, “This incident really showed the power of influence.”
EnHeng stressed the vulnerability of retail investors in this market and the importance of using resources and influence to advocate for them.
It is not uncommon for users to be locked out of a cryptocurrency exchange account or its features. It is usually an emergency step taken to avert fund losses. A recent instance includes the Phemex crypto exchange suspending withdrawals upon being notified of almost $30 million worth of suspicious outflows. Similarly, Indian cryptocurrency exchange Mudrex temporarily halted crypto withdrawals citing compliance improvements.
The incident reiterates the popular Bitcoin adage: Not your keys, not your coins. This phrase serves as a reminder to Bitcoin and crypto users that true control over assets is only possible with control over the private keys necessary for signing transactions.
