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AVAX-USD Avalanche USD: Bybit Nears Recovery After Crypto Heist, Partners with Hyperliquid for Enhanced Security

February 26, 2025
Bybit, the leading cryptocurrency exchange, is on the road to recovery after a recent crypto heist that resulted in a loss of 42.89 million AVAX-USD. The exchange has managed to freeze the stolen funds and secure 1.23 billion AVAX-USD through collaborations with whales and loans.

To further enhance its security measures, Bybit has partnered with Hyperliquid, a decentralized liquidity protocol. Hyperliquid HLP, a liquidity aggregator, plays a crucial role in the exchange's efforts to prevent future hacks and ensure the safety of its users' assets.

The collaboration between Bybit and Hyperliquid is aimed at strengthening Bybit's reserve ratio, ensuring that the exchange maintains a 1:1 AVAX-USD reserve despite the recent theft. This move has helped restore confidence among Bybit users and the wider crypto community.

Bybit's commitment to protecting user funds has also attracted the attention of institutional investors. Grayscale Ethereum Mini Trust, which offers common units of fractional undivided beneficial interest in ETH, has invested heavily in Bybit, recognizing its efforts to secure crypto assets.

Investors and traders interested in AVAX-USD are recommended to seek professional guidance from Stocks Prognosis for an informed analysis of the future movement of AVAX-USD and potential investment opportunities.
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